47 Lyft Statistics in 2024: Data on Revenue, Riders & Drivers

Ridesharing has become an important part of the economy. This is especially true in urban areas where consumers are looking to avoid the hassle of public transportation while dodging the costs of owning a private car. Among the most popular platforms used today is Lyft. Established in 2012 as a short-haul rideshare service under Zimride, it has become a rideshare giant serving millions of commuters in the United States and Canada.

In this article, we will be tackling critical Lyft statistics, from the demographics of their riders and drivers to the company’s current financial status. Some information on how the pandemic has affected its operations is also discussed. In this way, you have all the information you need to know more about the company, which can be helpful particularly if you intend to invest in it or simply understand how its business model works.

Key Lyft Statistics

Lyft is among the pioneers that set the ridesharing industry in motion, which has also increased the popularity of car rental software. While Lyft has not expanded its reach beyond North America, it is still one of the largest platforms offering this service. For one, it has a large share of users and falls only second to Uber. The service also has a wide coverage, with most of its customers concentrated in Phoenix, Arizona and Detroit, Michigan. Moreover, Lyft goes beyond ridesharing via cars as it also has fleets of scooters available in select US cities.

• Lyft is the second-largest ride-hailing platform in the US in terms of volume. (Digital Trends, 2021)
• As of the time of writing, Lyft operates in 644 cities in the United States as well as 12 Canadian cities. (Lyft, 2021)
• Lyft’s monthly app downloads across both iOS and Android have reached 2,112,768 as of 2021. This makes it a large contributor to the number of mobile app downloads to date. (Crunchbase, 2021)
• Even at the height of the pandemic, the Lyft app was downloaded approximately 24 million times in 2020. (Crunchbase, 2021)
• Lyft accounts for 32% of the ridesharing market in the US. (Bloomberg Second Measure, 2021)
• Lyft has the largest market share in Phoenix and Detroit at 45%. (Bloomberg Second Measure, 2021)
• In 2019, Lyft pulled its scooter fleet from six US cities, primarily due to the lack of riders using the option. (Bloomberg Second Measure, 2021)

Lyft vs Other Transportation Options

As Lyft is not available in many regions, it has a significantly low global market share compared to its main competitor, Uber. The same goes for the company’s funding, even though it is still among the most well-funded startups worldwide. However, in the US, Lyft takes a pretty large chunk of the total ride-hailing customers and drivers not only because of loyal users but also those who prefer leveraging both Lyft and Uber.

• Lyft accounts for 9.26% of the global market share of ride-hailing operators. It comes next to Uber (37.2%) and DiDi (32.4%). (Statista, 2021)
• As of 2019, Lyft is the fourth most well-funded auto startup worldwide, receiving $4.9 billion. It only falls behind Uber ($24.2 billion), DiDi ($23.4 billion), and Grab ($7.3 billion). (Statista, 2020)
• Of all rideshare customers, only 13% used both Lyft and Uber. Meanwhile, 26% report exclusively using Lyft, and 60% report exclusively using Uber. (Bloomberg Second Measure, 2021)
• On the other hand, among ridesharing drivers, 66% use both Uber and Lyft. Meanwhile, 9% reported using only Lyft and 24% reported using only Uber. (Gridwise, 2020)

Lyft Employees

Since its establishment, Lyft has generated a significant number of jobs in North America. In addition to the millions of drivers that earn using their platform, Lyft also has thousands of employees working on customer service, research and development, and other back-office processes. However, similar to other tech companies experiencing gender gaps, Lyft’s workforce is dominated by men.

• As of 2020, Lyft has 4,675 employees. (Lyft, 2021)
• Lyft’s overall workforce is 60.8% male and 39.2% female. When broken down, male employees dominate the Tech, Operations, Leadership, and Tech Leadership departments. On the other hand, the company’s Business department is predominantly female. (Statista, 2021)
• Lyft’s median compensation for all employees, drivers and office workers included, is $179,000. (Blind, 2021)

Financial Data on Lyft

Lyft has enjoyed billions in revenue over the past few years. However, since the pandemic, the company has taken hits to its assets, overall value, and performance on the stock market. It is important to note however that, despite this, Lyft still invests a considerable amount of resources in research and development, signaling that the company is continually improving its services. This may, in turn, be a crucial factor for Lyft’s pandemic recovery.

