Turo Decelerates as Rentals Rebuild Fleets

The slowdown shows Turo is now competing in a more normal car rental market, not the shortage driven market that turbocharged growth in 2021 and 2022. Revenue growth stepped down from 215% in 2021 and 59% in 2022 to 18% in 2023 and 9% in 2024 as rental incumbents recovered supply, daily prices cooled, and the easy share gains from industry disruption faded, even as Turo remained profitable and kept growing.1 2 3

• During the shortage period, traditional operators had sold down fleets and rates spiked, which pushed travelers toward Turo. By 2024, that tailwind had largely reversed. Avis and Hertz were replacing large parts of their fleets, which helped stabilize availability and pulled price urgency out of the market.1 2
• Turo still grew because its product is different from a branch rental. Guests pick a specific vehicle, often get delivery to an airport or neighborhood, and book for anything from a weekend to a month or more. That matters more in a stable market, where convenience and selection drive choice instead of pure scarcity.1 2 4
• The competitive set also simplified. Getaround exited U.S. operations and Uber shut down Uber Carshare, then partnered with Turo, leaving Turo as the main scaled peer-to-peer option while the real day to day competition moved back to Enterprise, Avis, and Hertz on all in trip price and airport access.2 4 5

Going forward, growth is likely to come less from market chaos and more from taking share in the highest value use cases, especially airports, advance bookings, and month long trips. Summer 2026 product changes show Turo pushing harder on all in pricing, lower fees on longer bookings, and better host tools, which points to a steadier, more operational phase of expansion.4 5 6