How Multi-Utility Vehicle (MUV) Changing Strategies to Remain Competitive in 2021?

MUVs’ Rentals are basically focused on business trips, because they are the most traveler throughout the year. So, They can demand regular MUV’s for rent. In an attempt to capture a share of the untapped market, prominent players in North America have started providing premium services by offering discounts and packages to frequent travelers. Additionally, there has been a considerable increase in the number of aggregator vehicle rental platforms across the globe. These platforms help customers compare several aspects of MUVs (provided by various brands), including features, vehicle model, rental plans, and others, for users to better select a vehicle.
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.

In recent years, the business of renting passenger vans has witnessed rapid growth. While several global companies have already established their footprint in North America, there is still significant scope for the new entrants to enter the market for North America MUV rental. The market participants are focusing on providing better offers and services to attract customers and get more reservations. As a result, companies in North America have now started integrating advanced technologies into their business processes.

The service providers in North America are focusing on implementing various technologies for training, sales & marketing, and customer support and for enabling better communication with their customers & gaining a competitive edge. The prime focus of the market participants is maximizing the utilization of their vehicles. In the case of reduced demand, the companies usually reduce the prices to stimulate the demand or reduce the size of their operating fleet of vehicles. A few companies in the market for North America MUV rental, especially those involved in renting passenger vans, are renting out their vehicles on a long-term contract basis to maximize their profitability and reduce downtime of vehicles.

Van rental operators are increasingly tapping the opportunities generated by recent technological innovations in the mobility sector. Additionally, these operators are increasingly offering improvements in their services. They are now focused on providing various enhanced services to their customers, including online self-booking services, sophisticated in-vehicle amenities such as mobile phones, and express service for regular renters. Optimized customer information management is enabling the operators to deliver improved services to their customers.