New York City’s Yellow Cabs Are Twice As Popular As Uber
But Uber drivers continue to steal from yellow cabs' overwhelming market share
New York’s iconic yellow cabs are more than twice as popular as Uber, but the ride-hailing app continues to gain traction, Recode reports.
In April, yellow cabs were behind more than 11.1 million rides in New York City, considerably more than the 4.7 million Uber provided, Recode reported, citing research from Morgan Stanley.
However, the study shows that Uber grew its daily trips by 121 percent between April and the same month last year, as yellow cabs lost 9 percent. Other ride-hailing apps carried out more rides, too: Lyft, yellow cabs’ next-biggest competitor in NYC, provided just shy of 750,000 rides last April, an 871 percent increase from a year earlier.
Uber grew its total market share from 15 percent in April 2015 to 27 percent in April 2016, Morgan Stanley reported, according to Recode. Meanwhile, yellow cabs lost a substantial 19 percent of their market share.
Despite Uber’s growing dominance in the market, Morgan Stanley’s study reportedly shows drivers who work with the San Francisco-based company are less efficient than yellow cab drivers. Almost as many Uber drivers gave rides every week last April as did yellow cab drivers—but Uber drivers only carried out 44 rides per week, significantly fewer than yellow cabs, which carried out 91 rides per week.
That might be because many Uber drivers only work part-time, as Yahoo noted.
New York City’s yellow cabs are gradually losing out to the convenience of ride-hailing apps, but on a more positive note, more people are generally taking cabs, at least in absolute figures. Combined, yellow cabs and ride-hailing apps provided more than 600,000 trips every single day in New York City in April—up a solid 25 percent from five years ago, Yahoo reported.