How Lyft and the Ride-Sharing Trend are On the Rise, and How Automotive Telematics should Rise As Well
Recently, there has been a cultural shift in terms of car ownership trends including carpooling, cab services, ride-sharing, and car rentals. There are now more options to the classic yellow taxi, both as a passenger and as a driver. Original Equipment Manufacturers (OEMs) are adapting their products and integrating their embedded telematics in order to better address these trends.
Companies like Lyft and Uber are dominating this industry, and both continue to grow and expand. This year, Lyft filed for an initial public offering and officially applied to list shares on the Nasdaq Global Market. According to Bloomberg, Lyft had 1.9M drivers in 2018 and has been valued around $20 to $25 billion. Uber has been valued at $120 billion.
Lyft has claimed to have a specific and narrow focus on transportation. While other companies like Uber are branching out into categories like food delivery and electric scooters, Lyft is looking to use transportation to bring people together throughout communities. Two of the biggest holders in Lyft are Rakuten Inc. and General Motors Co.. By joining forces of the electronic commerce of Rakuten Inc. and the automotive innovation of General Motors Co., Lyft has great promise and potential for the future.
Ride-sharing companies like Lyft have the opportunity to have a great impact on our world, from decreasing environmental concerns and traffic congestion to increasing job opportunities and local communities.
This increase in ride-sharing trends should lead to an increase in automotive telematics trends as well. At Stanford Telematics, we believe that our services can help companies that focus on automotive transportation achieve their goals more effectively and more efficiently. Our electronic logging devices not only enhance efficiency, but also increase safety and ensure compliance requirements.
