Turo is an American peer-to-peer carsharing company that allows car owners to rent out their vehicles via an online platform. With operations across the US, Canada and UK, Turo has attracted over 15 million users and more than 450,000 listed vehicles. As an emerging and fast-growing company in the sharing economy, Turo offers promising investment potential for interested investors.
Turo’s exponential user and revenue growth
According to Turo’s website, the company has achieved an exponential growth in both users and revenue. The number of Turo users grew from 5 million in 2017 to over 15 million currently. Meanwhile, Turo’s annual revenue also increased from $140 million in 2017 to around $1 billion in 2022. Such remarkable growth demonstrates Turo’s ability to continuously expand its market share and profitability.
Favorable market trends for car sharing
The emerging trend of sharing economy and sustainability has fueled the growth of car sharing. According to Statista, the car sharing market in North America is expected to grow from $2.3 billion in 2021 to $9.7 billion in 2026. With the declining interest in individual car ownership, especially among millennials, Turo is well-positioned to capitalize on this favorable trend and achieve long-term growth.
Turo’s partnerships with auto giants
Turo has forged partnerships with major automakers including GM, Toyota and Daimler to integrate peer-to-peer car sharing into their mobility strategies. These partnerships provide validation of Turo’s business model and improve brand awareness. The supply deals with automakers also help Turo to expand its car inventory and varieties.
In view of Turo’s exponential growth, positive market trends and strategic partnerships, investing in Turo can be an appealing option for investors looking to tap into the promising car sharing sector.