Uber eclipses the ubiquitous yellow taxi in New York
According to Morgan Stanley, Uber has parted New York’s yellow sea, surpassing the city’s famed taxi fleets for the number of dispatched trips in the month of July. While Uber had been gaining for a while, the real surprise could just Uber’s main competition in the ridesharing sector, Lyft, which is gaining on Uber, at least according to business travel expense accounting firm Certify.
That’s a stark contrast from a year ago, when the ubiquitous yellow taxi dominated not just Uber, but all rideshare apps by a nearly two to one ratio.
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This past summer, Certify noted that Uber accounted for 55 percent of all travel expenditures, while Lyft and traditional taxis were tied at eight percent and rental cars dropped to 29 percent.
Notably, the Certify numbers aren’t as concrete as Morgan Stanley’s, as they include only self-reported rides, and are likely impacted somewhat by a business partnership with Lyft.
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Nevertheless, the statistics all point toward the same trend: the rise of rideshare apps comes at the direct cost of traditional taxicab services.
“We believe that Uber now has a larger share of the mobility ‘pie’ in New York City than yellow taxis,” said Adam Jonas, Morgan Stanley auto analyst. “Trips/day, vehicles, and drivers have all increased substantially across the board for rideshare apps, and decreased for taxis.”