Congratulations, you have finally decided to consider car rental app development!
If you want to get started with the car rental industry that can help you dominate the market, you've reached the correct destination!
Did you know?
According to the survey, the global automobile rental market was worth $92.92 billion in 2019 and is forecast to grow rapidly to $214.04 billion by 2027, with a CAGR of 10.7%.
So, you've come up with a brilliant idea to invest in a car rental service and create a Turo-style peer-to-peer car rental app. What comes next?
While you may have specific concerns, such as how to develop the app?
What should you think about it? What are the expenses of creating a car rental app like Turo?
You've come to the right place! We'll answer all of your questions in this article and show you how to build a feature-rich and versatile peer-to-peer automobile rental software like Turo. So let's get this party started!
Many of you are unsure whether Turo is the same as Uber when establishing a car rental app. And the answer is a resounding No!
Turo is the world's largest peer-to-peer car sharing marketplace, where you can reserve any car for any destination you wish to drive it to. Car rental services are part of the Uber app clone, whereas Turo is the largest peer-to-peer car sharing marketplace. Turo allows consumers to rent a car from a large community of highly trusted auto owners in the United States, Canada, and the United Kingdom. In addition, this software allows users to select from a carefully curated list of nearby vehicles.
Peer-to-peer car sharing is a win-win situation for both car owners and travelers. On the one hand, renting a personal car is a fantastic way to make money, and on the other hand, it provides a vehicle to people who require it for a specified amount of time.
Car rental apps have acquired a lot of traction due to the increased demand, and their use is rising. Users can use these applications to place booking orders and receive notifications with information on the car's details and arrival schedules.
With the growing needs of users, the car rental industry has grown dramatically over the years. While mobility is a necessary element of everyone's daily routine, the cost of services such as automobile rentals is unquestionably high. The truth is that the car rental market is not only dominated by large corporations.
The on-demand car rental industry is currently one of the largest and most profitable.
• Revenue is expected to grow at an annual rate of 18.5 percent, with a market volume of US$105,285 million in the next two years.
• If the car rental sector grows at a CAGR of 20.75 percent, its predicted market volume will be $4,036 million by 2025.
• User penetration will reach 7.1 percent by 2024, up from 3.6 percent in 2020.
• The ARPU (average revenue per user) is estimated to be US$200.37.
• The United States will generate the most ($16,155 million in 2020) global revenue.
Also Read: How to Develop an On-Demand Towing/Roadside Assistance App?
This one entails the creation of a massive organization that will cost the service providers a lot of money. The business must purchase automobiles and distribute them to several drivers. They are paid a percentage of the customer's base fare for their services. The drivers are paid every month or for each service that they do. It is the business strategy used by Hertz, one of the most popular apps.
This one is a little different because car owners are provided with a platform via one of the car service apps and are compensated for each booking. A percentage of the revenue goes to the app developers. Another option under this model is for car owners to hand over their automobiles to drivers who take reservations and drive them about town. An app like Turo is an example that adheres to this concept.
These apps are made to cater to a wide range of user needs. Start by looking at some of the multiple kinds of car rental smartphone apps available:
A user who rents a car and drives it himself falls into this group. He gets charged according to the car he chooses and the number of hours he rents a car for.
This service provides convenience to business clients by allowing them to use their cars for work.
This one is in charge of travelers' travel arrangements to other cities and states. In addition, it enables them to reserve the car for a longer duration.
This service provides users with cars on an hourly, half-day, or full-day basis. It also includes pick-ups and drop-offs at the airport.
Following the phenomenal rise of the automobile rental business, many new and current marketers enhanced their services and entered the worldwide market with a feature-rich car rental app. Please take a look at a few of them.
When we think of car rental apps, the first and foremost name that comes to mind is Hertz. It was created in 1918 by Walter Jacobs and is one of the oldest and most popular car rental services. Currently, the car rental behemoth has over 10,200 corporate and franchise locations across the globe, including North America, Latin America, Asia, Europe, and more. Hertz has even switched its services to web and mobile apps to meet the unique needs of modern users. According to sources, the company's website received around 7 million unique visitors. In addition, users of Android and iOS devices have also downloaded tens of thousands of Hertz mobile apps.
Avis is also one of the world's most innovative automobile rental companies. Warren Avis launched the company in 1956, and it was the first vehicle rental company to operate from airport facilities. Avis has grown into a global enterprise with operations in about 6000 locations across 165 countries. To meet the needs of its digital consumers, it, like Hertz, established a vehicle rental app in the global market. You can instantly lock or unlock your car with the Avis car rental app, and you can even flash the lights to identify your car in a parking zone.
Skurt is an automobile rental business based in Los Angeles formed in 2018. Since then, the company has worked hard to establish itself as a global brand. Skurt also raised over $10 million in Series A funding to expand its automobile rental services due to its excellent performance. The app's operation is straightforward: the user books a car using the app, and Skurt makes it available within 60 minutes of the booking. Furthermore, Skurt acts as a peer-to-peer service by directly connecting with fleet owners to assist travellers. Currently, the company's services are offered in Los Angeles, Miami, and San Diego.
Last but not least, Get Around is another well-known company in the car rental industry. With the Get Around car rental app, you can reserve thousands of cars, ranging from Toyota and BMW to Tesla. Not only that, but you can use the mobile app to lock and unlock the car and check the fuel levels if necessary. Overall, this sophisticated app eliminates the need to see the car owner in person, saving time and money.
The first step in developing an on-demand app is determining who your target audience is. It allows you to tailor your app and approach your customers' needs. For example, creating a car rental app is pointless if you don't know or can't figure out who your target audience is.
To design a mobile app, you must go through many steps, the first of which is to study your target demographic. Then, to better understand what your audience expects from your app, separate them into different parts. Then, perform research and inquire what clients desire and which features they want in a vehicle rental app.
The second step is to determine which technology will most benefit you. Because developing a mobile app is a multi-step procedure, you must first choose the appropriate technology.
It is critical to hire a dedicated development team after studying the audience and choosing the platform. Choose a mobile app developer or a team of highly skilled professionals to oversee car rental app development. You can either hire in-house development or outsource your mobile app development to a company. Choose based on your research and preferences.
Fantastic mobile app concepts will entice your target audience to choose your car rental app over others. The final step is testing and deploying your application on the mobile app platform. Then play around with the process, check for quality issues, fix bugs and problems, and consider marketing strategy, among other things, and your mobile app is ready to go.
People's lives are made more accessible by car rental apps. The modern model is transformed by mobile app development, which provides a convenient transportation route. Car rental apps are in high demand and will continue to be so in the future. It was one of the most popular on-demand smartphone apps at the time.
Are you looking for the best car rental app like Turo? If so, Grepix Infotech has got you covered!
We have professional developers and skilled testers on staff to ensure that nothing stands in the way of your car rental company's growth. We are always here to listen to you, whether you have any ideas or require consultation. Feel free to reach us at https://www.grepixit.com/ today!
Vinay Jain is the Founder at Grepix Infotech and brings over 10 years of entrepreneurial experience. His focus revolves around software & business development and customer satisfaction.