Investing.com – Chances are if you took a business trip recently, you used Uber or Lyft instead of a taxi or rental car.
Riding-hailing claimed an even larger share of the ground transportation needs of business travelers last year, according to a new report.
Uber and Lyft accounted for 68% of all transactions, versus 56% in 2016, according to the report by Certify, an expense management company.
Uber was the clear favorite, with 56% of the market, but rival Lyft increased its share from 7% to 11%.
Travelers used rental car companies 25% of the time in 2017. Taxis accounted for just 7% of all trips.
Half of all companies now allow their employees to use Uber or Lyft.
The ride hailing industry is projected to grow by 800% to $285 billion a year by 2030, according to a Goldman Sachs (NYSE:) report.
Though Uber has dominated the market for years, Lyft is gaining share.
Neither Uber nor Lyft are publicly traded yet, but Lyft is reportedly exploring the possibility of an initial public offering this year.
Alphabet (NASDAQ:), Google’s parent company, has made sizable investments in both Lyft and Uber.
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Source: Investing.com
