The solution was to begin offering shorter rides in cities, with passengers and drivers connecting. Some examples of the biggest busiest US cities include New York, Los Angeles, and San Francisco the home of Lyft. Source: Company data. Were they barred from the app? "I'm sorry. LYFT Statistics 2022: Usage, Revenue, Market Share, Driver Information Plus, with vaccines rolling out, one can expect that the global economy will soon normalize establishments will reopen and the demand for transportation will increase once more. Take one week in September, for example: For seven days last month, I kept track of every penny I made driving for both companies and wound up making $257 for less than 14 hours of work that's about $19 an hour. Take a ride with a top-rated driver in a spacious car. Lyft recorded its highest number of riders in 2019, with 22.9 million active riders. It's not fine. Someone who drives for Lyft is an independent contractor rideshare driver. Ride-hailing company Lyft is now offering riders the option of choosing an autonomous vehicle in some areas of Austin. Lyft reported that it had 20.4 million active riders in Q4 of 2022, the most riders the company has had post-pandemic. That eight-minute ride was good for a few bucks and a $2 tip. In order to make $50,000 a year, an Uber driver must provide 60.21 rides every week. (Lyft, 2021), In terms of gender, only 21% of drivers are women while 7% identify as members of the LGBT+ community. A per-mile rate is usually about $0.58. Lyft Driver Bonuses But before he got out, he made me show him how he could tip me in the app, because, he said, I deserved it. He asked how the Prius works, so I showed him some of the features. liability for the information given being complete or correct. With fewer riders using Lyft, an increasing number of drivers are also making the choice to stop driving for the platform. So, Lyft number of drivers who were satisfied with their job was higher than Uber. They often take rides alongside their main job or their studies. (The Ride Share Guy, 2021), 68% of drivers often quit driving for Lyft and Uber after just half a year. Similar to Uber, Lyft had a self-driving division and saw the future as one in which a human driver would no longer be necessary. But, if youre not comfortable taking a ride with a stranger, consider borrowing a bike from Lyfts Citi Bike another great service offered by this ride-hailing company. (Crunchbase, 2021), Professional Services Automation Software - PSA, Project Portfolio Management Software - PPM, Established in 2012 as a short-haul rideshare service, labor unions urging Lyft to classify their drivers as employees, risk of contracting coronavirus through ridesharing, latest data on the transportation industry, 47 Lyft Statistics in 2023: Data on Revenue, Riders & Drivers, Lyft is the second-largest ride-hailing platform in the US in terms of volume. The 2020 number indicated a 45% decline from the year before when it was approximately 22 million.The decline in people using Lyft was primarily due to the COVID-19 outbreak, which led to a decrease in the use of ride-hailing operators since more people stayed home. 64 billion trips were taken with Uber in 2022. Lyft defines an active rider as a user who books at least one ride through the app in a given quarter. He has been a rideshare driver since early 2012, having completed hundreds of trips for companies including Uber, Lyft, and Postmates. Input your search keywords and press Enter. Lyft Statistics 2022 (Editor's Choice) Lyft was used by nearly 30% of users to get healthcare services in 2019. The same goes for the companys funding, even though it is still among the most well-funded startups worldwide. Lyft Revenue by Year Based on Lyft's financial reports, the company earned $40.09 billion in revenue in 2022. Meanwhile, 38% are only part-timers. After all, transportation is a necessity and there are always individuals who need to get from point A to point B. Copyright Carsurance 2022 - All Rights Reserved, How Many People Die from Drunk Driving in the US: The Tragic Truth, Most Expensive License Plates Around The World, What to Expect Physically After a Car Accident, What Happens if You Have an Accident in a Rental Car, Almost 30% of users used Lyft to access healthcare services in 2019, More than four in ten Lyft rides start or end in low-income areas, Lyft drivers make on average more than $34,400 per year, In the last quarter of 2021, Lyft had 18.73 million active riders, There was a 13% revenue increase between the second and third quarter of 2021, Lyfts net worth is around $14.93 billion, In the third quarter of 2021, Lyfts total assets were $4.82 billion, Uber has almost 2 million drivers more than Lyft. Studies show that the majority of Lyft drivers are males belonging to minority groups. (The Ride Share Guy, 2020), Only 35% of ride-hailing drivers have an alternative income source. I waited, and