North America MUV Rental Market Growth Driving Factors, Current Trends and Global Demand

Felton, Calif., USA, Oct. 12, 2020 — /EPR Network/ —

The North America MUV Rental Market research report provides complete insights on industry scope, trends, regional estimates, key application, competitive landscape and financial performance of prominent players. It also offers ready, data-driven answers to several industry-level questions. This study enables numerous opportunities for the market players to invest in research and development.

Market Overview:

The North America MUV rental market size is projected to generate USD 7.76 billion by 2025. It is also expected to register a 4.0% CAGR over the forecasted years, 2019 to 2025. The rising adoption of the rental car services prevailing among the working population and shifting demographic preferences are projected to drive the market growth in the upcoming years. 

Key Players: 

• Airport Van Rental
• Alamo
• Auto Europe
• Budget Rent A Car System, Inc.
• CarRentals
• Dollar Rent A Car, Inc.
• Enterprise Rent-A-Car 

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Growth Drivers: 

The of-airport application segment is projected to register the highest share across the North America market from 2019 to 2025 due to the increasing trend prevailing among the working population to rent vehicles for the daily commute. On the other hand, the application segment of on-airport is anticipated to witness significant growth due to the rising number of air travelers.

The passenger vehicles segment dominated the global market in 2018 on account of its features like hassle-free and instant pickup services. Also, as the requirement of transportation of cargo, food, and parcels is increasing continuously, the demand for rental cargo vans and vehicles is gaining traction across this region.

The business for passenger van renting is gaining traction across North America. The key players in this market are focusing to offer better services and to widen their geographical reach. They have also started implementing several technologies to train their employees, enhance customer support, and to promote sales & marketing activities.

Country Insights:

In 2018, the U.S. held the largest share across the North American market. It is also anticipated to continue its dominance from 2019 to 2025. This growth can be attributed to the rising tourism industry and increase in movement of cargo across the U.S. Further, surging disposable income prevailing among the millennial population across the country is anticipated to drive the market demand for MUV rental in the upcoming years.

Canada is projected to register considerable growth with 5.0% CAGR in the upcoming years. This can be associated with features like the rising number of international air travelers, lower unemployment rates, and an increase in per capita income among the working population.

 

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