LYFT Statistics By Segment, Total Assets, Average Revenue By Active Rider, Users, Gross Bookings And Usage
Updated · Nov 25, 2024
WHAT WE HAVE ON THIS PAGE
Introduction
LYFT Statistics: The year 2024 is a transformative year for Lyft, one of the most successful ride-sharing companies in the USA, as it continues to grow and expand. With its easy-to-use application and an ardent desire to offer a cheap, dependable, and accessible means of transport, Lyft is still actively involved in the vicious competition for a share of the ride-hailing service market.
This article will analyze the data and LYFT statistics in 2024, including growth rates, revenue, market share, number of users, and more.
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- According to LYFT statistics, in 2024, Lyft announced $1.3 billion in revenue from ride-hailing services and $114 million in revenue from its car rental unit.
- The total assets of Lyft have been shrinking from $5.7 billion in 2019 and reached $4.6 billion by the end of 2023, which can be attributed to the devaluation of assets, restructuring of operations, and measures geared toward controlling the expenses.
- Revenue generated by an active user peaked at $45.06 during Q1 2020, after which the unit revenue continued to grow until 2020.
- The annual user base for Lyft also increased from 6.6 million in 2016 to 21.4 million in 2023, with a steep dip of 45.9 % in 2020 due to COVID-19 pans, which was later restored gradually.
- Currently, Lyft runs its business in 644 cities across the United States and 12 in Canada, and it has yet to extend its reach outside America.
- In Q1 2024, its app was downloaded more than 4.5 million times, unlike in Q1 2023, when the app downloads were 5 million.
- In 2019, scheduling and getting health services through the app was used by 29% of the users and at that time, it rated a five-star passenger review at 90%.
- LYFT statistics reveal that gross bookings in Q2 2024 climbed to $4 billion, up 17% from the previous year. Gross bookings in Q1 2023 stood at $3.7 billion, whilst, for the same period, the revenue was $1.2 billion.
- Uber earned over $10.1 billion in revenues and $37.7 billion of gross bookings for that period, up by 20% and 15%, respectively, compared to year-on-year results of the previous year.
- In the same quarter under analysis, Lyft generated $1.3 billion in gross bookings with a $3.7 billion empire. While Uber has a global reach and delivery and freight services under its title, Lyft only concentrates on ride-hailing and shared transport within the USA.
- With an 8% share of the market as of 2022, Lyft has grown to become the second-largest provider of ride-hailing services in the world, and it limits itself to operations across the United States and Canada only.
- On the other hand, Uber has gone ahead and operated in more than one region in the globe with a market control of 25% equity of the rides hailed and taxis offered all over the world.
- The number of users of such services is huge, and approximately 1.7 billion people were using them all over the world in 2023. That number is expected to rise to almost 2.3 billion users by 2029.
- LYFT statistics show that a 62% reduction in the number of riders from active status occurred between the last quarter of 2019, which did not have any significant restriction on movement, and the second quarter of 2020.
- By the end of Q4 2023, the number of active riders was able to come back to approximately 98% of the number that had been recorded pre-pandemic in the year 2019 by the end of that year.
- However, even with such development, Lyft does not perform as financially as Uber. In the year 2023, for instance, Lyft managed to limit its net losses to around $340 million, whereas Uber’s net profit in the same period amounted to almost $1.9 billion.
- LYFT statistics indicate that the company contributes 28% of the bicycle rental market.
- Uber, even though it does not have an entire segment share that is focused on micro-mobility, allows its riders to find and hire Lime and JUMP scooters and electric bikes under the application.
- With respect to the micro-mobility sector in the United States, Lime is one of the competitors that pose a major threat to the operations of Lyft.
LYFT Revenue By Segment
(Reference: statista.com)
- In the second quarter of 2024, Lyft, a ride-hailing and car rental company from California, reported robust earnings.
- LYFT statistics show that the total revenue generated by Lyft’s ride-sharing business in the second quarter of 2024 exceeded $1.3 billion.
- This was Lyft’s earnings from carrying out its core activity of carrying passengers for a fee. This revenue is most likely derived from fares that riders incur when hiring using the Lyft application, plus other costs such as fees and surcharges incurred during the rides.
- Lyft also has a rental service business, which might include bike and scooter rentals, as well as car rentals in selected regions.
- For the second quarter of 2024, revenue from this segment amounted to $114 million.
- This revenue is generated from customers who use Lyft’s services for a limited period, renting bicycles and e-scooters, among other vehicles offered by the company.
