MUV stands for multi utility vehicle. It is used for various purposes and cars of this segment are known for their durability, stability, looks, and reliability. Renting a vehicle is useful for travelers with further requirements such as freedom of mobility and preferred vehicle type. There has been a considerable increase in number of recreational vehicle (RV) parks and campgrounds worldwide, which has attracted travelers to rent an MUV. Surge in number of air travelers, reduced carrier costs and enhanced living standards prevailing among masses. Improved customer services such as online registration, loyalty programs, and self-service kiosks, making services automated are expected to optimize booking process. For instance, in December 2020, Estonian ride hailing firm Bolt raised EUR 150 million. The company said it would use the money to develop driver face verification and machine learning to prevent potential incidents. The trend of renting a car through online mode is widespread among millennials. In the MUV vehicle selection, most players have started to provide information about fleet on mobile apps. These facilities promote use of car rental services. Companies require vehicles on rent basis all over the year, while demand for these vehicles from leisure group is limited to peak days. In order to seize the untapped market share, companies in MUV rental market have begun to provide high-quality services by offering discounts and packages to frequent travelers. Adoption of car rental management software is anticipated to provide lucrative growth opportunities for players operating in the MUV rental market.
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COVID-19 Impact analysis
Companies operating in MUV rental have faced tremendous losses due to complete lockdown as there was travel restriction worldwide. The global MUV rental market has suffered major damage and the demand for MUV rental market has been blocked and restricted. Increase in risk associated with crowded places with social distancing measures have had a negative impact on growth of the market as preference of customers has shifted toward personal vehicles.
Top Impacting Factor:
- Increasing airport pick up & drops, rising tourism, and high adoption of car rental management software drive growth of the MUV rental market.
- Stringent government regulations and lack of vehicle ownership are expected to hamper growth of the market.
- Rise in autonomous vehicles and development related to AI provide opportunities for the global MUV rental market.
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The MUV rental market trends are as follows
Adoption of car rental management software
Many MUV rental companies have already entered the digital market and acquired notable position in the market, however, there is still opportunity for other players. All these players working in the market are taking initiatives to provide better offers and services to get more bookings by improving their procedures and accepting new automated technologies. In addition, to provide better services and automate their business, MUV rental players are using MUV rental management software. The rental management software minimizes task of management and boosts efficiency of operation. Thus, adoption of car rental management software drives growth of the MUV rental market.
Key benefits of the report:
- This study presents the analytical depiction of the MUV rental industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with challenges of the MUV rental market.
- The current market is quantitatively analyzed to highlight the MUV rental market growth scenario.
- The report provides a detailed MUV rental market analysis based on competitive intensity and how the competition will take shape in coming years.
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Questions answered in the MUV rental market research report:
- Which are the leading market players active in the MUV rental market?
- What would be the detailed impact of COVID-19 on the market?
- What current trends would influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the MUV rental market?
- What are the projections for the future that would help in taking further strategic steps?
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