Residents of NYC are fleeing the smelly taxi’s and riding in style in Uber. NYC taxi’s have seen their rider numbers slip by 60,000 rides. While Uber has captured the taxi’s loss of market share with an increase of 70,000 rides compared to the year prior.
As of January 2016, there are just over 13,000 yellow taxis in New York, a number that is strictly regulated by the taxi medallion system. However, Uber has grown from 10,000 vehicles dispatched per week at the beginning of 2015 to over 25,000 in January 2016 (an estimated 1/2 of drivers make one pickup or more a day).At the average ride costing $25 (and comission 25%), Uber has profited over $200 million dollars off of NYC in the last year.
Like many, I’ll be curious to see if Uber continues to gain market share, if yellow taxis do anything to stanch their wounds, and if Lyft—or any other newcomers—can muscle their way into the ranks of the major players. And why not order an Uber? They provide a better service than the taxis currently.