• Lyft’s total assets dropped to $4.68 billion in 2020 from $5.69 billion in 2019. (Statista, 2021)
• In May 2021, Lyft had a market capitalization of $16.1 billion. (YCharts, 2021)
• To date, the company’s highest valuation is back in March 2019 at $26.5 billion. (YCharts, 2021)
• The stock price for Lyft as of May 11, 2021, is $47.84 per share. (YCharts, 2021)
• Lyft’s enterprise value as of December 2020 was $13.72 billion. (YCharts, 2021)
• Lyft has spent $238.22 million on research and development by the end of March 2021. (YCharts, 2021)

Lyft’s Revenue and Sales

As mentioned earlier, Lyft was not spared from the economic impact of the COVID-19 pandemic. While the company was still able to yield billions in revenue from both its rideshare and rental segments, it was significantly lower than pre-pandemic levels. The silver lining here is that as more people get vaccinated against COVID-19, many experts predict that the consumers’ use of ride-hailing applications will soon pick up the pace.

• Lyft yielded an annual revenue of $2.36 billion by the end of 2020. (Lyft, 2021)
• Meanwhile, Lyft yielded a quarterly revenue of $955.7 million in the first quarter of 2020, which is lower than the previous quarter ($1017.1 million). (Lyft, 2021)
• Interestingly, however, the net profit that Lyft reaped in the first quarter of 2020 is $398.1 million which is higher than the previous quarter ($356.0 million). (Lyft, 2021)
• The average revenue per user (ARPU) that Lyft generated in 2020 was $45.40. This is higher than in the same quarter in the previous year ($44.40). (Lyft, 2021)
• Lyft’s ARPU has increased by 66.05% from 2017 to 2020. (Lyft, 2021)
• The rideshare marketplace comprises 93.22% or $2.2 billion of Lyft’s revenue. Meanwhile, revenue from rental activities accounts for the remaining revenue at $156.02 million. (Lyft, 2021)
• In 2020, Lyft’s rental segment has jumped by 3.67%. This is 3.08x its revenue share in 2018. (Lyft, 2021)
• Experts predict a 44.1% growth rate in Lyft’s revenue in 2021. (eMarketer, 2020)
• While there is no data on how many Lyft rides per day, statistics show that Lyft is poised to process $12.93 billion in rides in 2021. (eMarketer, 2020)

Lyft Riders Statistics

The number of smartphone users globally is staggering. Individuals from different age groups, income brackets, and professions have phones that they can use to access games and social media apps as well as ride-hailing apps like Lyft. With that, it seems only natural that many individuals, especially those who are looking for a convenient, safe, and affordable way to travel would be interested in the platform. However, who among those who downloaded it actually uses it?

Lyft statistics show that there is a nearly 50:50 ratio of riders who are white and riders who are members of minority groups. There is also a fraction of users who are students, members of the LGBT+ community, and individuals living with disabilities. Moreover, most riders who use Lyft have a household income of $54,000, suggesting that most users fall under the middle class.

• Among Lyft riders, 47% are members of minority groups. These include Hispanic (18%), African American (22%), and Asian (7.2%) riders. The remaining 53% are white. (Lyft, 2021)
• 16% of commuters who use Lyft are students. (Lyft, 2020)
• 15% of Lyft riders are members of the LGBT+ community. (Lyft, 2020)
• As of 2020, Lyft serves over 500,000 commuters who are living with disabilities. (Lyft, 2020)
• $54,000 – the median household income of American Lyft riders. (Lyft, 2021)
• The average rider spent $167 on Lyft. (Bloomberg Second Measure, 2021)
• Overall, consumers spent $8.97 billion every year on Lyft. (eMarketer, 2020)

Lyft’s Share of Riders

Lyft may have a more limited coverage than its biggest competitor but it has a fair share of riders in North America. However, as with any other ride-hailing service, the number of riders that frequently use the platform has declined over the past year. This is partly due to the number of consumers who want to avoid the risk of contracting COVID-19 by limiting their time outdoors.

• As of the last quarter of 2020, Lyft has 12.5 million active riders, which translates to about a million Lyft monthly active users. This is a 45.41% decrease from the rider count in the previous year (Lyft, 2021)
• The number of active Lyft riders has been on the decline since 2020. After reaching a whopping 22.9 million riders in the fourth quarter of 2019, it dropped to 21.2 million in Q1 of 2020 then 8.7 million in Q2 of 2020. It only picked up to its current number by Q3 of 2020. (Lyft, 2021)
• On the bright side, the number of rideshare users is expected to increase to 71.3 million by the end of 2021 after dropping to 51.3 million in 2020 due to the pandemic. (eMarketer, 2020)
• Furthermore, experts predict that by 2023, Lyft’s share of riders will reach 59%. (eMarketer, 2020)

Lyft Drivers Statistics

Studies show that the majority of Lyft drivers are males belonging to minority groups. Surprisingly, however, most of them are advanced in age, with almost three-fourths aged 40 years and above. What is more, over half of them have either bachelor’s degrees or master’s degrees.