waited, and waited. This company, based in San Francisco, California, uses a web or app platform to orchestrate ride services, food delivery services, and bicycle rentals. I pulled away and ended the ride, with the guy chasing my car waving his arms in the rearview mirror. Related: The battle between Uber vs Lyft explained. Lyfts past three years annual revenue informationis readily available on their official website. On Tuesday, my fiance had dinner plans, so I took the night off and didn't drive. Lyft has been aggressive in its pandemic recovery plan, initiating temporary pay reductions and managing overall operating costs. By continuing, you accept our use of cookies. (Lyft, 2020), As of 2020, Lyft serves over 500,000 commuters who are living with disabilities. In addition to the millions of drivers that earn using their platform, Lyft also has thousands of employees working on customer service, research and development, and other back-office processes. This time it was a very nice older man at the mall who was going a very short distance. (The Ride Share Guy, 2021), 22% of drivers report bringing some type of weapon with them during rides for their own protection. He started pounding aggressively on my window. There were 1 million active Lyft drivers in 2020, according to John Zimmer. But first my fiance and I had plans to go to church and then drive to a bakery for a meeting about our wedding cake. And it was nearing 5 p.m., which was when I wanted to stop driving anyway. Are they hiding something? (Gridwise, 2020), As of 2020, Lyft has 4,675 employees. Even though the company is one of the first ones to market in the ride-sharing industry, its still behind Uber in these terms. So lyft keeps way more and has increased its rates but dropped the rates they give the drivers. Facebook: quarterly number of MAU (monthly active users) worldwide 2008-2023, Quarterly smartphone market share worldwide by vendor 2009-2023, Number of apps available in leading app stores Q3 2022. The cost of revenue and general and administrative expenses accounted for most of that amount, as you can see below. Some drivers report their earnings before expenses like gas and insurance while others report earnings after expenses. Lyft and Uber) has gone from non-existent to ubiquitous in major metro areas. But they were especially welcome today because traffic was very heavy and I wasn't covering many miles. Drivers are held accountable for their passengers because their job duties are documented through the Lyft platform. Knowing how Lyft rides are calculated can help you better understand your ride cost. "Let me in. Moreover, in the second quarter of 2021, net loss totaled $251.9 million. In 2022, Lyft experienced a net loss of $1.6 billion. Are you going to ask a child for their ID? Receive urgent alerts about opportunities to defend science. So does the California Public Utilities Commission (PUC), which oversees transportation network companies (TNCs) the policy term given to Uber and Lyft. If I was tired, I could go home. There were nearly 100,000 Uber and Lyft rides per day in Boston last year. Here is some more info and tips for you whether youre a new rider or an active rider. Lyft drivers used to be able to use destination mode six times a day. Please note, that FinancesOnline lists all vendors, were not limited only to the ones that pay us, and all software providers have an equal opportunity to get featured in our rankings and comparisons, win awards, gather user reviews, all in our effort to give you reliable advice that will enable you to make well-informed purchase decisions. She tipped me $5 shortly after I dropped her off. He thanked me for the nice conversation and the cold A/C, and the screen flashed that I received a $3 tip. Lyft generated $4.09 billion revenue in 2022, with strong revenue growth each quarter but slower than in 2021. Sweet. Text "SCIENCE" to 67369 or sign up online. But they only tell half the story. While the company was still able to yield billions in revenue from both its rideshare and rental segments, it was significantly lower than pre-pandemic levels. Your final ride charge can look different from the estimated cost any time you: Delay requesting the ride (I.e. She's very nice, and we're having a good talk. These workers perform office duties such as customer service, research and development, and other office-related tasks. Back to top How fare estimates work When entering the pickup and drop-off locations, you'll see an estimate of what your ride will cost. When broken down, male employees dominate the Tech, Operations, Leadership, and Tech Leadership departments. (Bloomberg Second Measure, 2021), On the other hand, among ridesharing drivers, 66% use both Uber and Lyft. I made $152.57 on Uber and $104.77 on Lyft for $257.34 in gross pay, which gave me an average of $18.72 per hour before expenses. After many months of being a driver in