• Uber leads the way in both rides taken in NYC, as well as trip growth over the last year, with 227% more rides than Lyft this past July, and 37% year-over-year trip growth
• Uber captured 60% of NYC dollars spent on rideshare trips, while Lyft came in a distant second at 22%
• While Uber also holds around 64% of the US market at large, Lyft’s share of the nation’s pie (32%) is much larger than its slice in New York, where it has lost out to smaller competitors such as Juno and Via
On August 14, New York City Mayor Bill de Blasio signed into law the city’s new cap on rideshare vehicles, legislation that made New York the first city in the nation to put a limit on rideshare services. The law quickly prompted speculation that Uber and its competitors would resort to strategies such as price increases in order to maintain revenue growth.
While it’s too soon to see the impact of the New York decision on prices or ridership, we at Edison Trends examined New York City’s rideshare market from the last 12 months, in order to understand how far Uber, Lyft and others have come in the last year — and how much they have to potentially lose.
What was the growth trajectory of rideshare spending prior to the signing of NYC’s cap?
Five of the six companies grew in terms of customer spending since August 2017, with Lyft leading the way at a 38% increase. Uber, whose monthly customer spend was 170% more than that of Lyft this past July, was second in growth with a 33% increase. Curb followed with 21% and Arro at 19%.