LYFT Total Assets
(Reference: statista.com)
- LYFT statistics reveal that Lyft’s overall assets witnessed a steady decline between 2019 and 2023. It is estimated that the company’s total assets in 2019 amounted to approximately $5.7 billion.
- However, in the foregone years, this number witnessed a constant fall, at $4.6 billion towards the end of 2022 and at this level for the rest of 2023.
- This decline in asset value can be attributed to a number of reasons, such as the depreciation of the company’s cars and other equipment, restructuring or selling off of certain assets, or the inability to grow asset investments due to negative cash flows, also known as the company’s positioning strategy.
- The persistence in such an economy stabilizes the asset values at lower levels, which means that the level of turnover was not increasing, which would especially be the case because cost containment was the strategy of the organization during that period, and other forms of growth assets could not be harnessed as before.
LYFT Average Revenue By Active Rider
(Reference: backlinko.com)
- LYFT statistics illustrate Lyft’s revenue generated from each active rider from the first quarter of 2016 to the fourth quarter of 2020.
- Active Rider Revenue peaked at 15 in Q1 and then decreased slightly in Q2 to 14.11 before a surge to 18.03 in Q3, which closed at 18.53 by the end of Q4 of 2016.
- For the entire year of 2017, the revenue per rider showed positive growth every quarter, with the first quarter recording a low of 22.56 and a peak of 30.39 by the last quarter.
- That pattern of a steady increase in rider revenue continued in 2018, where a rider boy’s $ active per revenue was switched from $28.27 in Q1 to $36.04 in Q4, demonstrating regular growth in every quarter.
- In 2019, active rider revenue enjoyed an upward shift once again, opening the year at $37.86 in Q1 and up to $39.77 in Q2 productivity, continuing the increase to $44.40 in earnings in Q4. This upward trajectory, however, was brought to a halt in 2020 following the onset of the global health crisis, which resulted in a total reduction in ridership.
- Revenue per active rider reached the highest level of $45.06 in Q1 of the year 2020 before declining slightly to $39.06 in Q2, with a gradual comeback to $39.94 in Q3, and then registering another increase to $45.40 in Q4 of 2020.
- The data, in general, shows that the revenue per active rider has been on the rise in this period, with a slight drop in the middle of 2020 because of the COVID-19 crisis before climbing back to the levels it was before the crisis by the end of the year.
LYFT User Statistics
(Reference: businessofapps.com)
- LYFT statistics represent the annual user base of Lyft in millions over the years 2016 to 2023. Lyft had -6.6 million users in the year 2016. This figure almost tripled in 2017, standing at 12.6 million, and continued to rise over the years, hitting 18.6 million in 2018 and 22.9 million in 2019.
- However, in 2020, the number of users sharply declined to 12.5 million because of the COVID-19 health crisis that restricted the provision of ride-sharing. In the year 2021, Lyft began to bounce back, raising its clientele to 18.7 million.
- Quite the opposite, the growth continued on a much tamer scale in the following years, with 20.3 million users in 2022 and 21.4 million in 2023.
- There were clear upward quarters before the outbreak, a downward plunge in the year 2020, and steady growth in the years after that, as illustrated by the data.
LYFT Usage Statistics
- Lyft is operational in 644 cities within the USA and 12 cities in Canada. Even though it still lags behind Uber in terms of market share, Lyft is among the up-and-coming, respected firms in the transportation sector that specialize in hailing cabs on demand.
- The firm is present in ten countries, but at the moment, it has yet to extend its operations beyond the borders of the US and Canadian regions.
- In the first quarter, Lyft witnessed over 4.5 million downloads of its application, a number that was lower than the 5 million in the same quarter of the previous year.
- The application aims to make ride-hailing services easy and fast. In 2019, 29% of users managed to use the platform for healthcare access. The company worked with a number of non-emergency transport providers and health systems to assist in the movement of patients.
- The rides have been rated well, with five-star reviews being achieved by 90% of the surveys.
- This underlines the company’s focus on providing quality service and ensuring that its customers have a good experience.
LYFT Gross Bookings
(Reference: s27.q4cdn.com)
- LYFT statistics provided elaborate on Lyft’s gross bookings and revenue over the quarters. For gross bookings, which is the total worth of the transactions conducted on the platform before any fees and costs, 4.0 billion dollars was reached in the second quarter of the year 2024.
- This represents a 17% increase year on year from the same quarter in 2023, even though the past period has seen glooming growth in gross bookings.
