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Lyft’s NYC Market Share Grows by Over 50% for the Year

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In consistence with the trend away from taxis and towards e-hail services, Lyft’s growth in the Big Apple exceeded 50 percent through 2017. As reported by Crain’s NY, all app-based car services, including Juno and Via, can boast double digit growth for the year, as the overall number of trips leaped 65%, to 15.8 million as of November. Meanwhile, the number of taxi trips fell 8%, to 9.3 million. The total revenue for the taxi industry stood at $49.7 million through November 2017, down 14 percent from the previous year.

The latest figures from the Taxi and Limousine Commission show that as of November 2017, Lyft holds 17.6% of NY’s ride-share market. In November 2016, the company held 11.5% of the market, which indicates a jump of 6.1 percentage points, for a 53% gain in market share. Lyft’s growth can be partly attributed to the more than $2 billion of funding it received, which the company used to addcars to its fleet. In the company’s continued efforts to add drivers, Lyft announced on Thursday that it will re-open its driver center in Long Island City.

The site underwent a renovation, tripling its size to 12,000 square feet. The location will serve as a meeting place for driver support, education and recruitment. The company continues to focus its efforts on adding drivers, which will thereby cut wait times, and ultimately attract customers and market share. “We’ve been focused on the values of the organization, which is manifested in how we treat drivers,” said Vipul Patel, general manager of Lyft in New York. “And we think drivers and passengers recognize that.”

Much of Lyft’s growth came at the expense of Uber, the ride-hailing giant which suffered financial losses for the year. This year Uber endured the scandals associated with its former CEO, Travis Kalanick. CEO Dara Khosrowshahi replaced him in September. Uber’s market share fell to 68.8 percent in November, down from 73 percent in 2016. Uber too has a driver center in Long Island City, which is 34,000 square feet, in consistence with its larger size.

By: Hadassa Kalatizadeh

 

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