Taxi service revenue in the U.S. 2010-2022
The taxi industry in the U.S. was dominated by traditional medallion taxis until the end of the first decade of the 21st century. The emergence of ride hailing companies such as Uber and Lyft put an end to this dominance, with their market expected to double during the period 2017-2023.
Uber leads the ride hailing market
Ever since its inception, Uber has had a strong hold on the U.S. ride-hailing market, with Lyft being the only other notable competitor. To give an idea, Uber’s gross bookings totaled 50 billion U.S. dollars in 2018 as compared to just 8.1 billion U.S. dollars for Lyft. The difference in revenues for the two companies was also stark with Uber’s 11.3 billion U.S. dollars being around fives times that of Lyft’s 2.2 billion U.S. dollars. Unsurprisingly, smart-phones and other mobiles account for the majority of Uber users, followed by desktops and tablets. Uber’s growth has not been restricted only to the U.S. with its gross worldwide market also growing exponentially with an increase of 300% over the period 2016 to 2019.
Sluggish growth for car rentals
One of the first victims of the increasing popularity of ride-hailing companies in the U.S, is the car rentals industry. Even though car rentals are considered not only as an alternative to other mobility services but also as a complementary service, the market is expected to witness sluggish growth over 2017 to 2023. The same is also true for the industry’s total number of users and average revenue per user.
Uber leads the ride hailing market
Ever since its inception, Uber has had a strong hold on the U.S. ride-hailing market, with Lyft being the only other notable competitor. To give an idea, Uber’s gross bookings totaled 50 billion U.S. dollars in 2018 as compared to just 8.1 billion U.S. dollars for Lyft. The difference in revenues for the two companies was also stark with Uber’s 11.3 billion U.S. dollars being around fives times that of Lyft’s 2.2 billion U.S. dollars. Unsurprisingly, smart-phones and other mobiles account for the majority of Uber users, followed by desktops and tablets. Uber’s growth has not been restricted only to the U.S. with its gross worldwide market also growing exponentially with an increase of 300% over the period 2016 to 2019.
Sluggish growth for car rentals
One of the first victims of the increasing popularity of ride-hailing companies in the U.S, is the car rentals industry. Even though car rentals are considered not only as an alternative to other mobility services but also as a complementary service, the market is expected to witness sluggish growth over 2017 to 2023. The same is also true for the industry’s total number of users and average revenue per user.