- Growth, however, has been extremely volatile in different quarters. For example, in Q1 of 2023, gross bookings were recorded at 3724 million US dollars, whereas revenue figures for the very same period were at 1225 million dollars.
- Revenue by the second quarter of the year 2023, however, was expected to grow slightly, standing at 1.277 billion dollars, which indicates a gradual recovery in the performance of the company.
- It would be possible to analyze further quarterly data, including Q3 and Q4 2023, so as to examine the patterns of Lyft’s operational performance and financial performance over time.
LYFT Vs Uber Statistics
(Source: statista.com)
- The competition in the US ride-hailing industry is mostly between Lyft and Uber, with minor competitors in the market.
- Recent LYFT statistics for the first quarter of 2024 reveal that Lyft has needed help to grow to the same extent that Uber has. Uber, for example, posted revenue of $10.1 billion for the ceding quarter, with gross bookings standing at $37.7 billion, which is a year-on-year growth of 20% and 15%, respectively, for revenue and bookings.
- On the other hand, Lyft earned $1.3b in revenues from $3.7b in gross bookings.
- Though torrential growth is unmistakable with Uber, some factors affect the firm regarding stock trading.
- Uber’s share price declined 6% during after-hours trading after the company warned on second-quarter 2024 earnings and reported a net loss after a writedown of equity investments, both of which were highly unexpected.
- In contrast, a bullish view for the period between April and June 2024 brought about a 5% increase in the MMs stock price on that same trading day.
- The business scope of the two companies is also markedly different. Lyft is focused purely on the ride-hailing and shared mobility segments in the U.S., as opposed to Uber, which has expanded its operations across the globe.
- LYFT statistics reveal that by the first quarter of 2024, Uber’s mobility business represented 50% of the total gross bookings and 56% of revenue, with the balance coming from delivery and freight, for whom it also has diversified operations.
- Although there will be financial improvements within the companies in early 2024, the conflict with the drivers will continue. On February 14, upwards of a thousand Uber, Lyft, Doordash, and other app driver workers went on strike across the country.
Conclusion
As per LYFT statistics for 2024, the ride-hailing division alone grossed $1.3 billion, and another $114 million was generated from rentals. The company reeled in $4 billion in gross bookings in Q2 2024, which is a 17% rise compared to the previous year. In the year 2023, the total number of users registered to Lyft increased to 21.4 million, escaping the consequences of the pandemic crisis. There is no doubt that Uber has a larger market share and global outreach than Lyft.
Nonetheless, does Lyft continue to dominate in the United States’s breakeven period? Ride-hailing markets. The firm’s net arteries remain relentless warfare straining into micro-mobility and rental services, but more importantly, aggressive rider engagement mechanisms ensure the firm competes favorably in the torturous market of 2024 and beyond.
FAQ.
Lyft also registered revenue totalling $1.3 billion from the mobility services segment and an extra revenue of $114 million from the car rental segment. For Q2 2024, gross bookings increased to $4 billion in total, a 17% y-o-y growth compared to the same period of 2023.
Lyft only has about an 8% stake in the entire ride-hailing segment, whereas Uber has more than Uber with 25% market share in market equity on a global scale. In the first quarter of 2024, Lyft’s revenue stood at $1.3 billion, and gross bookings reached $3.7 billion, while Uber’s revenue was $10.1 billion, and gross bookings were $37.7 billion.
There has been a steady increase in Lyft’s yearly number of users, which rose from 6.6 million in 2016 to 21.4 million in 2023. However, there was a sharp drop to 12.5 million users in 2020 occasioned by the COVID-19 outbreak, but this was followed by a gradual increase in user numbers in the years that followed.
Lyft is provided in 644 cities in the US and 12 cities in Canada. In contrast to Uber whose operation is worldwide, Lyft’s concentration has been limited to North America only.
Revenue per active rider peaked at $45.06 in the first quarter of the year 2020. This is because, after some slump owing to the disease, it returned to $45.40 in quarter four of the year 2020. The rise in revenue in relation to riders through the years has been a result of better engagement and the use of effective pricing techniques.
Maitrayee, after completing her graduation in Electrical Engineering, transitioned into the world of writing following a series of technical roles. She specializes in technology and Artificial Intelligence, bringing her experience as an Academic Research Analyst and Freelance Writer, with a focus on education and healthcare under the Australian system. From an early age, writing and painting have been her passions, leading her to pursue a full-time career in writing. In addition to her professional endeavors, Maitrayee also manages a YouTube channel dedicated to cooking.