• Some Lyft drivers (15%) are business owners and students (12%). (Lyft, 2021)
• The majority of Lyft drivers (69%) are members of minority groups. These include Hispanic (29%), African American (22%), and Asian (13%) drivers. Meanwhile, white Lyft drivers make up 31%. (Lyft, 2021)
• In terms of gender, only 21% of drivers are women while 7% identify as members of the LGBT+ community. The rest are male. (Lyft, 2021)
• Across ridesharing platforms, most drivers are in the 50-59 age bracket (28.44%). They are followed by those aged 60 and above (23.41%), those aged 40-49 (22.07%), those aged 30-39 (20%), and those aged 18-29 (6%). (Gridwise, 2020)
• 77% of ridesharing drivers are male, 21% are female while the remaining are either non-binary or prefer not to disclose their gender identity. (Gridwise, 2020)
• 40% of ridesharing drivers have bachelor’s degrees, 42% have a high school diploma, and 15% have master’s degrees. (Gridwise, 2020)

Lyft Driver Behavior and Concerns

With the gig economy in full swing, it’s not surprising that most Lyft drivers are only leveraging the platform part-time. Some of them own businesses or have full-time jobs. Meanwhile, some are students looking to earn some extra cash. There is also a handful that uses other ride-hailing applications or even delivery platforms. With this setup, they are able to get the flexibility they need to take rides whenever it is convenient for them.

However, in recent years, there are labor unions urging Lyft to classify their drivers as employees instead of independent contractors. This stems from concerns about the drivers’ safety while on the road as well as their lack of access to benefits like health insurance, especially during the pandemic.

• 95% of Lyft drivers report driving for 20 hours per week or less. They often take rides alongside their main job or their studies. (Lyft, 2021)
• Half of Lyft drivers report utilizing other ridesharing platforms. Meanwhile, 38% say they also take orders through delivery platforms. (Lyft, 2021)
• 62% of ridesharing drivers consider themselves full-time drivers. Meanwhile, 38% are only part-timers. (Gridwise, 2020)
• More than half (59%) of ridesharing drivers also do delivery work. (Gridwise, 2020)
• 82% of ridesharing drivers own their vehicles. Only 18% say that they are leasing or renting it from places such as HyreCar and Hertz. (Gridwise, 2020)
• 52% of ridesharing drivers say they are satisfied with Lyft. (The Ride Share Guy, 2021)
• 68% of drivers often quit driving for Lyft and Uber after just half a year. (The Ride Share Guy, 2021)
• 54% of Lyft drivers believe that the ride-hailing giant needs to do more for driver safety. (The Ride Share Guy, 2021)
• 22% of drivers report bringing some type of weapon with them during rides for their own protection. (The Ride Share Guy, 2021)

Earnings of Lyft Drivers

Drivers use Lyft for a reason—extra income. It is among the most lucrative ways to earn more cash for those who own a car and have the time to drive people around. After all, transportation is a necessity and there are always individuals who need to get from point A to point B.

In the statistics below, you’ll see that Lyft drivers receive some of the highest earnings when compared to similar sharing economy apps, with some earning over $499 monthly.

• Among Lyft drivers, the pay is the top priority at 52.9%. It is followed by driver flexibility at 36.7%. (The Ride Share Guy, 2021)
• On average, Lyft drivers earn $377 per month. It comes close to the compensation offered at other sharing economy companies such as TaskRabbit ($380/month). (Earnest, 2020)
• 79% of Lyft drivers earn less than $500 per month. This is compared to 84% who say the same about Uber. (Earnest, 2020)
• Almost half of Lyft drivers (48%) earn between $100 and $499 per month on Lyft. Meanwhile, 32% earn up to $99 monthly, 13% earn between $500 and $999 monthly, and 9% earn above $1,000 per month. (Earnest, 2020)

Statistics on Lyft During the Pandemic

The pandemic posed a number of problems for Lyft’s operations. First and foremost, with the lockdowns imposed in 2020, establishments were forced to pause operations and people have limited travel of any kind. Those who did go outside to purchase necessities often stayed within walking distance of their place of residence. Secondly, many employers have imposed work-from-home protocols, providing their workers with remote work tools instead of asking them to commute to the office. Lastly, many individuals also acknowledged the risk of contracting coronavirus through ridesharing.

