Uber and Lyft bookings now account for almost half of the overall ground transportation category in the US, a study has found.
According to analysis of more than 10 million business traveller receipts in Q2 2016, the US-based ride sharing apps have seen a 3 per cent increase from the same period in 2015.
They now account for 49 per cent of the overall category in the US.
Car rental and taxi receipts for the quarter represent 37 per cent and 14 per cent of the category total, with taxis down 51 per cent since 2014 – the study from expense management software provider Certify showed.
The quarterly Certify Spend Smart report tracks business travel expense spending in the US across major categories such as meals, airlines, hotels and car rental.
Certify said the report shows the ride-hailing trend has “turned yet another corner”, surpassing all expectations in the travel sector.
While Uber remains the dominant ride-hailing provider, Lyft is up nearly 3 per cent on the quarter and now accounts for more than 5 per cent of the ride-hailing total when compared to taxis. The report suggests the ride-hauling industry is maturing and for taxis “there may no longer be any hope of turning back”.
“Our data shows the real-time transformation of the ground transportation category and how modern business travellers have wholly embraced ride-hailing services like Uber and Lyft,” said Robert Neveu, CEO, Certify.
“The market continues to grow at an incredible pace, and competition is getting sharper and more sophisticated. I think what we’re seeing now is really the emergence of the kind of market forces you find in more mature industries – Forces that will invariably drive downward pressure on pricing, as well as an increased demand for new and better services in the future.”
He added: “Ride-hailing was bent on disruption from the beginning, and by the looks of it there’s a lot more change to come.”