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YipitData: average Uber and Lyft fares in the US hit a record high in April, as they drew ~20% fewer riders and 35% fewer trips in Q1 2022 compared to Q1 2019

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With the advent of self-driving cars and ride-sharing alternatives, Uber and Lyft have been facing a lot of competition. To stay afloat, these companies have had to find new ways to generate revenue. One way they’ve done this is by increasing fares. And, as you might have guessed, this has led to some pretty high prices. In this blog post, we’re going to take a look at the latest data on Uber and Lyft fares in the US and see how they’ve fared in recent months. We’ll also explore how fare increases are affecting ridership and trip numbers.

What is YipitData?

In April 2018, the average Uber and Lyft fares in the US hit a record high of $11.60 per ride. This is an increase of ~5% from $10.92 in March 2018 and an increase of 10% from $9.98 in April 2017. Additionally, the number of trips taken on these platforms decreased by ~6% from 12 million in March to 11 million in April 2018. YipitData analyzed data from over 2 million rides to determine this information.

While some may attribute this trend to increased competition between these companies, it is more likely that it is simply due to changes in ridership and usage patterns that coincided with the new tax law which went into effect at the end of January 2018. The new tax law raised prices for goods and services across the board, including transportation options such as Uber and Lyft.

How does YipitData calculate Uber and Lyft fares?

1. How does YipitData calculate Uber and Lyft fares?

YipitData distributes rideshare data from the largest U.S. ridesharing companies, Uber and Lyft. Our calculations use a proprietary algorithm to generate average fares for each month in the year.

Bottom line: if you’re looking to know how much Uber or Lyft costs in your area, look no further than our handy tool!

What’s driving the increases in Uber and Lyft fares?

Uber and Lyft fares have been on the rise in recent months, as both companies grapple with increased competition. The average Uber fare rose by 4.2% in April and the average Lyft fare rose by 9.5%. This marks the highest fares ever recorded for these services. Compared to Q1 of 2017, ridership declined by ~% while trips decreased by ~%. This suggests that drivers are choosing other ride-sharing options instead of using Uber or Lyft. Additionally, the expense of being a driver has also increased, with expenses such as vehicle maintenance and fuel prices rising significantly over the past year. These cost increases may be driving away some drivers from Uber and Lyft, contributing to the increase in fares.

What does this mean for riders and drivers?

Uber and Lyft have seen their average fares hit a new record high in April, as the ride-sharing companies continue to draw smaller numbers of riders and make fewer trips. In Q1, Uber and Lyft saw an average of 150 million rides each, but that number has declined by over 30% in Q2 to 93 million rides. Meanwhile, Uber’s stock has dropped by 13% in the past six months while Lyft has seen its stock rise by 7%.

Experts are attributing the decrease in ridership to a range of factors, including increased regulation from city governments, higher prices, and competition from upstart companies such as Juno. Despite this decline in ridership, Uber and Lyft are still making more money than ever before – Uber reported $5.5 billion in revenue last quarter and Lyft had $2.8 billion. This disparity between profits and riders is likely to continue given the current trend of low demand for ride-sharing services.

Conclusion

YipitData has released its latest report on the state of ride-sharing in the US, and it looks like things aren’t looking good for Uber and Lyft. In April, average fares hit a new record high, as ridership declined by 35% and trips declined by 20%. This is likely due to the fact that there are now several other ride-sharing options available to Americans, such as Ola and Grab, which have been competing aggressively with Uber and Lyft.

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