North America MUV rental market size is registering a CAGR of 4.0% to 2025

December 17, 2020 - The North America MUV rental market size is projected to reach USD 7.76 billion by 2025, registering a CAGR of 4.0% from 2019 to 2025. A combination of factors such as an upsurge in the number of air travelers opting for vehicle rental services and the growing adoption of renting recreational vehicles for leisure purposes have fueled the regional market growth. Changing preferences of demographics, regarding vehicle ownership, are expected to have a positive influence on the market growth over the forecast period.

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The increase in number of internet users has encouraged numerous local and global players in the MUV rental marketplace to have an international presence through their online website and mobile applications. The regional MUV rental market is expected to undergo a transformation from the conventional rental business operations to innovative business models. The North America market has witnessed a significant growth over the past few years owing to continuous economic growth. Numerous states in the U.S. are establishing tie-ups with van rental companies for providing transport facilities from airports to the city centers and other locations.

The key strategies adopted by the prominent players to acquire a higher market share include replacement of older fleet with newer ones, expansion of their operational reach, and adoption of a competitive pricing model. Major companies across the region are implementing a mix of operating models, including company owned stores, franchise, and agencies. With the advent of state-of-the-art technologies, vehicle renting has become a preferred option for travelers. Various players have started introducing mobile apps for customers as these apps provide benefits such as easy vehicle tracking and faster payment & booking process.

Further key findings from the report suggest:

• A majority of service providers in developed countries such as the U.S. are increasingly implementing advanced technology solutions to streamline the vehicle renting/booking processes

• The demand across the leisure group is high during the peak seasons. Prominent players are providing premium services and offering discounts & packages to frequent travelers

• The trend of renting camper vans or Recreational Vehicles (RVs) has also increased in recent years. Tourists mainly prefer renting RVs for traveling to remote locations or for camping purposes

• Some of the key players in the north america muv rental market include Enterprise Holdings, Inc.; Dollar Rent A Car, Inc.; Budget Rent A Car System, Inc.; and Sixt SE.

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