Global Multi Utility Vehicle (MUV) Rental Market Size, Share, Growth Analysis By Rental Type (Short-Term Rentals, Long-Term Rentals, Subscription-Based Rentals), By Vehicle Type (Compact MUVs, Full-Size MUVs), By End-User (Leisure Travelers, Corporate Clients, Event Organizers), By Service Provider (Car Rental Companies, Mobility-as-a-Service (MaaS) Providers, Peer-to-Peer (P2P) Platforms), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Statistics, Trends and Forecast 2025-2034
- Published date: Jan 2025
- Report ID: 138317
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Report Overview
The Global Multi Utility Vehicle (MUV) Rental Market size is expected to be worth around USD 46.8 Billion by 2034, from USD 9.5 Billion in 2024, growing at a CAGR of 17.3% during the forecast period from 2025 to 2034.
Multi Utility Vehicle (MUV) Rental is the service of renting out vehicles that offer multiple uses, such as SUVs or crossovers. MUV rentals are often used for short-term needs like vacations, road trips, or business purposes. These vehicles are designed to handle diverse terrains and provide ample passenger and cargo space.
The Multi Utility Vehicle (MUV) Rental Market refers to the industry that rents out multi-use vehicles, typically SUVs or crossovers, to customers. The market includes services offering these vehicles for short-term use, catering to both business and leisure travelers. This market is growing as demand for versatile vehicles increases.
The Multi Utility Vehicle (MUV) rental market is expanding as demand for versatile, larger vehicles grows. Investments like the $20 million from Australia’s Clean Energy Finance Corporation (CEFC) to expand EV rentals highlight the trend. Companies like Splend are introducing more electric vehicles to the rental fleet, with a goal of 2,000 vehicles by the end of 2024. This growth presents strong business opportunities.
As the MUV rental market grows, competition increases. Rental companies are investing in electric vehicles, which help reduce operational costs. Splend’s $40 million in funding shows the sector’s commitment to long-term growth. Government regulations, like those in Australia, also encourage MUV fleet expansion and promote sustainable transport options.
Government investment is a key factor driving market growth. Australia’s CEFC investment of $20 million helps boost EV rental services. These investments contribute to sustainability goals by reducing transportation emissions. This strategy offers opportunities for local businesses to scale up, particularly in regions where eco-friendly transport solutions are gaining traction.
The MUV rental market is still in a developing phase, creating significant growth potential. As demand increases, companies are diversifying their fleets to cater to various needs. This expansion is supported by favorable government policies, like Splend’s $20 million investment in EV rentals, which encourages both local and international firms to enter the market.
Key Takeaways
- The Multi Utility Vehicle (MUV) Rental Market was valued at USD 9.5 Billion in 2024, and is expected to reach USD 46.8 Billion by 2034, with a CAGR of 17.3%.
- In 2024, Subscription-Based Rentals dominate the rental type segment with 52.7%, driven by the flexibility and convenience of long-term rental options.
- In 2024, Full-Size MUVs lead the vehicle type segment with 68.3%, reflecting consumer preference for larger, more spacious vehicles.
- In 2024, Leisure Travelers dominate the end-user segment with 59.1%, indicating the strong demand for MUV rentals during vacations and personal trips.
- In 2024, Car Rental Companies lead the service provider segment with 75.2%, underscoring their established market presence and trust.
- In 2024, North America dominates the regional market, contributing significantly to overall growth with its strong presence in the rental services sector.
Rental Type Analysis
Subscription-Based Rentals dominate with 52.7% due to their convenience and cost-effectiveness.
In the Multi Utility Vehicle (MUV) rental market, subscription-based rentals have emerged as the dominant sub-segment, capturing 52.7% of the market. This model appeals to users due to its convenience and cost-effectiveness, allowing customers to access a variety of MUVs without the long-term commitments associated with traditional leasing.
Subscription services are particularly favored by customers who need vehicles for varying periods, providing them with the flexibility to change models based on current needs or preferences.
Short-term rentals, although significant, cater mainly to temporary needs such as vacations or special occasions. They offer immediate, albeit brief, solutions for users’ mobility needs. Meanwhile, long-term rentals are crucial for users who require a vehicle for extended periods but avoid the financial burden of purchasing. Both segments support the growth of the MUV rental market by fulfilling diverse consumer demands.
Vehicle Type Analysis
Full-Size MUVs dominate with 68.3% due to their versatility and capacity.
