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Economic performance of the ridesharing market

The market creating activity of the sharing economy enables the ridesharing market to tap into the readily existing dormant supply of services and challenges the status quo of taxi businesses. Over recent years, the ridesharing market has seen significant growth in potential and real economic performance. A survey of almost 11,000 people in the U.S. indicated that 36 percent of people used ridesharing services in 2018, an increase from 15 percent in 2015. Uber and Lyft are the largest two companies in the U.S. ridesharing market , which reported net revenue in 2019 of 14.1 billion U.S. dollars and 3.62 billion U.S. dollars respectively .

Market dynamics between Uber and Lyft

Lyft’s strategy was mostly to imitate Uber’s business model at first by making use of drawbacks Uber exhibited. For instance, driver satisfaction with Lyft in the U.S. was much higher than that of Uber. Nevertheless, there seems to be a reversing trend, where Uber starts to regain some improvement while Lyft’s driver satisfaction deteriorates. In terms of ridership, Uber has a larger share in the U.S. than Lyft , 69 percent of the market. However, during the coronavirus (COVID-19) pandemic, market dynamics between these two rivals can immensely change. This is mostly because the ridesharing market size is expected to grow by 60 percent in 2021 compared to 2020, reaching over 117 billion U.S. dollars in economic worth.

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