With these factors in mind, many riders have opted to stop using ride-hailing platforms altogether during the pandemic, ultimately hurting Lyft’s bottom line.

• 81% of Lyft drivers say the demand for ride-hailing services has declined since the pandemic started. Eighty percent of drivers say the same thing about their earnings. (The Ride Share Guy, 2020)
• 65% of consumers reported stopping the use of ridesharing apps due to the COVID-19 outbreak. Meanwhile, 5% say they intend to stop using them soon. (Statista, 2020)
• Another report observed that 71% of American rideshare users who are in the 18 to 24 age bracket say they stopped using rideshare platforms due to the pandemic. The same is the case for 63% of those in the 25 to 34 age bracket, 67% of those in the 35-54 age bracket, and 59% of those who are aged 55 and above. (Statista, 2020)
• In April 2020, rideshare rides have decreased by 75% year-over-year. (Forbes, 2020)
• Lyft incurred net losses worth $1.7 billion in 2020, largely due to the pandemic. (Statista, 2021)

How does Lyft address safety concerns for riders and drivers?

Safety remains a top priority in the ridesharing industry, and Lyft has implemented various features to protect both riders and drivers. As the company faces increased competition and regulatory scrutiny, establishing a strong safety framework is essential to building trust with users. Here’s a closer look at how Lyft is addressing safety concerns:

• In-App Emergency Assistance: Lyft’s app includes a feature that allows riders and drivers to quickly call emergency services if they feel unsafe during a ride. This function provides their location in real-time to assist first responders.
• Background Checks: Lyft conducts thorough background checks on drivers before they join the platform. These checks include a review of criminal records and driving history to ensure that drivers meet the company’s safety standards.
• Real-Time Ride Monitoring: Lyft’s technology allows for real-time tracking of rides, providing friends and family the ability to follow along with a shared ride status. This feature reassures both riders and drivers that their location is known, contributing to a safer experience.
• Mandatory Safety Training: Lyft requires drivers to complete safety training, covering topics such as defensive driving and customer service. This training helps drivers feel prepared to handle various situations they may encounter on the road.
• COVID-19 Safety Protocols: In response to the pandemic, Lyft implemented mandatory mask policies for both riders and drivers, as well as vehicle sanitation guidelines to reduce health risks during rides. Drivers also receive in-app reminders to clean their vehicles regularly.
• Driver and Rider Ratings: Lyft uses a rating system that allows both riders and drivers to report any safety issues or concerns. Low ratings due to safety issues prompt Lyft to review and, if necessary, take action against the reported individual.
• Safety Support Team: Lyft provides a dedicated support team that focuses on safety issues, ensuring that concerns are addressed promptly. This team is trained to handle emergency situations and work closely with law enforcement if needed.

Effect of the Pandemic on Lyft’s Workers

With fewer riders using Lyft, an increasing number of drivers are also making the choice to stop driving for the platform. Aside from the factors already mentioned above, Lyft drivers also cite not getting enough support from Lyft during the pandemic. As such, many are considering switching to delivery services as there is a higher demand in the delivery industry during the pandemic than in ridesharing.

• Due to the pandemic, 17% of Lyft’s team members were laid off and 300 were furloughed. (Forbes, 2020)
• 24% of drivers decided to stop driving for Lyft completely while 39% of drivers said they were driving less primarily due to the COVID-19 outbreak. (The Ride Share Guy, 2020)
• Only 35% of ride-hailing drivers have an alternative income source. (The Ride Share Guy, 2020)
• 78% of ride-hailing drivers feel that Uber, Lyft, and similar ridesharing service providers are not doing enough to support drivers during the pandemic. (The Ride Share Guy, 2020)
• 29% of Lyft and Uber drivers are considering a switch to delivery services such as DoorDash and Postmates. (The Ride Share Guy, 2020)

What’s next for Lyft?

The latest data on the transportation industry shows that transportation companies have been hard hit by the pandemic—ride-hailing service providers included.

Lyft hit a slump in 2020, with the pandemic taking a toll on operations. As we can see in the Lyft statistics presented, riders have been choosing not to use the platform due to the health crisis and in turn, drivers have been quitting due to the low demand. This resulted in Lyft’s decreased profits and poor performance on the stock market.

However, this doesn’t mean the company will remain in this state forever. The company is bouncing back, albeit slowly. Lyft has been aggressive in its pandemic recovery plan, initiating temporary pay reductions and managing overall operating costs. Plus, with vaccines rolling out, one can expect that the global economy will soon normalize — establishments will reopen and the demand for transportation will increase once more. Until then, Lyft will have to rely on its loyal riders and drivers who continue to use the platform.

