Uber might be in trouble as Lyft ends 2018 on a notably high note.
When it comes to the ride-hailing market, Uber has been overwhelmingly dominant for quite some time. InDriver, a Siberian ride-hailing app has some positives over both Uber and Lyft, but they just entered the U.S market, and only in New York City so far. They’re not big enough at the moment to be a credible threat to Uber. Lyft, on the other hand, has been gaining a lot of ground. Their market share is hovering around a stable 35% at the moment, and they could increase that even further in 2019. On top of that, the company has been growing three times as fast as Uber has. Both Lyft and Uber have been hard at work trying to one up the other, and Lyft might finally be making Uber sweat.
Something else that is sure to boost Lyft’s confidence is when and if their IPO goes through. Lyft managed to beat out Uber by filing to become a public company. Lyft would be the first in its industry to do so, and its success could fully legitimize the so-called “gig industry”. There are many who still believe that no ride-hailing company will last on the Stock Exchange (Uber, Lyft, or any other company), but going public is the logical next step in taking their company to the next level. It’s a big gamble, but if it pays off, Uber might find itself dethroned.