Full-size MUVs hold the largest share in the vehicle type segment of the MUV rental market, dominating with 68.3%. These vehicles are chosen primarily for their versatility and ability to accommodate more passengers and cargo, making them ideal for group travels and family vacations.
Their appeal is enhanced by features such as increased safety equipment and comfort, which are significant factors for travelers and large groups.
Compact MUVs, though less prevalent, serve an important niche by providing affordable and fuel-efficient options for smaller groups or couples. They are particularly popular in dense urban areas where navigation and parking are challenging, illustrating their specific yet impactful role in the overall market dynamics.
End-User Analysis
Leisure Travelers dominate with 59.1% due to the rise in travel and tourism activities.
Leisure travelers are the predominant end-users in the MUV rental market, accounting for 59.1% of the segment. This group’s dominance is driven by the continuous rise in travel and tourism activities, where families and groups opt for MUVs to enhance their travel experience. These vehicles provide the necessary comfort and space, which are essential for long journeys and exploring new destinations.
Corporate clients and event organizers, although smaller in percentage, contribute significantly to the market. Corporate clients rely on MUV rentals for business trips and employee transportation, appreciating the practicality and efficiency of MUVs. Event organizers utilize these vehicles for logistical purposes, such as transporting equipment and personnel, highlighting their indispensable role in event management.
Service Provider Analysis
Car Rental Companies dominate with 75.2% due to comprehensive service offerings and widespread locations.
Car rental companies are the leading service providers in the MUV rental market, with a market share of 75.2%. Their dominance is attributed to their extensive network of locations and comprehensive range of service offerings that cater to a wide array of customer needs, from casual travelers to business clients.
These companies often provide additional services such as roadside assistance and customized rental packages, which enhance customer satisfaction and loyalty.
Mobility-as-a-Service (MaaS) providers and Peer-to-Peer (P2P) platforms also play essential roles despite having smaller shares. MaaS providers offer integrated transportation solutions that are becoming increasingly popular in urban areas, while P2P platforms cater to a niche market by allowing vehicle owners to rent out their MUVs, providing a personalized and often more economical alternative to traditional rental services.
Key Market Segments
By Rental Type
- Short-Term Rentals
- Long-Term Rentals
- Subscription-Based Rentals
By Vehicle Type
- Compact MUVs
- Full-Size MUVs
By End-User
- Leisure Travelers
- Corporate Clients
- Event Organizers
By Service Provider
- Car Rental Companies
- Mobility-as-a-Service (MaaS) Providers
- Peer-to-Peer (P2P) Platforms
Driving Factors
Rising Tourism and Family-Friendly Trends Drive Market Growth
The Multi-Utility Vehicle (MUV) Rental Market experiences strong growth due to increasing demand for versatile and family-friendly transportation options. These vehicles appeal to families, groups, and individuals who need spacious and flexible solutions for travel.
Additionally, the rising affordability and availability of MUV rental fleets make them more accessible. Rental companies offer competitive pricing and diverse models to cater to various budgets and preferences.
The expansion of tourism and leisure travel also plays a crucial role. Popular travel destinations witness higher demand for MUV rentals as tourists prefer vehicles that accommodate larger groups and luggage. Moreover, the increasing preference for short-term vehicle use over ownership boosts this trend. Consumers now prioritize convenience, opting for rentals rather than the costs and responsibilities of owning a vehicle.
For example, destinations like Bali and Cancun see a growing number of tourists who rent MUVs for exploring comfortably. Rental companies capitalize on these preferences by providing tailored packages and easy booking options.
Restraining Factors
High Costs and Competition Restraint Market Growth
Several challenges hinder the growth of the MUV Rental Market, including high operational costs and competitive pressures. Maintenance, insurance, and fleet management expenses raise rental prices, affecting affordability.
Additionally, limited availability in rural and underserved areas restricts access. Many rental providers focus on urban hubs, leaving smaller markets unaddressed. This limits potential growth in less developed regions.
Uncertainty in market regulations and licensing compliance adds complexity for businesses. Variations in local laws can lead to operational delays and increased costs, discouraging expansion.
Furthermore, intense competition from alternative vehicle types and mobility solutions, such as SUVs and ride-hailing services, creates market pressure. Consumers often compare MUV rentals with these alternatives, sometimes opting for cheaper or more convenient options.
