The rideshare industry has forever changed the way people travel as indicated by the remarkable Uber statistics. Gaudy numbers and eye-popping valuations are closely associated with this company. Regardless of whether you are a passenger, a driver, or a fellow motorist, it is in your best interest to understand more about Uber and what the numbers say about it.
Uber’s Origins
While pinpointing the exact moment when Uber was first conceived is a nearly impossible task, the popular rumor suggests that the idea for the company first came to be more than a decade ago.
Back in 2008, Uber co-founders Travis Kalanik and Garrett Camp were both attendees of the LeWeb tech conference in Paris. It’s believed that while at that conference, both Kalanik and Camp had trouble getting a cab. That problem would then lead to the conception of a new idea.
Notably, the rumors indicate that what Kalanik and Camp initially conceived is a bit different from what Uber is today. Their initial idea was said to be a timeshare limo service that customers would be able to order with the help of an app.
The idea was first known as UberCab.
Camp would spearhead the early development of the idea with Kalanik jumping onboard in the middle of 2009. By the time the calendar turned to 2010, the service was ready to undergo its initial testing.
The beta launch would take place in May of that same year, with the city of San Francisco serving as the base of operations. The first app would launch a year later.
2011 was the same year that UberCab would be rebranded and officially shorten its name to Uber, at the urging of taxi drivers in San Francisco and the city’s Municipal Transportation.
Since that time, Uber has undergone a number of changes both internally and in terms of the service offerings they provide to their customers. A variety of issues have plagued Uber from the start and there are new problems that are affecting the company up until this day.
Issues Concerning Uber
One of the first issues Uber encountered emerged as a result of their surge pricing practices. Extreme increases in pricing that sometimes attached fees seven times higher than normal prompted users to lodge complaints to the company.
In December of 2013, a lawsuit filed on behalf of 350,000 then current and former Uber drivers claimed that they should be considered by the company as employees as opposed to independent contractors. The case would eventually be settled out of court in 2016.
Uber has also not been met consistently as a game-changing force in its places of business. Back in 2014, taxi drivers all across Europe protested against Uber, with many saying that the company engaged in practices that gave it an unfair advantage.
Taxi drivers claimed a significant victory against the company in October of 2017 as Uber lost its license to conduct operations in London. It would take around half a year before Uber was able to resume operations in the city following the lifting of their ban.
Uber has also come under fire on multiple occasions due to accusations of sexism. A post written by former engineer Susan Fowler garnered headlines after shining a light on the sexist culture that was present at the company.
Uber responded to the allegations made in the post by firing numerous high-ranking employees. Others who held positions of power within the company also resigned.
More issues would continue to haunt Uber in the coming months, and eventually, Kalanick, who was then working as CEO, stepped down from his position. He would be succeeded by former Expedia CEO Dara Khosrowshahi.
These days, the troubles hounding Uber have more to do with their finances. After losing nearly $2,000,000,000 last year, the company reported a second quarter loss amounting to $5,2,000,000.
Following the report of the second quarter losses, Khosrowshashi said that he expects losses to decrease in both 2020 and 2021.
The Uber Statistics You Must Know
It’s no secret that 2019 has been a challenging year for Uber from a financial standpoint. A quarterly loss of $5,200,000,000 is not something that can be shrugged off easily. Even so, Uber continues to possess a lot of potential, and that is due in large part to the sizable chunk of the rideshare industry the company controls.
Industry Share and Operation Statistics
- Uber has drivers operating in over 600 cities spread out across 65 countries all over the world
- In the U.S., the company boasts a market share of around 65 to 69 percent
- The number of Uber users was 41.8 million as of March 2018
- In the same March 2018 timeframe, 17 million people were registered Uber users in Brazil
- An estimated 14 million Uber rides are completed every day
- Well over 10 billion Uber rides have already been completed
- Business travelers in the U.S. pay an average of $25.19 for an Uber ride.
Since its founding, numerous drivers and passengers have taken part in the ridesharing experience, as the following Uber statistics show.
Driver Statistics
- Estimates indicate that there are currently around 3.9 million Uber drivers
- 27 percent of Uber drivers are female
- The majority of Uber drivers are non-white and they range in age from 30 to 49 years old
- Nearly half of Uber drivers possess a college degree
- Uber drivers are said to make about $8.55 per hour
Ridesharing continues to be Uber’s main service offering, but not to be overlooked, Uber Eats stands out as a successful accompaniment.
Uber Eats Statistics
- Uber Eats is currently available in more than 250 countries across the globe
- More than 46,000 restaurants are working together with Uber Eats
- Uber Eats ranks among the top food delivery services in the U.S. and it has also established a strong foothold in some European countries
Uber’s outlook was sunny prior to the start of this year, and the company remains a force in the ridesharing industry and will likely continue to do so for the foreseeable future.
Uber’s Finances
It will be difficult for Uber to change the perception that 2019 was anything other than a bad year for the company, but it is worth noting that there are some encouraging signs coming from the company.