Miami, Florida, I can tell you it is not too good to be true. Overview Of Lyft Stats We're going to discuss some Lyft statistics. Even though it is nowhere near its main competitor Uber, Lyft is a fast-growing and top-rated company with astonishing growth year by year. I sat outside a house for five minutes, and no one came out. Namely, there were 22.9 million active riders then. In fact, in that quarter, there were 4.7 million app installs. (Lyft, 2021), Across ridesharing platforms, most drivers are in the 50-59 age bracket (28.44%). Lyft and Uber) has gone from non-existent to ubiquitous in major metro areas. These include Hispanic (18%), African American (22%), and Asian (7.2%) riders. Reply STOP to cancel. This is especially true in urban areas where consumers are looking to avoid the hassle of public transportation while dodging the costs of owning a private car. When it comes to age, 80% of Lyft drivers are below the age of 55. The U.S. Rideshare Industry: Uber vs. Lyft - Bloomberg Second Measure Lyfts average revenue per active rider reached $57.72 in Q4 2022, a 11.4% increase on the previous year. Lyfts Co-Founders to Step Down, David Risher to Step Up. Some risks of giving strangers rides include the possibility of picking up a hostile rider. This might help you get a better idea of just how successful, or possibly unsuccessful in some areas, this company is. However, it did not take long for the market to bounce back once pandemic travel restrictions began to ease up. Key Uber Statistics Uber has 93 million active users. rides were taken using ridesharing services in the U.S. second-largest ridesharing service provider. Lyft has never reported an annual net profit, and 2022 reversed two years of declining net losses with $522 million higher loss than the previous year. Switching from pick-up to drop-off location (see gifs), gives a rough sense of where people are traveling to and from, i.e. "The other Ubers do it all the time.". Related: I'm a driver for Uber and Lyft here are 10 things I wish I knew before starting the job. SFCTAs data doesnt correlate the pick-up and drop-off locations of individual rides, but the aggregate data still suggests these trends. Off we go. Each ride type (such as Lyft Plus, Lyft Line, and Lyft Lux) will have a different base fare. I Drive for Uber and Lyft Here's Exactly How Much I Make in One Week Lyft 2023 User and Revenue Stats - Backlinko We'll be sure to cover all aspects of statistics - from employee information to consumer information and everything in between. The pandemic posed a number of problems for Lyfts operations. These out-of-service miles (also known as deadheading) are actually lower for Uber and Lyft than taxis, which drive 40 percent of their miles without a customer. This calculation includes a base fare, time, and distance. I'm not complaining I will always take tips. I could have worked a lot more hours and made a lot more money, and I probably missed out on at least $120 because of my Sunday car troubles. 2019: $3.615 billion 2018: $2.16 billion 2017: $1.05 billion 2016: $343 million 2015 (reportedly): $200 million Lyft net loss (annual): 2022: $1.6 billion 2021: $1.009 billion 2020: $1.752 billion There's an inside joke among drivers that when people say "I'll tip you in the app," they never actually do. As such, many are considering switching to delivery services as there is a higher demand in the delivery industry during the pandemic than in ridesharing. Preferred: Standard Lyft ride for up to 4 riders. Compared to the final quarter of 2019, Lyft's rider count is down 45.41% (from 22.9 million ). A few minutes later, he walked back to my car along with a very small child and no car seat. When I tell people I drive for Uber and Lyft part time, they usually ask me the same question: "Is it worth it? Lyft, mobility, ride-hailing, self-driving cars, TNCs, uber, David Reichmuth It's really fine.". It has still not surpassed its peak quarterly revenue, which it reached in Q4 2019. Here were the biggest takeaways: Since its creation in 2012, Lyft has created competition for the leading platform Uber. It was a woman and her dad, who told me he was a retired emergency-room surgeon, going up north, 41 miles away. Based on this count, Lyft likely has more drivers in the United States than Uber which, again, has 750,000 U.S. drivers. So, lets take a look at some stats on the roughly 2 million drivers who use Lyft to find riders and delivery jobs. Lyft went from 22 to 33 percent market share in the US from 2017 to 2018, although that growth has cooled off, with the company achieving 29 percent market share in 2020. Learn more. Its hard to say which region rakes in the most revenue, but Id imagine the biggest earning areas are the biggest, busiest cities. Making matters worse, I was never granted my $5 cancellation fee from the company, even after a lengthy back-and-forth with its support team the representatives I spoke with claimed I didn't wait the full five minutes. (Bloomberg Second Measure, 2021), Lyft has the largest market share in Phoenix and Detroit at 45%. This has remained pretty constantsince 2016. Essentially, drivers are individuals who are giving rides to strangers. We are a 501(c)(3) nonprofit organization. These are the big guys, making an average of 5-10 million dollars per year! It was $430.22 to fix my car. No boss telling me I had to come in because it was busy. and over 1Mio. Liz, where are you? Lyfts average revenue per rider was$45.40at the end of the fiscal year 2020. 