Car Rental News

Recent industry report about Car Rental company news, including latest market trends and industry updates in 2024. This sector news is compiled by Mordor Intelligence™ Car Rental Market industry experts.

Car Rental Market Size & Share Analysis - Growth Trends & Forecasts (2025 - 2030)

Car Rental News

  • November 2023: MakeMyTrip, an Online travel agency, announced its entry into the car rental market with the acquisition of Indian intercity car rental company Savaari. The acquisition is a small ticket investment within the USD 10 million range.
  • August 2023: Avis Budget Group announced a strategic partnership with Albatha Automotive Group to add the Budget Rent a Car and Payless Car Rental brands to the latter’s mobility services portfolio. The newly founded division of Albatha Group will include the Budget and Payless car rental brands. It will also provide a range of self-drive and chauffeur-driven services, including rental cars and leasing for passenger and commercial vehicles. 
  • March 2023: IndusGo, the leading self-drive car rental company, raised funding of INR 200 crore from its parent company, Indus Motors. IndusGo is a prominent player operating in South India. It plans to start its car rental operations across Bengaluru and Hyderabad.
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  • December 2023: The US International Development Finance Corporation (DFC) and IDB Invest announced that they were co-investing a combined USD 23 million in equity in micro-mobility platform Tembici to support the expansion of bicycle-sharing services in Latin America.
  • March 2023: MYBYK launched two electric bicycle variants, named MYBYK Electric and MYBYK Electric Cargo. The MYBYK Electric model caters to both citizens and tourists, offering a solution for convenient first and last-mile connectivity. The MYBYK Electric Cargo model aims to address the last-mile delivery challenges faced by gig workers.
  • March 2023: Brighton and Hove announced plans to launch a bike-sharing scheme with Beryl. About 75 e-bikes and 19 parking bays will be made available to the general public across the Bright and Hove areas.
  • April 2024: The Japanese government implemented the use of private ride-hailing services, which are accessible through mobile applications such as Uber and Go.
  • March 2024: Alphabet's autonomous driving division, Waymo, introduced its ride-hailing service, Waymo One, in Los Angeles, California. The service is being offered to the public for free, and this decision was made after the successful completion of the Waymo One Tour program that the company initiated in the city.
  • December 2023: TH International Limited, the exclusive operator of Tim Hortons coffee shops and Popeyes restaurants in China, announced a partnership with the ride-hailing company DiDi Chuxing as part of a brand-building campaign. This new partnership will focus on cross-brand and cross-channel marketing, leveraging DiDi's large customer base to increase awareness of the Tims China brand.
  • December 2023: The online crane rental service based in Dubai, MyCrane, started its own operation in the United States. The company stated that it chose to set up its own operations in the United States rather than appointing a franchisee, as it has done in other locations.
  • November 2022: Maxim Crane Works LP announced the launch of Maxim MarketplaceTM, a new online marketplace for used equipment sales. With hundreds of fleet-owned cranes and support equipment to sell, the US rental giant is refreshing its fleet via its own cutting-edge online used equipment sales platform developed in collaboration with Krank, the industry's first software developer.
  • August 2023: Zeppelin boosted its Zeppelin Rental business by acquiring Bauhof Service GmbH, a Germany-based company that rents pumps and generators and provides logistical services for construction sites.
  • June 2023: Renta Group made several acquisitions this year, including purchasing Norwegian general rental company My Lift. The acquisition added eight depots in Norway and NOK 360 million (EUR 30 million) of annual revenue to Renta Group.
  • December 2023: SIXT SE, a German-based car rental company, announced that it was phasing out Tesla electric rental cars from its fleets because of reduced resale costs. SIXT was the second company apart from Hertz to announce the replacement of its electric vehicle fleet.
  • October 2023: Enterprise Holdings, a car rental service provider operating worldwide, including across Europe, announced its plan to rebrand its name to Enterprise Mobility to reflect the 'evolution' of its global network of mobility solutions. In line with the new corporate brand, the company rolled out a new logo and tagline: ‘Advance the world, one journey at a time.’ However, the company stated that all Enterprise Mobility brands will remain unchanged as key offerings in its portfolio.
  • June 2023: Europcar, a car rental company operating in Europe, announced its partnership with the BringOz logistics platform as part of its efforts to digitize internal processes and automate and optimize vehicle movement. Further, as per the agreement, both these companies will work in collaboration to streamline and maximize Europcar's resources by increasing the efficiency of vehicle transfers with consolidation.
  • February 2023: The German company nextbike by Tier introduced four shared push bike and e-bike systems in Spain in eight weeks. Moreover, the new services in Getxo, Mislata, and Palma de Mallorca added to the firm’s win of a large-scale tender in Barcelona.
  • March 2023: PBSC Urban Solutions announced that the first e-bikes and stations of Madrid's new bicimad system are now operational. With the implementation of bicimad, an integrated, cutting-edge, and ultra-modern solution equipped with intelligent and innovative bikes, PBSC plans to create a revolution in bike sharing

