Tourism Vehicle Rental News

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

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Tourism Vehicle Rental News

  • In January 2022, ekar, the Middle East's mobility company, launched its operations in Thailand starting with Bangkok and with plans to expand into other countries. ekar is launching its proprietary car subscription service which offers cars from one to nine-month terms for a single monthly subscription cost with no down payments or long-term commitments via the ekar app.
  • In December 2021, Volkswagen announced plans to acquire Europcar in France and launched USD 3.4 billion. The acquisition will be handled by Green Mobility Holding, a dedicated vehicle of which Volkswagen will own two-third.
  • In November 2021, Hertz rentals partnered with Tesla Motors, to supply 100,000 Model 3S by 2022, and news that half of these vehicles are expected to be rented out to Uber drivers.
  • In July 2021, Key'n Go, which is operated by Goldcar, the low-cost brand of Europcar Mobility Group allows customers to benefit, at scale, from a 100% digital, safe and fast solution to book, pick up & return their vehicle in 35 key leisure airports in Southern Europe
  • In February 2021, Theeb Rent a Car, a Saudi-based car rental company extended its car rental fleet in the Kingdom. The company has added more than 1,700 cars from luxury brands such as BMW, Mercedes, and also economic models such as Chevrolet, Kia, Ford, Nissan, Toyota, and Hyundai, including the new 2021 models.
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February 2024: NYCB was reportedly in discussions to divest its mortgage risk by selling a portfolio of recreational vehicle loans. This move comes as the bank optimizes its risk profile and allocates resources more efficiently within its business operations.

April 2023: US Bank announced plans to introduce an omnichannel financing solution for recreational vehicles and marine products. This new initiative aims to provide customers with a seamless and convenient financing experience across various channels, further solidifying US Bank's presence in the RV and marine markets.

March 2022: FCA Bank entered into a partnership with Knaus Tabbert, a leading European manufacturer of motorhomes and caravans. This collaboration aims to provide tailored financing solutions to customers in the motorhome and caravan sector, further expanding FCA Bank's presence in the European recreational vehicle market.