For instance, in cities like New York and London, ride-sharing services compete directly with rental markets, offering similar convenience without the need for driving.
Growth Opportunities
Connected Technology and Emerging Markets Provide Opportunities
The MUV Rental Market has significant opportunities, especially through connected technologies and expanding into emerging markets. Integration of connected car technologies enhances the user experience. Features like real-time navigation, in-vehicle entertainment, and safety monitoring attract tech-savvy consumers.
Emerging markets with rising middle-class populations also offer untapped potential. As disposable incomes increase in regions like Southeast Asia and Africa, more consumers can afford MUV rentals.
Collaboration with ride-sharing platforms broadens service reach, enabling car rental companies to tap into existing customer bases. Such partnerships offer dual benefits of shared infrastructure and increased visibility.
Additionally, the adoption of sustainable practices through hybrid and electric MUVs creates opportunities to cater to environmentally conscious customers. This move aligns with global sustainability trends and opens avenues for attracting eco-focused travelers.
For example, rental companies in India have introduced electric MUVs for eco-friendly travel, gaining positive attention. By leveraging these opportunities, providers can strengthen their market position and drive long-term growth.
Emerging Trends
Digital Platforms and Eco-Friendly Rentals Are Latest Trending Factor
The MUV Rental Market is seeing significant growth due to digital and eco-friendly trends. The surge in contactless rental services and digital booking platforms is transforming how customers interact with rental providers.
Consumers now prefer seamless experiences, using apps and websites to book and manage rentals. This trend gained momentum during the pandemic and continues to grow, offering convenience and safety.
Additionally, the rising popularity of subscription-based rental models is reshaping customer behavior. These models provide flexibility and cost efficiency, appealing to frequent users who prefer rentals over ownership.
The adoption of AI for predictive maintenance and fleet optimization further improves efficiency. AI systems help reduce downtime by identifying issues early, ensuring vehicles are always road-ready.
Lastly, there is an increased focus on eco-friendly vehicle options within MUV fleets. Customers now demand hybrid or electric vehicles, aligning with global efforts to reduce carbon footprints.
Regional Analysis
North America Dominates the MUV Rental Market with Significant Market Share
North America holds a leading position in the Multi Utility Vehicle (MUV) Rental Market, with robust growth driven by a combination of factors including advanced transportation infrastructure, a high level of consumer mobility, and strong corporate demand for vehicle rentals.
The region’s dominance is supported by extensive road networks and urban development which facilitate easy travel and commuting. Additionally, a strong culture of road trips and widespread corporate usage of rental vehicles for business travel contribute significantly to market demand. The prevalence of both international tourists and domestic travelers requiring large vehicles for groups further bolsters this segment.
The future influence of North America in the MUV rental market is expected to continue growing, driven by increasing tourism and corporate activities. Enhanced service offerings and expansion of fleet sizes by rental companies are likely to attract more customers, potentially increasing North America’s market share.
Regional Mentions:
- Europe: Europe maintains a significant presence in the MUV Rental Market, supported by extensive tourism and a wide array of cultural attractions. The market is driven by travelers seeking convenient and spacious transportation options, alongside corporate needs for employee transport.
- Asia Pacific: The Asia Pacific region shows dynamic growth in the MUV Rental Market due to rapid urbanization and increasing disposable incomes. Growing tourism and expanding corporate sectors in countries like China and India fuel the demand for MUV rentals.
- Middle East & Africa: The Middle East and Africa are experiencing gradual growth in the MUV Rental Market. Investments in tourism infrastructure and economic diversification efforts are increasing the availability and popularity of MUV rentals in the region.
- Latin America: Latin America’s MUV Rental Market is developing, with increasing tourist arrivals and urbanization supporting the demand. Improvements in transportation infrastructure and economic stability are likely to drive further growth in this sector.
Key Regions and Countries Covered in the Report
- North America
- US
- Canada
- Europe
- Germany
- France
- The UK
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- India
- Australia
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
- Rest of MEA
Competitive Landscape
The Multi Utility Vehicle (MUV) Rental Market is dominated by several key players, each offering unique services to cater to diverse consumer needs. Among them, Enterprise Holdings, Hertz Global Holdings, Inc., Avis Budget Group, Inc., and Turo Inc. are particularly influential, driving significant developments and innovations in the market.
