Uber, Lyft Risk Losing Customers as Fares Jump 7.2%, Report Says
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Uber Technologies Inc. and Lyft Inc. risk a dropoff in demand if rideshare prices continue to increase beyond current levels, according to a report released Tuesday.
The median price of an Uber and Lyft ride in the US rose 7.2% year over year in 2024 to $15.99, according to an analysis by Gridwise Inc., an analytics app for ridehail drivers. More than 72% of consumers said they would “reduce or stop using rideshare services if prices increased further,” the firm found through a separate survey of 1,000 consumers.