Uber has been one of the largest driving forces behind the growth of the sharing economy. Uber, also known as Uber Technologies, is a US-based company that specializes in ride-hailing, food delivery, package delivery, couriers, and freight transportation. The company operates from San Francisco and has operations expanding to 900 metropolitan areas globally.
Uber started its operations in 2009. The company has since developed its operations and expanded to become globally well-known. Currently, the company holds over half the market share for ride-sharing and over 20% for food delivery. Its unique business model revolutionized the industry. Over the years, this model has gone through several changes as well.
Being one of the largest companies in the industry, Uber is the name to beat. The company generated $11.139 billion in profits. Despite that, it suffered an operating of $4.863 billion and a net loss of $6.768 billion. In spite of being the most prominent company in the market, the company has suffered substantial losses over the years.
Uber primarily operates in the technology industry. Being in this industry makes companies susceptible to high competition. Uber hasn’t been any different in this regard either. The company faces significant competition in all the markets where it operates. The list of top ten Uber competitors and alternatives is as below.
1. Lyft
Lyft is undoubtedly Uber’s most prominent competitor in the industry. The company develops, markets, and operates a mobile app. It offers a vehicle for hire, motorized scooters, a bicycle-sharing system, and food delivery. Like Uber, Lyft also operates from San Francisco and is the second-largest ride-sharing company in the US after Uber.
However, it does not have the same expansive operations as Uber. Lyft only generated revenues of $2.364 billion in 2020, which is substantially lower than Uber. Similarly, these revenues were a significant drop from the $3.62 billion the company made in 2019. Like Uber, Lyft also suffers from losses due to its business model. Despite that, Lyft remains one of the most well-known alternatives to Uber.
2. DiDi
DiDi, also known as DiDiChuxing, is a Chinese ride-hailing company headquartered in Beijing. The company currently holds the highest market share for the Chinese market, with over 550 million users. Similarly, it provides app-based transportation services, including taxi hailing, private car-hailing, bike-sharing, and social ride-sharing. On top of that, DiDi has also ventured into the on-demand delivery services and automobile services market.
DiDi operates in many other markets apart from China. These include Mexico, Australia, Japan, Brazil, Hong Kong, Taiwan, Russia, Egypt, etc. In terms of relevance, impact, and revenues, it is at the same level as Uber. However, Uber also holds a 12.8% share in DiDi, making it a shareholder in the company.
3. Ola Cabs
Ola Cabs, or Ola, is an Indian multinational ride-sharing company. The company primarily operates in the vehicle for hire and food delivery markets. When it comes to the Indian market, Ola is undoubtedly Uber’s largest competitor. However, the company doesn’t only operate in India. It also provides services in Australia, New Zeeland, and the United Kingdom.
Ola started its operations in 2010, close to Uber. The company also acquired various other ventures, including a local competitor TaxiForSure and Foodpanda. In 2019, Ola generated revenues of $360 million. The company claims it serves over 150,000 customers a day and held over half the market share in India in 2014.
4. Curb
Curb is a ride-sharing service that operates in the same market as Uber. Despite being a respectively unknown name, the platform has grabbed the attention of many customers. It initially started as Taxi Magic in 2007. Touted as the service that introduced ride-hailing before Uber, it hasn’t grown its stature over the years.
Curb’s founder, George Arison, started this platform which allowed customers to use mobile technology to order rides. The founder also founded Shift, a well-known online peer-to-peer marketplace for buying and selling used cars. Currently, Curb does not pose a significant threat to Uber’s business. However, it serves as a decent alternative to it.
5. Grab
Grab is a ride-hailing, food, grocery and package delivery, and digital payments platform. The company originates from Southeast Asia and is currently headquartered in Singapore and Indonesia. It primarily operates in these markets with Malaysia, Cambodia, Myanmar, the Philippines, Thailand, and Vietnam. It is the largest technology startup in the Southeast Asia Region.
Grab operates in over 400 cities and metropolitan areas. The company boasts over 214 app downloads on different platforms. Despite other companies suffered during the COVID-19 pandemic, Grab reported an increase in demand for its services. The company is the best alternative to Uber in the Southeast Asia region.
6. Bolt
Bolt is a well-known name in the car-sharing, food delivery, vehicle for hire, and micro-mobility industry in Europe. The company operates from Tallinn and currently serves in over 300 cities in 45 countries. It provides its platform in Europe, Africa, Western Asia, and Latin American. The company reported over 1.5 million drivers and 75 million customers globally.
Bolt started its operations in Tallinn in 2013. Initially, it was known as Taxify and aimed to aggregate all taxis in Tallinn and Riga into one platform. Over the years, however, the company has expanded its operations to various other markets and countries. Currently, it is one of the best alternatives to Uber in those markets.
7. Yandex Taxi
Yandex is a well-known company in the Russian technology market, which company offers over 70 internet-based products and services. One of these includes Yandex Taxi, an international taxi aggregation and food tech business company. The company currently operates in various markets, including Russia, Eastern Europe, Africa, and the Middle East.
Yandex Taxi is also among the world’s leading developers of self-driving technology. It is one of the areas where Uber has also had an interest over the years. The company reported over 36 million users and boasted 1 billion completed rides in 2018. Yandex Taxi is also well-known as the Russian Uber.
8. Via
Via, or Via Transportation, is a global public transport, logistics, and TransitTech company. The company currently operates from New York City. The company licenses its technologies to cities, educational institutes, private organizations, and transportation authorities. However, the company provides its services at a localized level.
Via specializes in serving customers heading in the same direction towards different locations. It provides an inexpensive alternative to Uber, also compensating drivers better. The company started its operations in 2012 and has since grown its business model substantially. However, its operations are significantly smaller than Uber.
9. Cabify
Known as the Spanish Uber, Cabify is a Spanish ride-sharing company. Furthermore, it specializes in vehicle-for-hire services through its mobile app. The company operates in markets such as Spain, Portugal, Brazil, Peru, Colombia, and Mexico. It commenced its operations in 2011 and has since expanded its business significantly.
Cabify has the honour of being well-known for its safe ride-sharing services. The company offers the best-in-class services with professional drivers, geo-tracked journeys, and modern vehicles. Similarly, it also provides a transparent and clear system for pricing. These features make it a decent alternative to Uber.
10. Gojek
Gojek is an Indonesian, on-demand multi-service platform. One of its services includes the GoRide, which is an online motorcycle taxi service. Similarly, it has Go-Car, a ride-hailing service for the car. Gojek also operates in the food-delivery service market with GoFood. Apart from these, the company also offers various other products and services.
Gojek operates in various countries, including Indonesia, Vietnam, Singapore, Thailand and the Philippines. It is one of the most prominent competitors to Grab in the Southeast Asian market. The company has also been highly successful in getting financial backing from top names, including Facebook, Google, PayPal, Sequoia, and many more.
Conclusion
Uber is a ride-hailing platform that operates in the vehicle-for-hire, food delivery, couriers, package delivery, and freight transportation markets. Despite generating high revenues, the company is loss-making. Uber is the most prominent name in the ride-hailing industry. Therefore, it also attracts competition. Some of Uber’s competitors and alternatives are listed above.