  • June 2022: Altair Engineering Inc. acquired Concept Engineering, which provides advanced visualization of electrical circuits, wire harnesses, and components for rapid and reliable development, manufacture, and service for industries demanding highly specialized debugging and visualization mechanisms for development and post-production product maintenance. Among these industries are automotive and aerospace.
  • October 2023: Bertrandt acquired Evopro Systems Engineering AG. With this acquisition, Bertrandt continues to advance its corporate strategy by expanding its range of services. In the future, the engineering service provider can offer even more comprehensive support for its customers in production services in an end-to-end process.
  • November 2022: AVL opened a new vehicle engineering center with direct access to the proving ground with the most modern and high-quality engineering facility for 150 experts, and 1,340 m2 workshop space is perfectly set to meet future mobility.
  • June 2023: Brazilian car rental company Localiza opened a new tab by launching a follow-on share offering aimed at raising as much as BRL 4.5 billion (USD 935.51 million) to expand its car fleet and service network.
  • May 2023: Brazilian ride-hailing app 99 planned to more than double the number of electric cars serving its passengers in Brazil in 2024, with the goal of reaching 1,000 vehicles.
  • February 2024: The ride-share platform inDrive collaborated with the financial technology firm R2 to offer loans to its drivers in Mexico.
  • July 2023: Hoop Carpool, the shared mobility startup, raised USD 1.3 million in investment funds in a round led by Ship2B Ventures through BSocial Impact Fund, with additional support from Banco Sabadell, FEI, AXIS, and 4Founders Capital.
  • June 2022: International Finance Corporation (IFC) invested USD 15 million in BlaBlaCar to support the shared-travel platform's growth in Mexico and Brazil.
  • February 2022: Beat, the ride-hailing app, introduced Beat Zero, a new innovative service with a private fleet of fully electric cars operated by hired drivers, to ensure an amazing transportation experience from pick up to drop off.
  • In June 2022, Grab Holdings Inc. announced the launch of GrabMaps, a new enterprise service that will enable the company to capitalize on the USD 1 billion market opportunity for mapping and location-based services in Southeast Asia each year. GrabMaps was initially created for internal use to address Grab's need for a more hyperlocal solution to power its services.
  • March 2024: Club Car Wash marked its substantial growth with the grand opening of its 150th location, a noteworthy milestone in the company's expansion across the Midwest.
  • March 2024: Washworld expanded its distributor network by welcoming P.D. McLaren Limited, who will sell and service Washworld vehicle wash systems across British Columbia, Canada.
  • March 2024: Glide Xpress Car Wash announced the grand opening of its newest location at 1470 N. Germantown Parkway, Cordova, in the United States.
  • February 2024: Splash Xpress Car Wash commenced operations at 1605 Paul Bunyan Drive NW in Bemidji.
  • February 2024: Tata Motors signed a MoU with Bandhan Bank to offer convenient financing solutions to its commercial vehicle customers in India. As per the agreement, Bandhan Bank will offer financing solutions across the entire commercial vehicle portfolio of Tata Motors to ensure that customers can benefit from the bank’s wide network and specially curated easy repayment plans.
  • December 2023: HDFC Bank announced a partnership with Tata Motors to provide digital financing solutions to its commercial vehicle clients. According to the agreement, Tata Motors' clients will be able to access HDFC Bank’s vehicle finance solutions via Tata Motors’ online sales platform and the Tata e-Guru mobile application. Further, the company stated that the partnership aims to enhance the integration of financial services into the digital ecosystem to ensure a streamlined process, allowing customers to select their preferred financier that suits their requirements.
  • October 2023: Geely's electric car brand Zeekr announced its partnership with BNP Paribas Personal Finance and Arval in Europe to offer customers financing, leasing, and insurance services. As per the agreement, Arval will offer financing, full-service leasing, and insurance services, while BNP Paribas Personal Finance will provide credit offers for car financing. The cooperation commenced in Sweden and the Netherlands in September 2023 and will be extended to Germany by the end of 2024.
  • July 2022: Hankook Tire & Technology Co., Ltd. (Hankook Tire) announced an investment to extend the Alphatread retreading factory in Hammelburg, Germany, for the first time. With investments in the high millions, the combined production capacity of hot and cold retreaded tires is up to 200,000 per year.
  • February 2022: Bridgestone Corporation (Bridgestone) announced that it launched a joint research and development program with the National Institute of Advanced Industrial Science and Technology (AIST), Tohoku University, ENEOS Corporation (ENEOS), and JGC Holdings Corporation. This program aims to develop chemical recycling technologies that utilize used tires to achieve high-yield production of isoprene, a raw material for synthetic rubber.
  • February 2022: Bridgestone Corporation announced that its ALENZA 001 was selected as original equipment for the Nissan compact crossover electric vehicle (EV) SUV, Ariya. The ALENZA 001 utilizes the latest pattern technology and specialized structure to ensure high driving performance and low noise. It also reduces rolling resistance by using a new tread rubber.
  • July 2023: Volkswagen AG unveiled a significant investment of USD 110 million to develop a charging station infrastructure in China. The company forged a strategic partnership with CAMS New Energy Technology (CAMS) to spearhead the charging station project within the country.
  • June 2023: Charge+Zone made an impactful move by installing approximately 1,600 electric vehicle charging stations at 450 diverse locations across India. The company also committed to a substantial USD 125 million investment to expand this network significantly, aiming to establish over 5,000 kilometers of charging stations throughout the country in the coming years.
  • September 2022: Tritium, the prominent Australian manufacturer responsible for the hardware components of DC EV chargers on highways, announced its ambitious plan to provide Electric Vehicle Supply Equipment (EVSE) services for a colossal 7,000-kilometer charging corridor project in Western Australia. This undertaking stands as one of the largest EV infrastructure initiatives worldwide.
  • March 2022: Automovil, an innovative mobility startup in India, revealed its intentions to deploy 500 EV charging stations across 11 major cities in the country. To accomplish this, the company has entered into a strategic partnership with Midgard Electric, their chosen EV charging solutions provider, to install Bharat AC-001 and DC-001 EV chargers at Automovil's outlets.
  • June 2023: Avis India, a luxury car rental services company based out of India, announced its plan to offer an additional 15% discount to all customers of Vistara as part of an exclusive summer offer.
  • May 2023: Mychoize, a self-drive car rental company in India, announced its plan to initiate electric car rental services on a subscription model across 7 Indian cities.
  • May 2023: Car Karlo Mobility Technologies LLP announced the launch of its self-driven car rental services in Pune. Customers of the company have the option to avail of their services through their online website or by downloading the Car Karlo Android app from the Google Play Store.
  • January 2023: GTC Cabs, an online cab booking aggregator providing reliable and premium services to customers, announced the launch of its self-driven car rental business in India. To differentiate its service offerings, the company also implemented an initiative to charge only INR 400 from cab drivers to get business from the portal compared to the hefty commission that other apps charge from drivers.

Tourism Car Rental Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)