Transportation is one of life’s necessities, whether you commute to work, run errands in the city, or get home from the airport. When choosing a transportation method, important factors like time, budget, and convenience influence our decision-making.
Let’s face it—nobody likes public transport. However, no one wants to pay a fortune for a taxi or walk either. The golden mean is a ridesharing service like Lyft.
Founded in 2012, the company is now available across the United States, Puerto Rico, and Canada. Lyft stats show that its revenue quickly skyrocketed, even though it has plenty of competition.
Join us on a ride through some interesting facts about Lyft’s development throughout the years and the effect of the global pandemic on its earnings.
Fascinating Lyft Stats
- By 2018, Lyft had completed over one billion rides in 644 cities in the US and Puerto Rico.
- By January 2019, 65 million people had downloaded the app.
- Lyft recorded 12.5 million active users in 2020 alone.
- The total number of employees in 2020 was 4,675.
- The estimated gross value of Lyft’s ridesharing services in 2020 was $8.97 billion.
- As of 2021, the platform has over two million drivers.
- Only 21% of those drivers are female.
- As of May 11, 2021, Lyft’s stock price was estimated at $47.84 per share.
Lyft Usage Statistics
What are the essential criteria for a ridesharing company to become a leader in the market?
How long has Lyft been around?
How did it manage to steal Uber riders?
Lyft has been the runner-up to Uber since it was established three years after it as an alternative with more of a non-business approach.
Although Lyft expanded rapidly in the US, Uber was already a few steps ahead—it had spread in various cities worldwide.
The number of Lyft daily rides reаched over a million in 2017.
The company has been spreading its services across the US and Canada since its establishment in 2012. Lyft statistics from 2017 show it reached five billion rides overall.
As predicted, the company continued to expand over the next few years.
Lyft app downloads in the US reached 65 million between 2014 and 2019.
Lyft’s popularity was increasing steadily during that period. The app reached an astonishing 65 million downloads between 2014 and 2019. Meanwhile, Uber’s user base was decreasing.
The average Lyft cost per ride in Q2 2019 was $25.51.
Ridesharing services have become a preferred means of transportation for many American citizens. Rideshare statistics show that Lyft used its affordability to attract users.
To stay competitive, the company was offering lower prices per ride than Uber. However, that changed during the second half of 2018, when its costs surpassed those of Uber by a little. The two services’ pricing became more or less the same in 2019.
In 2021, Lyft’s revenue increased to $765 million.
Predictions about Lyft’s revenue were that it would reach almost $700 million in 2021. Surprisingly, the company even surpassed this number. In Q2 of 2021, Lyft recorded a revenue of $765 million, marking a 26% jump from the previous quarter.
The longest Lyft ride was a 310-mile drive from Boise to Jackson Hole in 2018.
At the beginning of 2019, the company revealed some intriguing Lyft facts in a Twitter thread. It told us the story of the 2018 Lyft ride from Boise to Jackson Hole. The driver earned $24/hour.
After demonstrating the undisputed success of the ridesharing company, it’s time to take a look at the characteristics of the Lyft customers and drivers.
Understanding the buyer persona is essential for every business, especially when it’s in a saturated market with strong competition.
To stand tall next to Uber, Lyft had to think carefully about how to keep its drivers.
Let’s see who it attracted.
The number of Lyft users in 2020 was 12.5 million.
To clarify, Lyft counts people as active users if they end up booking at least one ride during a specific quarter of the year.
In Q4 of 2020, 12.5 million people used Lyft for a ride. This was a 45% decrease in the number of riders compared to the last quarter of 2019.
Only 21% of the 2021 Lyft drivers are female.
There’s always been a widespread belief that men are better drivers than women. Even if this claim isn’t scientifically proven, Lyft driver statistics reveal a significant difference between male and female drivers.
Men account for 72% of Lyft drivers. The remaining 7% prefer not to reveal their gender identity.
The number of Lyft drivers surpassed two million in 2021.
Lyft is more than just a means of transportation that combines affordability with comfort. It’s also a solid source of income. The average annual salary of drivers is just under $30,000.
Over 28% of Lyft drivers are between 50 and 59.
Lyft drivers differ by age. The largest group are between 50 and 59 years, followed by those over 60 years with 23.41%. The smallest age group is represented by the youngest drivers. Those between 18 and 29 account for only 6%.
31% of Lyft drivers are white (non-Hispanic).
