Find all the latest ridesharing industry statistics and more in Buckle's 2022 ridesharing industry analysis. We review numerous ridesharing market figures, including rideshare market size and rideshare accident statistics. Learn more at Buckle, the leading provider of insurance for the ridesharing market.
Current ridesharing industry statistics show substantial growth, with services like Uber and Lyft continuing to dominate the U.S. market.
This article will review numerous ridesharing market figures, including rideshare market size and rideshare accident statistics, as well as factors contributing to the industry's growth.
Key Rideshare Statistics
Here are some crucial ridesharing industry statistics to keep in mind:
- $185.1 billion — size of the global ridesharing industry by 2026
- 36% — number of U.S. residents who've used a ridesharing service
- 69% — Uber's share of U.S. ridesharing market
- 31% — Lyft's share of U.S. ridesharing market
- $6.9 billion — Uber's revenue for the first quarter of 2022
- $875.6 million — Lyft's revenue for the first quarter of 2022
Significant Ridesharing Market Growth
Despite a pandemic-related downturn, the future looks remarkably bright for the rideshare industry. A recent ridesharing industry analysis forecast a compound annual growth rate of 16.6% for the global ridesharing market — from approximately $85.8 billion in 2021 to around $185.1 billion by 2026. The market research report listed several reasons for the rise, including:
- Easy booking options
- Low carbon footprint
- No parking worries
The report also suggested that the market dynamics were affected by customers opting for ridesharing services over public transportation in the hopes of reducing their exposure to COVID-19 infections.
Uber and Lyft Follow Rideshare Statistics
Just as the overall rideshare industry is expected to grow, Uber and Lyft also have reported substantial increases. Year-over-year sales grew 80% for Uber and 49% for Lyft, based on April 2022 figures.
Concurrently, the share of U.S. residents who use ridesharing services has also increased dramatically — from 15% in 2015 to 36%, according to the Pew Research Center.
Ridesharing Market Differences Based on Demographics
According to the same Pew report, usage in the U.S. ridesharing market is uneven based on demographics like age, education level and income. Pew offered the following rideshare statistics, indicating that:
- About 24% of Americans at least 50 years old reported using a vehicle service, compared to 51% of Americans aged 18 to 29.
- Approximately 24% of U.S. residents earning less than $30,000 used ridesharing, compared to 53% of those with an annual income of $75,000 or greater.
The report also revealed a sharp divide in the U.S. ridesharing market based on residence. Around 19% of rural residents used a ridesharing service, compared to 45% of urban residents and 40% of suburban residents. Pew suggested that the lower availability of ridesharing in rural areas may contribute to these differences.
Interestingly, 70% of people who say they frequently walk or bike also use ridesharing services. Most people — around 56% — report using rideshares infrequently, compared to 17% who report daily usage and 26% who say they use rideshares monthly.
Ridesharing Industry Statistics: Uber vs. Lyft
Together, Uber and Lyft dominate the U.S. ridesharing market. According to ridesharing industry statistics, Uber owns 69% of the American market to Lyft's 31%.
Uber's report for the first quarter of 2022 indicated it had 115 million monthly active platform consumers, up from 98 million for the same period in 2021. Revenue grew to $6.9 billion from $2.9 billion over the same timeframe.
Lyft reported 17.8 million active riders for the first quarter of 2022, compared to 13.7 million for the same period in 2021. Its quarterly revenue rose to $875.6 million from $609 million in the first quarter of 2021.
More than 54% of U.S. rideshare drivers work exclusively for Uber, while 22% percent drive exclusively for Lyft. Nearly 25% accept ride requests from either company.
Likewise, the same roundup of ridesharing industry statistics showed that 62% of riders use Uber exclusively while 26% use Lyft only. The remaining percentage use both.
There are also substantial differences in the types of insurance available for Uber and Lyft drivers, and it's essential to educate yourself on how to compare rideshare insurance policies.
Rideshare Accident Statistics by the Numbers
There's some controversy surrounding rideshare accident statistics, but research by the University of Chicago found that the introduction of ridesharing caused a 3% annual increase in the number of traffic fatalities. This equates to nearly 1,000 deaths annually that are potentially linked to rideshare accidents. The researchers also stated that the cost of additional rideshare fatalities was $10 billion.
However, Uber and Lyft both contest the research findings and maintain that their services are safe.
Trust Your Rideshare Insurance Needs to Buckle
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