Uber share rebounds in March with up to 37% of rides discounted
• Lyft took 36% of rideshare revenue between the two companies during the week of February 11
• Uber has since returned to 66% market share
• During the week of March 11, 37% of Uber rides in the US received a discount
• During the week of March 4, 36% of Uber rides were discounted, compared to 12% in the same week in 2018
• 94% more rides were taken with Uber than with Lyft last week
As March comes to a close, another red-hot IPO hits the market. Lyft, often known for following in Uber’s footsteps into new markets and ventures, is this time the one leading the charge. However, Uber’s IPO is expected to be close behind, and in expectation of such, the two companies have entered into a discount war. In November 2018, after months of both rideshare companies hovering around 10% of rides discounted, both Uber and Lyft began offering discounts to riders heading to the polls. The discounts didn’t stop after election day, however, but instead have continued to rise and fall, with Uber’s discount rate spiking to 37% of rides in March.
In our previous story on rideshares, we found that Lyft was gaining on Uber. However, with each company’s final efforts in trying to woo investors, what impact, if any, have these maneuvers had on each company’s market share? Edison Trends analyzed more than 8M rideshare transactions from this last year to find out.