Enterprise Holdings operates with a vast network of rental locations and offers a wide range of MUV options, making it a popular choice among both individual and corporate customers. Known for exceptional customer service and competitive pricing, Enterprise Rent-A-Car facilitates convenient and reliable vehicle rentals across major markets.
Hertz Global Holdings, Inc. is renowned for its strong brand presence and extensive vehicle fleet, which includes a broad selection of MUVs suitable for various consumer needs. Hertz has invested heavily in customer experience, integrating advanced digital technologies to streamline the rental process and enhance user satisfaction.
Avis Budget Group, Inc. stands out for its global footprint and ability to provide tailored rental solutions to a diverse client base. The company focuses on maintaining a modern and well-maintained fleet, including a wide range of MUVs that appeal to both leisure and business travelers looking for space and comfort.
Turo Inc. disrupts the traditional rental market by offering a peer-to-peer car-sharing platform where individuals can rent out their MUVs. This model provides customers with more personalized rental experiences and often access to a variety of unique and high-end vehicles not typically available from traditional rental services.
These companies not only lead in market share but also set trends through their strategic innovations and adaptability, significantly influencing the dynamics of the MUV rental market. Their continued focus on enhancing the customer experience, expanding service accessibility, and incorporating new technologies secures their positions as market leaders in the evolving landscape of vehicle rental services.
Major Companies in the Market
- Enterprise Holdings
- Hertz Global Holdings, Inc.
- Avis Budget Group, Inc.
- Turo Inc.
- Zoomcar
- SIXT SE
- Europcar Mobility Group
- U-Haul International, Inc.
- National Car Rental
- Alamo Rent A Car
- Budget Rent A Car
- Getaround
- Drivezy
Recent Developments
- Expansion of Online Booking Platforms: As of 2023, online booking platforms accounted for approximately 65% of the MUV rental market share. The 24/7 availability and accessibility of these platforms have enhanced customer convenience, eliminating the need for physical visits to rental offices.
- Boels Rental: In March 2024, Boels Rental, a prominent equipment rental company, acquired Netherlands-based aerial platform renter Riwal. This strategic move expanded Boels’ fleet to 55,000 aerial platforms and increased its presence across 14 countries in Europe, the Middle East, and South Asia.
Report Scope
Report Features Description Market Value (2024) USD 9.5 Billion Forecast Revenue (2034) USD 46.8 Billion CAGR (2025-2034) 17.3% Base Year for Estimation 2024 Historic Period 2020-2023 Forecast Period 2025-2034 Report Coverage Revenue Forecast, Market Dynamics, Competitive Landscape, Recent Developments Segments Covered By Rental Type (Short-Term Rentals, Long-Term Rentals, Subscription-Based Rentals), By Vehicle Type (Compact MUVs, Full-Size MUVs), By End-User (Leisure Travelers, Corporate Clients, Event Organizers), By Service Provider (Car Rental Companies, Mobility-as-a-Service (MaaS) Providers, Peer-to-Peer (P2P) Platforms) Regional Analysis North America – US, Canada; Europe – Germany, France, The UK, Spain, Italy, Rest of Europe; Asia Pacific – China, Japan, South Korea, India, Australia, Singapore, Rest of APAC; Latin America – Brazil, Mexico, Rest of Latin America; Middle East & Africa – South Africa, Saudi Arabia, UAE, Rest of MEA Competitive Landscape Enterprise Holdings (Enterprise Rent-A-Car), Hertz Global Holdings, Inc., Avis Budget Group, Inc., Turo Inc., Zoomcar, SIXT SE, Europcar Mobility Group, U-Haul International, Inc., National Car Rental, Alamo Rent A Car, Budget Rent A Car, Getaround, Drivezy Customization Scope Customization for segments, region/country-level will be provided. Moreover, additional customization can be done based on the requirements. Purchase Options We have three licenses to opt for: Single User License, Multi-User License (Up to 5 Users), Corporate Use License (Unlimited User and Printable PDF) Multi Utility Vehicle (MUV) Rental MarketPublished date: Jan 2025add_shopping_cartBuy Now get_appDownload Sample -
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- Enterprise Holdings
- Hertz Global Holdings, Inc.
- Avis Budget Group, Inc.
- Turo Inc.
- Zoomcar
- SIXT SE
- Europcar Mobility Group
- U-Haul International, Inc.
- National Car Rental
- Alamo Rent A Car
- Budget Rent A Car
- Getaround
- Drivezy
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