U.S ridesharing market
The ride-sharing market has experienced a giant surge in recent years. The ridesharing market allows for consumers in need of a ride to instantly call for one via their smartphone and GPS satellites. This is comparable to a taxi service but can in some cases be significantly cheaper. However, drivers for these apps do not usually hold the same licensing requirements as taxi drivers. Uber and Lyft are the two largest companies in this sector, although Uber continues to outperform Lyft. In 2022, Uber's reported global revenue was nearlyeight times that of Lyft, which recorded 4.1 billion U.S. dollars in revenues.