(MENAFN- GlobeNewsWire - Nasdaq) Major multi utility vehicle rental market participants include Freightliner, Peterbilt, Kenworth, Daimler, Navistar, Mack Trucks, Scania AB, MAN, Isuzu Motors, Volvo Trucks, and others.
Selbyville, Delaware, Sept. 04, 2024 (GLOBE NEWSWIRE) --
The MUV (multi utility vehicle) rental market valuation is predicted to surpass USD 14.4 billion by 2032, as reported in a research study by Global Market Insights Inc.
Expanding urbanization and infrastructure development are key drivers in the market. According to the World Bank, as of 2023, approximately 57% of the global population lives in urban areas. This figure is expected to increase, with projections suggesting that around 68% of the world's population will reside in cities by 2050. The expansion of infrastructure, such as roads, public transport systems, and commercial hubs, creates a need for flexible mobility options that can adapt to changing urban environments. MUVs are particularly well-suited for this purpose, offering a practical solution for navigating congested city streets and transporting goods and people efficiently. Additionally, the development of new urban areas and commercial spaces further drives the need for rental services, as businesses and individuals seek adaptable transportation options that can accommodate varying demands.
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The multi utility vehicle rental market from the offline segment will gain traction through 2032. Offline channel offers a unique advantage by providing direct interaction between renters and rental agencies, allowing for tailored solutions and immediate customer service. This traditional approach is favored by those who value the assurance of face-to-face transactions and personalized support. Rental agencies are responding to this demand by enhancing their offline booking processes, including dedicated service desks, personalized consultations, and on-site assistance. This focus on offline channels aims to build customer trust and satisfaction, addressing the growing need for flexible, accessible rental options.
The business segment share will grow rapidly through 2032, as businesses across various sectors are increasingly recognizing the benefits of renting MUVs for their operational needs. Companies in logistics, transportation, and event management are turning to MUV rentals as a cost-effective solution to meet their mobility requirements. The flexibility and versatility of MUVs make them ideal for transporting goods, equipment, and personnel, providing businesses with a practical alternative to owning a fleet of vehicles. Furthermore, the rental model allows businesses to scale their vehicle needs according to demand, avoiding the financial burden of vehicle ownership and maintenance.
Europe MUV rental market will grow at a fast pace through 2032, driven by technological advancements and increasing business applications. There is a strong demand for efficient and flexible transportation solutions, with MUV rentals emerging as a preferred option for both personal and business use. The emphasis on sustainability and the growing need for versatile transportation solutions is favoring rental service over vehicle ownership. Countries like Germany, France, and the United Kingdom are leading the charge, with an expanding network of rental providers and a growing customer base.
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Major companies in the MUV rental market include, Enterprise Holdings, Hertz Global Holdings, Avis Budget Group, Sixt SE, Europcar Mobility Group, National Car Rentalm, Alamo Rent A Car, Dollar Thrifty Automotive Group. Their main growth strategies include expanding their geographical presence, enhancing their service offerings, and investing in technology. Technological investments, such as the development of advanced booking systems and digital platforms, aim to improve customer experience and streamline operations. Additionally, these companies are diversifying their fleet to include a broader range of vehicles to meet various customer needs, from personal to business applications.
In Feb 2024, Enterprise Mobility announced a partnership with Thai Rent a Car to introduce new franchise locations offering car rental services from Enterprise Rent-A-Car, National Car Rental, and Alamo. The new branches, set to open in Thailand in July 2024, will be located at nine key sites across the country, including all major international airports.
Partial chapters of report table of contents (TOC):
Chapter 1 Methodology & Scope
1.1 Market scope & definitions
1.2 Base estimates & calculations
1.3 Forecast calculations
1.4 Data sources
1.4.1 Primary
1.4.2 Secondary
1.4.2.1 Paid sources
1.4.2.2 Public sources
Chapter 2 Executive Summary
2.1 industry 3600 synopsis, 2018 - 2032
Chapter 3 MUV (Multi Utility Vehicle) Rental Market Insights
3.1 Industry ecosystem analysis
3.2 Supplier Landscape
3.2.1 MUV manufacturers
3.2.2 Rental service providers
3.2.3 Booking platform developers
3.2.4 End-user
3.3 Profit margin analysis
3.4 Technology & innovation landscape
3.5 Patent analysis
3.6 Key news & initiatives
3.7 Regulatory landscape
3.8 Impact forces
3.8.1 Growth drivers
3.8.1.1 Increasing travel and tourism industry
3.8.1.2 Rise in focus towards expanding fleet options
3.8.1.3 Increasing demand for flexible mobility solutions
3.8.1.4 Technological advancement of booking platforms
3.8.2 Industry pitfalls & challenges
3.8.2.1 Increasing competition from ride-sharing service providers
3.9 Growth potential analysis
3.10 Porter's analysis
3.10.1 Supplier power
3.10.2 Buyer power
3.10.3 Threat of new entrants
3.10.4 Threat of substitutes
3.10.5 Industry rivalry
3.11 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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