China and the U.S. Are Key Battlegrounds for Ride-Sharing Apps
Uber and Lyft, two of the most valuable startups in the world, are currently battling for the lead in a multibillion dollar market they helped create: ride-hailing. Currently valued at $68 and $7.5 billion, respectively, Uber and Lyft have a similar business model. Both companies provide a platform that helps passengers find drivers and vice versa, and both of them appear to see their future in autonomous driving services. The main difference between the two is that market leader Uber operates in dozens of countries around the world while Lyft’s service is currently limited to the United States.
So why are these companies rated so highly? After all, isn’t ride-hailing something wealthy Millennials do because they’ve seen people on Netflix do it? Not exactly. According to Statista’s Digital Market Outlook, the U.S. market for ride-sharing services will amount to nearly $12 billion this year and is expected to reach $26 billion by 2021. Considering that Uber and Lyft dominate the U.S. market, they’re in pole position to bag the lion’s share of that haul.
As our chart illustrates, there’s only one other country that comes close to matching the U.S. in terms of ride-sharing market volume. Gross bookings in China are expected to amount to roughly $10 billion this year, miles ahead of the U.K. and Japan which are ranked third and fourth. The Chinese market is clearly dominated by local player Didi Chuxing, which acquired Uber’s China business last year in exchange for a sizeable stake in the newly merged company.
The Statista "Chart of the Day", made available
under the Creative Commons License CC BY-ND 3.0, may be used
and displayed without charge by all commercial and
non-commercial websites. Use is, however, only permitted with
proper attribution to Statista. When publishing one of these graphics,
please include a backlink to the respective infographic URL.
The Statista "Chart of the Day" currently focuses
on two sectors: "Media and Technology", updated
daily and featuring the latest statistics from the media,
internet, telecommunications and consumer electronics
industries; and "Economy and Society", which
current data from the United States and around the
world relating to economic and political issues as well as
sports and entertainment.
For individual content and infographics in your Corporate Design,
please visit our agency website
Any more questions?
Get in touch with us quickly and easily. We are happy to help!