According to the recent third quarter figures provided by the company, their revenue currently stands at $3.8 billion. Also worth noting is the fact that revenue growth for Uber increased by 30 percent year-over-year from 14 percent in the second quarter of 2019. Uber’s adjusted net revenue, or ANR, similarly increased, as it hit the 35 percent year-over-year mark.
Fueling the uptick in revenue for the company are increased numbers across the board in terms of their services.
The revenue generated by the rides provided by Uber hit $2.9 billion after registering at $2.4 billion last year. That represents a 19 percent improvement for the company.
Uber Eats was yet another big gainer for the company. This particular service offering raked in $645 million in revenue this past quarter. That number compares favorably to last year when the number stood at $394 million.
More customers are also starting to lean on Uber Freight, according to the numbers provided by the company. Uber Freight generated around $218 billion in revenue for this past quarter compared to $122 million last year.
Uber continues to remain a force in the United States and Canada, with the company generating $2.4 billion of its total revenue from those countries alone. Interestingly enough, Uber also reported huge gains in the Asia Pacific region as they tallied $345 billion in revenue from those countries, and that is up 31 percent from what they posted the year before.
Still, the encouraging signs noted above cannot hide the fact that Uber is still suffering in terms of profitability. Per this report from CNBC, the company also reported a net loss of $1.16 billion for the third quarter. Last year, the company’s net loss for the third quarter was $986 million.
The Uber Statistics You Must Know
It’s no secret that 2019 has been a challenging year for Uber from a financial standpoint. A quarterly loss of $5,200,000,000 is not something that can be shrugged off easily. Even so, Uber continues to possess a lot of potential, and that is due in large part to the sizable chunk of the rideshare industry the company controls.
Industry Share and Operation Statistics
- Uber has drivers operating in over 600 cities spread out across 65 countries all over the world
- In the U.S., the company boasts a market share of around 65 to 69 percent
- The number of Uber users was 41.8 million as of March 2018
- In the same March 2018 timeframe, 17 million people were registered Uber users in Brazil
- An estimated 14 million Uber rides are completed every day
- Well over 10 billion Uber rides have already been completed
- Business travelers in the U.S. pay an average of $25.19 for an Uber ride.
Since its founding, numerous drivers and passengers have taken part in the ridesharing experience, as the following Uber statistics show.
Driver Statistics
- Estimates indicate that there are currently around 3.9 million Uber drivers
- 27 percent of Uber drivers are female
- The majority of Uber drivers are non-white and they range in age from 30 to 49 years old
- Nearly half of Uber drivers possess a college degree
- Uber drivers are said to make about $8.55 per hour
Ridesharing continues to be Uber’s main service offering, but not to be overlooked, Uber Eats stands out as a successful accompaniment.
Uber Eats Statistics
- Uber Eats is currently available in more than 250 countries across the globe
- More than 46,000 restaurants are working together with Uber Eats
- Uber Eats ranks among the top food delivery services in the U.S. and it has also established a strong foothold in some European countries
Uber’s outlook was sunny prior to the start of this year, and the company remains a force in the ridesharing industry and will likely continue to do so for the foreseeable future.
Understanding Uber’s Insurance Policy
Insurance is a must if you are going to be on the road, but if you intend to drive for Uber there is another insurance policy you must be aware of. Uber’s insurance policy is not quite the same as the ones you’ll find on the market.
For starters, Uber’s insurance only takes effect while the app is on. Furthermore, it can cost a pretty penny to pay for the insurance policy’s high deductibles.
Whether or not the insurance policy is worth it will ultimately be your call, but there are some important things to know about it. Uber’s insurance policy provides coverage in three different ways.
First, the policy covers third party liability of at least $1,000,000 for each accident. The policy takes effect if the driver injures a third party while on the way to pick up a passenger.
Uber’s insurance policy also offers coverage to uninsured or underinsured drivers and passengers involved in an accident if it is discovered that the other party is responsible. The minimum amount for this coverage comes out to $1,000,000 per accident.
Drivers will also receive contingent collision and comprehensive coverage from Uber’s insurance policy. It’s important to point out here that the contingent collision and comprehensive coverage can be triggered regardless of which driver is found responsible for the accident.
As one can see, the insurance policy provided by Uber does have some noticeable gaps in coverage and for that reason, drivers are still encouraged to seek out their own insurance policies before taking to the road.
Arguably the best approach to take here is to continue scouting the market for the best auto insurance policy available. If you have the money required to pay for Uber’s insurance policy, you can take that on as well to secure even better protection and coverage.
Why It’s Important to Get in Touch with Quirk Law Group
Driving for Uber is a good way to earn some additional income. You may even be able to turn it into a full-time job if you devote more of your time to it.
The more time you spend on the road though, the higher the chances are of you being involved in an accident. In the unfortunate event that you are involved in an accident, make sure to contact Quirk Law Group. The firm’s innovative approach to individual cases has consistently yielded positive results.
If you ever find yourself in the middle of an accident as an Uber driver, get in touch with Quirk Law Group right away, and secure the type of high quality legal representation you deserve.