47 Lyft Statistics in 2023: Data on Revenue, Riders & Drivers (Gridwise, 2020), 77% of ridesharing drivers are male, 21% are female while the remaining are either non-binary or prefer not to disclose their gender identity. Previous studies and those underway are attempting to answer these questions. A rider will simply request a ride from destination A to destination B and wait in the queue, or Lyft line, for a local driver. I rolled down the passenger window and kindly asked him, "Where is your car seat? I wasn't forced to work any number of hours as I might be at another part-time job. This is 3.08x its revenue share in 2018. To dive even deeper into this companys success and robust revenue, we can talk briefly about its position in the United States and the Global ridesharing market. For instance, Uber has 3.9 million drivers in 63 countries, and coverage-wise, its larger than Lyft. Charlotte, NC tops the $15 mark, with rideshare drivers earning an average hourly wage of $15.53. What if there is a really big 5-year-old, or a very small 6-year-old? To achieve this goal, Lyft shows you fare estimates before you request a ride, so you know what to expect to pay. Read more about Brett here. . Spoiler alert: It was not a stuck bag, but the world's longest nail stuck into what is now the world's flattest, unpatchable tire. (Lyft, 2021), The rideshare marketplace comprises 93.22% or $2.2 billion of Lyfts revenue. (YCharts, 2021), Lyft yielded an annual revenue of $2.36 billion by the end of 2020. Our goal is to connect you with best-in-class service at an affordable price when and where you need it. (Gridwise, 2020), More than half (59%) of ridesharing drivers also do delivery work. I was moved. Monday nights are usually slow, and since I had already made more than usual, I called it a night at 5:36 p.m. and signed off the apps. Another request. A six-minute ride, and I had already made $7.98. I'm not going to deal with this. From January 1, 2016, through the end of 2020, approximately 337.8 million usershave been recorded. As a result of the unique innovations and technologies the company uses to make every ride outstanding, taking a lift with one of its vehicles may just prove to be the best way to efficiently and quickly transport oneself. According to Crunchbase, Lyft has raised $4.9 billion in funding since it was established. 20+ Riveting Ridesharing Industry Statistics [2023]: Average - Zippia (Statista, 2020), Of all rideshare customers, only 13% used both Lyft and Uber. Unfortunately for statistics, Its more likely for a Lyft accident and other safety incidents to occur in a city than in a more rural area. Spokespeople for Uber and Lyft each referenced an April City of Chicago study that found 65.3% of full-time and 52.2% of part-time rideshare drivers earn between $31-$40 . A car is honking at me. In fact, the number of active riders indicated an increase from 12.5 million in 2020. I also kept track of every interesting moment along the way, from a questionable passenger who wanted me to break the law to a blown tire that prevented me from making over $100 on one of the busiest days of the week. The thing I love about this side job is the flexibility that I have with it. The same is the case for 63% of those in the 25 to 34 age bracket, 67% of those in the 35-54 age bracket, and 59% of those who are aged 55 and above. Unlike Uber, Lyft didnt have anything to fall back on during that time, as Uber did with its food delivery business. She has covered all the major developments in SaaS and B2B software solutions, from the introduction of massive ERPs to small business platforms to help startups on their way to success. It is important to note however that, despite this, Lyft still invests a considerable amount of resources in research and development, signaling that the company is continually improving its services. There is also a handful that uses other ride-hailing applications or even delivery platforms. We have collected data and statistics on Lyft. Get quick analyses with our professional research service. Recurring messages. Namely, Ubers revenue was $4.8 billion in the third quarter of last year, while, as weve mentioned, Lyfts was only $864.4 million. (Forbes, 2020), 24% of drivers decided to stop driving for Lyft completely while 39% of drivers said they were driving less