The majority of employees at the company are from minority racial/ethnic groups. The largest portion (29%) are Hispanic or Latin, followed by those who identify as Black, African American, or Afro-Caribbean, with 22%. Last come Asian drivers, with 13%.
47% of Lyft users are members of minority racial/ethnic groups.
Only 53% of the company’s active users identify themselves as white or non-Hispanic. Lyft rider statistics show the rest are split between three different racial/ethnic groups.
18% of Lyft riders are Hispanic or Latin; 22% identify as Black, African American, or Afro-Caribbean; 7.2% are Asian.
Lyft receives a quarterly revenue of $45.40 per active rider on average.
Recent Lyft statistics reveal a 13.67% spike in the average revenue, which is estimated at $45.40 for Q3 of 2021. During the last four years, Lyft’s average revenue per rider has gone up by a staggering 66%.
Lyft Market Share
Lyft is the second largest ridesharing company in the US. However, Uber still dominates the market. The reason behind this becomes more clear when we answer one simple question: where is Lyft located?
The company services only cities in the US and Canada, while Uber is available in more than 80 countries across the globe.
To better understand the ridesharing market, take a look at the following Lyft stats.
Lyft holds 45% of the ridesharing market in Phoenix and Detroit.
Lyft’s market share in the US is around 32%. However, it surpasses that number in some West Coast and Mid-Western cities.
For instance, it holds 45% of the market share in Phoenix and Detroit. In addition, it is a preferred option in San Francisco, Atlanta, Los Angeles, Seattle, and Boston, among other places.
Lyft’s net worth in 2021 is estimated at over $16 billion.
The net worth of a given company is usually calculated based on its market capitalization or by multiplying the stock price with the number of shares.
Lyft’s net worth for 2021 peaked in August, with over $21 billion. However, the company’s shares fluctuate on a daily basis.
In 2020, the Lyft employee count reached 4,675.
The company provides plenty of jobs in the North American region. To find out how many employees Lyft has, we have to consider not only drivers, but back-office positions like customer service and research and development as well.
Lyft holds 9.26% of the global ridesharing market share in 2021.
The never-ending Uber vs. Lyft market share competition includes another rival at the international level. The top three players on the global market are Uber with 37.2%, DiDi with 32.4%, and Lyft with 9.26%. Since Lyft’s availability outside of the US is limited, this distribution of market share is logical.
26% of the rideshare customers used only Lyft in 2021.
The rivalry with Uber started from day one. Lyft stats for 2021 show that 60% of the ridesharing clients use only Uber, while 26% are loyal to Lyft. 13% of customers switch between the two platforms.
When it comes to drivers, only 9% use only Lyft, and 24% rely on Uber. However, 66% are not influenced by the Uber vs. Lyft rivalry and take advantage of both companies.
12% of Lyft drivers in 2021 are students.
Using the Lyft application as a driver is a side job for most Lyft drivers. 95% of them drive less than 20 hours per week. Lyft statistics reveal that 96% either work or study while maintaining their job as Lyft drivers.
The average Lyft driver makes between $96 and $136 a day.
On a normal working day, a Lyft driver earns between $12 and $17 per hour. If they work the typical 40 hours a week, this would add up to between $1920 and $2,720 per month.
However, keep in mind that this amount is before taxes and expenses.
In April 2020, the usage of rideshare services had decreased by 75% YOY.
All face-to-face businesses were negatively influenced by the pandemic. 65% of consumers reported they stopped using ridesharing platforms because of Covid-19.
This inevitably lowered the number of Lyft active users. The company recorded $1.7 billion net losses during 2020 as a result of—you guessed it—Covid-19.
Lyft’s annual revenue from its ridesharing services hit $2.2 billion in 2020.
Lyft has two different revenue sources—rental activities and ridesharing services. We’ll focus on the ridesharing marketplace and the fluctuations it has undergone in the last few years.
The Lyft rideshare revenue decreased by a significant 36.42% in just one year. It was $3.46 billion in 2019 and fell to $2.2 billion the year the pandemic started.
Ridesharing services offer the perfect combination between comfort and affordability, which is highly valued by consumers.
However, because of the pandemic situation, Lyft stats reveal a significant loss in its revenue. Will the transportation industry recover soon?
How will Lyft overcome the losses?
These questions are still to be answered. Until then, the company will have to rely on its loyal riders.