In August 2021, Lumi launched state-of-the-art booking platforms to enhance the customer experience in car rental for Saudi Arabia. The new intuitive and seamless digital platforms further streamline and automate the online booking process, providing customers a quick, secure, and hassle-free experience.

In August 2021, Invygo announced that it raised USD 1.9 million in a pre-Series A round from several venture capitals and angel investors. The funding may help the company to create partnerships with dealers and car rental companies, providing its customers with a diverse catalog of cars.

  • November 2023: MakeMyTrip, an Online travel agency, announced its entry into the car rental market with the acquisition of Indian intercity car rental company Savaari. The acquisition is a small ticket investment within the USD 10 million range.
  • August 2023: Avis Budget Group announced a strategic partnership with Albatha Automotive Group to add the Budget Rent a Car and Payless Car Rental brands to the latter’s mobility services portfolio. The newly founded division of Albatha Group will include the Budget and Payless car rental brands. It will also provide a range of self-drive and chauffeur-driven services, including rental cars and leasing for passenger and commercial vehicles. 
  • March 2023: IndusGo, the leading self-drive car rental company, raised funding of INR 200 crore from its parent company, Indus Motors. IndusGo is a prominent player operating in South India. It plans to start its car rental operations across Bengaluru and Hyderabad.
  • In January 2022, Northrop & Johnson announced a partnership with Master & Dynamic, a renowned audio brand. This partnership will provide a Northrop & Johnson client with Master & Dynamic headphones, especially curated playlists, alongside other wellness items ideal for enjoying onboard a luxury yacht.
  • In January 2021, Burgess announced a new partnership with Marine Solutions in India. With this collaboration, Burgess aims to better serve its existing clients and build new relationships in India, enhancing its charter offering in the Indian Ocean.
  • In January 2021, Northrop & Johnson announced a partnership with Ulysse Nardin to further enhance the offerings, experience, and value to the wealthy and discerning clientele.
  • October 2023: At the Geneva International Motor Show Qatar, VinFast unveiled its quartet of electric vehicle models: the VF 6, VF 7, VF 8, and VF 9. The company also expressed its intent to forge partnerships in the Middle East, a key target market, to collaboratively explore research opportunities and champion green mobility initiatives in the area. Furthermore, VinFast is actively engaged in extensive vehicle testing across the region.
  • October 2023: In a significant move, BeyonCa inked an investment and strategic cooperation memorandum with Saudi Arabia's Al Faisaliah Group Holding Company (AFG). This MOU paves the way for both entities to collaboratively delve into electric vehicle development, spanning research, manufacturing, trade, retail, charging, insurance, and other related sectors.
  • February 2023: Forsee Power has taken a step forward by equipping its inaugural Integral Electric Vehicle with the advanced Forsee ZEN PLUS battery systems. MCV, a versatile player, offers a diverse lineup including city and intercity buses, coaches, double-decker buses, specialized trucks, and vans. Their commercial vehicles find a market across Africa, the Middle East, Europe, and the U.S.
  • May 2024: The Salinas City Elementary School District (SCESD) added ten new electric school buses and ten new electric bus chargers to the District's school bus fleet.
  • December 2023: GreenPower Motor Company announced its first orders for the Type A all-electric, purpose-built, zero-emission Nano BEAST school bus for the New York market through its dealer Leonard Bus Sales.
  • October 2023: GreenPower, a West Virginia-based electric bus maker, unveiled the Mega BEAST, a ramped-up version of the BEAST (“Battery Electric Automotive School Transportation”), its Type D electric school bus that has a 140-mile range. The new model will be manufactured at GreenPower’s facilities in both California and South Charleston, West Virginia, beginning in 2024.