primarily due to the COVID-19 outbreak. When taking a Lyft, be sure to pay attention to any feelings that make you believe you may be in danger of assault. Lyft ride types overview - Lyft Help Meanwhile, revenue from rental activities accounts for the remaining revenue at $156.02 million. Uber and Lyft oppose sharing data that could reveal aspects of their market share, such as where they dispatch drivers and pickup riders. The flexibility you get with a job like this is incredible. The cop directing pedestrian traffic is glaring menacingly at me to move, as I'm blocking part of a lane. Also, as a passenger, you should never give the driver any of your personal information. Senior Engineer, Clean Transportation Program. My fiance picked me up from the tire store, and I hoped I wouldn't be waiting too long until the car was fixed. Fast Facts Financial Performance Stats Uber Business Stats Uber Bookings and Trips Uber Users Uber Drivers Fun Uber Facts The Future of Uber Key Uber Stats Uber had $31.8 billion in revenue in 2022. Zero trips on Uber and zero trips on Lyft. In 2022, more than 45 million people used Lyft. 5% of drivers said they work for multiple delivery and ridesharing apps. Driving 40 hours per week, you could expect to earn $400 to $1,200 per week, or $1,733 to $5,200 per month before taxes and not including expenses. It started out as a decent night, with mostly short rides from hotels and dropping people off at bars and restaurants. Here are a few interesting usage stats from the 2023 economic income report. However, that was significantly less than the same period of 2020. I got home from work, walked the dog, grabbed a bottle of water, and hopped in the Prius at 3:38 p.m. Before I even backed out of the driveway, I received a ride request on Lyft. This is a 45.41% decrease from the rider count in the previous year (Lyft, 2021), The number of active Lyft riders has been on the decline since 2020. (Lyft, 2021), Lyfts overall workforce is 60.8% male and 39.2% female. More than half of . People were in a hurry . Save my name, email, and website in this browser for the next time I comment. I did a few more short rides after this before I ended up close to my house and called it quits. Get Fare Estimates for Your City - Lyft Price Estimate | Lyft If you reach the maximum spending of $10,000 in Lyft rides per year, you'll earn up to 30,000 Hilton Honors points. Aside from the factors already mentioned above, Lyft drivers also cite not getting enough support from Lyft during the pandemic. Assuming the revenue has increased an average of 36% each pre-pandemic year (as stated on its webpage), its safe to estimate that 2018s annual revenue was likely somewhere in the low 3 millions and 2017s was likely somewhere in the range of the high 2 millions to 3 million dollars . I dropped her off at her apartment a short while later. As we can see in the Lyft statistics presented, riders have been choosing not to use the platform due to the health crisis and in turn, drivers have been quitting due to the low demand. 4,675people were direct employees of Lyft in 2020. The law says children 5 and under must be in a car seat, but how do you know who is 5 years old? I'm not required to be anywhere. (YCharts, 2021), Lyft has spent $238.22 million on research and development by the end of March 2021. Oct 8, 2019, 9:28 AM Clarke Bowman, a part-time driver for Uber and Lyft in Miami, kept track of every penny he made driving for one week. The Real Costs Of Driving For Uber And Lyft [2023 Update] - Ridester.com So, how many countries does Lyft operate in? Lyft also says children may require a car seat if local laws require it. I knew today was going to be a big money day, as evidenced by all the Patriots fans I saw walking around downtown and hotel areas. Lyft had 20.3 million active riders in Q4 2022 and looks to be close to stagnation, reporting the same figure in Q3 2022. Tonight it was just my fiance, a cold beer, and a plate of delicious chicken nachos. Among the most popular platforms used today is Lyft. (Statista, 2021), In May 2021, Lyft had a market capitalization of $16.1 billion. There is also a fraction of users who are students, members of the LGBT+ community, and individuals living with disabilities. That'd cost $744 for a standard Lyft, according to EstimateFares. The third quarter of 2021 saw a 13% . Research expert covering climate change and the water industry. Launched in 2012, Lyft now ranks among the top transportation network companies. (Bloomberg Second Measure, 2021), Lyft accounts for 9.26% of the global market share of ride-hailing operators. (Lyft, 2021), Half of Lyft drivers report utilizing other ridesharing platforms. Today, as you would see from our Lyft statistics, this San Francisco-based transportation company makes it all easier. I drove them less than two miles, dropped them off, and was pleasantly surprised on the app when they tipped me $5.