Gig economy growth has changed the landscape of work for millions. Just how big is the gig economy now? See the latest gig economy statistics and what advantages workers are considering when making the switch.
According to the latest gig economy statistics, the appeal of a traditional nine to five work schedule is waning. Developing in tandem with work-from-home trends, gig economy growth spells out a very clear message: More and more workers are favoring choice and flexibility in their work schedules. Switching to rideshare and delivery jobs is one of many gig economy trends that have developed over the past few years.
How Big Is the Gig Economy?
While gig economy market size is prone to fluctuations (and difficult to measure), the Bureau of Labor Statistics estimated that 55 million workers had gig economy jobs in the United States as of 2019. Of those, about 3 out of every 10 were full-time (28%). That was an increase of 39% over 2014.
Over the next half-decade, the gig economy market size is expected to increase further. Full-time rideshare and delivery drivers will become even more prevalent as cities continue to grapple with a post-pandemic labor market and changing trends in worker behavior. Gig economy jobs are expected to remain a popular choice among younger generations in the United States workforce for the foreseeable future. As it stands today, over 53% of Gen Z workers are freelancers (40% for Millennials).
Gig economy growth could reasonably slow down compared to its rapid growth in recent years. Even so, it is expected that nearly 100 million Americans will be working gig economy jobs by the end of the decade.
Gig Economy Market Size for Rideshare and Delivery Drivers
According to Bloomberg's Second Measure, Uber and Lyft make up 99% of the ridesharing market in the United States as of May 2022. Uber still dominates the industry in total sales volume, though its market share (72%) is lower than it was five years ago as Lyft (28%) has gained popularity.
- Founded in 2009
- US Daily Drivers: One million
- Rides Per Day: Fifteen million
- Launched in 2012
- Active Riders: 17.8 million (In Q1 of 2022)
- Driver Total: Two million (estimated)
In contrast, the restaurant food delivery driver industry is far more competitive. Uber Eats, Postmates, DoorDash and Grubhub make up more than 99% of U.S. meal delivery sales. DoorDash (59%) holds the largest share of the market while Uber Eats (24%) and Grubhub (13%) are second and third respectively.
- Driver Totals: Two million (as of 2021)
- Number of Orders: 3.6 million per day (as of Q1 2021)
- Active Monthly Users: Twenty million
- App Downloads: 37.7 million (US, Canada, Australia and Japan)
- $4.8 billion in 2021 revenue
- Active Monthly Users: Sixty-six million worldwide
- App Downloads: Eighty-one million
- $2.51 billion in revenue in 2021
- Monthly Active Users: Thirty-one million
- Orders Per Day: 622,000
- 2021 Revenue: $2 billion
What Is Causing the Rise of the Gig Economy?
The rise of the gig economy over the past five years has been driven as much by social factors as economic ones. The number one reason gig economy workers give for choosing rideshare and delivery jobs is flexibility. When surveyed, workers identified a consistent gig economy trend—the positive ways they responded to setting their own hours and creating their own goals.
A shortage of well-paying jobs and a lack of increases in the federal minimum wage since 2009 have created a market where gig economy jobs can offer workers both choice of when to work and the opportunity for better wages.
What Does Gig Economy Growth Mean for Rideshare and Delivery Workers?
So what does the rise of gig economy jobs mean for today's workers? Gig economy statistics show that more workers are moving toward rideshare and delivery driving to fuel their income. Along with that comes the development of bespoke products to help gig economy workers.
A nascent market of products for gig economy workers has developed to assist rideshare and delivery drivers while they are working. Apps have been developed to help them keep a record of finances and costs to run their business. Hands-free Bluetooth technology and accessories have dramatically improved due to demand caused by gig economy jobs.
Companies like Buckle offer gig car insurance. These policies combine conventional policies with unique coverage options to create gig insurance specifically for rideshare and delivery drivers. Buckle's car insurance for gig workers is available to eligible drivers across multiple platforms, including Amazon Flex, DoorDash, Grubhub, Uber, Uber Eats, Lyft, Instacart and more.
Car insurance for gig workers is one of the more important investments rideshare and delivery drivers can make. Most car insurance policies provide zero or limited coverage for rideshare and delivery drivers while they are actively working.
You can also become a Buckle Member for free to receive discounts on products and other gig workers' resources. Members receive exclusive benefits from Buckle's network of partners that help them leverage technology for success, keep up on gig economy trends and receive guidance and training from industry experts.
Get Car Insurance for Gig Workers at Buckle
Gig economy growth means more benefits for rideshare and delivery drivers now and in the future. Sign up for gig car insurance with Buckle and receive immediate coverage once you're approved. We can even help you cancel your old policy so you don't waste money. No credit check is required. Get a free quote today.