Uber has pulled ahead of Lyft in terms of revenue, riders, revenue per rider and absolute growth rates in the U.S., according to exclusive data from FutureAdvisor. Uber’s revenue was about 12 times Lyft’s for the 12 months until May 2014 in the US market, data tracking 3.8 million active credit and debit card users show.
Those customers spent $28.6 million on Uber and Lyft for the period of June 2013 to May 2014. Of that, $26.4 million went to Uber and $2.2 million went to Lyft, the data show.
During that same period, Uber provided more than 7 times the rides that Lyft did, and charged 1.6 times as much for them on average, the data shows. Of the millions of US credit and debit card users tracked by the data, about 96,000 used the two services. To those users, Uber provided 1.23 million rides, compared to Lyft’s 170,000.
The average Uber ride costs $21, while the average Lyft ride costs $13, the analysis of 1.4 million purchases at the two car-service providers shows.
Uber is also growing much faster in absolute terms, adding new customers about 5 times faster, providing rides more than 6 times faster, and growing revenue more than 10 times faster than Lyft.
For the population tracked by the FutureAdvisor data, Uber added between 6,200 and 7,300 new riders per month during 2014, while Lyft added between 1,100 and 1,500 riders among the sample population.
Slowing US Growth
Both services have also seen their growth rates decline in the US, according to the data. While the private car services were adding new riders at a rate of more than 25 percent month on month in June of last year, both saw their growth rate decline to close to 10 percent month on month by June of this year, where it is leveling off. Lyft’s relative growth rate adding new riders was slightly above Uber’s in both cases.
As services, Uber and Lyft are both sticky. If either car service can convince a consumer to take rides in two of the first four months, there’s more than an 80 percent chance that that person will become a long-term customer. Only 2.5 percent of all riders used both services during the period studied.
For both Lyft and Uber, that means further U.S. growth can only be accelerated if its competition disappears, which helps explain their intense rivalry as well as Uber’s expansion abroad.
Leadership and Funding
Lyft’s chief operating officer Travis VanderZanden was ousted last month after tensions with the company’s founders, according to Re/code. Uber, led by CEO Travis Kalanick and head of global operations Ryan Graves, has embarked on a strategy of rapid global expansion.
Uber has raised $1.5 billion from investors such as Menlo Ventures, Benchmark, Goldman Sachs and Jeff Bezos. Of that, $1.2 billion was raised in its Series D in June. Lyft has raised $333 million from investors such as Andreessen Horowitz, Founders Fund and GSV Capital, including a Series D of $250 million in April. Investment size is often an indicator of growth, as venture capital funds chase returns.
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About the data
FutureAdvisor analyzed data from a partner providing transaction data and account aggregation tools to major banks. The anonymized dataset used for this study was gathered from 2010 to 2014, tracking 3.8 million active U.S. credit and debit card users. 96,000 people, or 2.5% of the group studied, uses one of the two car services. The data paint a portrait of U.S. consumption in the wake of the great recession.
For more information:
Chris V. Nicholson
Head of Communications
The views expressed represent the opinion of the author and are not intended to reflect those of FutureAdvisor or serve as a forecast, a guarantee of future results, investment recommendations or an offer to buy or sell securities. Past performance is not indicative of future results.