Key Insights

• Lyft’s Market Position: Lyft is the second-largest ride-hailing platform in the US, with a significant market share of 32%. It is particularly dominant in Phoenix, Arizona, and Detroit, Michigan, where it holds a 45% market share.
• Impact of the Pandemic: The COVID-19 pandemic significantly affected Lyft’s operations, leading to a drastic decrease in active riders and a decline in revenue. Despite these challenges, Lyft continues to invest in research and development, signaling its commitment to long-term growth and recovery.
• Demographics: Lyft serves a diverse rider base with 47% from minority groups and a significant portion of users being students, members of the LGBT+ community, and individuals living with disabilities. The median household income of Lyft riders is $54,000.
• Driver Statistics: A large portion of Lyft drivers are male, belong to minority groups, and are aged 40 and above. Many drivers use the platform part-time alongside other jobs or studies, and a significant number also work for other ridesharing or delivery services.
• Financial Performance: Lyft’s revenue and asset values have taken a hit due to the pandemic. However, it still managed to generate a significant amount of revenue and has continued to invest in improving its services.
• Employee Demographics: Lyft’s workforce is predominantly male, especially in technical and leadership roles. The median compensation for all employees, including drivers, is $179,000.
• Future Outlook: While Lyft has faced significant challenges due to the pandemic, the rollout of vaccines and a gradual return to normalcy are expected to help the company recover. Lyft’s continued investment in technology and innovation will likely play a key role in its comeback.

FAQ

1. What is Lyft’s current market position in the ride-hailing industry?

Lyft is the second-largest ride-hailing platform in the US, holding a 32% market share. It is particularly strong in cities like Phoenix, Arizona, and Detroit, Michigan, where it has a 45% market share.

2. How has the COVID-19 pandemic affected Lyft’s operations?

The COVID-19 pandemic led to a significant decrease in active riders and a decline in revenue for Lyft. Many riders chose to avoid ride-hailing services to reduce the risk of contracting the virus, which also led to many drivers quitting or reducing their hours.

3. What are the demographics of Lyft riders?

Lyft riders are diverse, with 47% belonging to minority groups. Additionally, 16% of riders are students, 15% are members of the LGBT+ community, and Lyft serves over 500,000 commuters with disabilities. The median household income of Lyft riders is $54,000.

4. Who are the typical Lyft drivers?

Most Lyft drivers are male and belong to minority groups. A significant number of drivers are aged 40 and above, and many work part-time while holding other jobs or running businesses. A large portion of drivers also use other ridesharing or delivery platforms.

5. What financial impact did the pandemic have on Lyft?

Lyft’s total assets dropped to $4.68 billion in 2020 from $5.69 billion in 2019. The company incurred net losses of $1.7 billion in 2020 due to the pandemic. Despite these challenges, Lyft continues to invest in research and development.

6. What is the gender distribution among Lyft employees?

Lyft’s workforce is predominantly male, with 60.8% men overall. The gender disparity is more pronounced in technical and leadership roles, while the business department has a higher proportion of female employees.

7. How does Lyft plan to recover from the pandemic’s impact?

Lyft has been implementing cost management strategies, including temporary pay reductions, to manage the financial impact of the pandemic. The company is also banking on the rollout of vaccines and the eventual normalization of the global economy to aid its recovery.

8. What are Lyft’s key financial metrics?

As of May 2021, Lyft had a market capitalization of $16.1 billion and an enterprise value of $13.72 billion as of December 2020. The company’s stock price was $47.84 per share on May 11, 2021. Lyft generated an annual revenue of $2.36 billion in 2020.

9. How satisfied are Lyft drivers with the platform?

According to surveys, 52% of Lyft drivers report being satisfied with the platform. However, many drivers have expressed concerns about driver safety and support from Lyft during the pandemic.

10. What is the future outlook for Lyft?

While Lyft has faced significant challenges due to the pandemic, the company’s continued investment in technology and the expected increase in demand for transportation services as the economy recovers suggest a positive outlook for the future.

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By Jenny Chang

Jenny Chang is a senior writer specializing in SaaS and B2B software solutions. Her decision to focus on these two industries was spurred by their explosive growth in the last decade, much of it she attributes to the emergence of disruptive technologies and the quick adoption by businesses that were quick to recognize their values to their organizations. She has covered all the major developments in SaaS and B2B software solutions, from the introduction of massive ERPs to small business platforms to help startups on their way to success.