How Many Lyft Drivers Are There in 2023? An In-Depth Look at a Growing Rideshare Company

As an entrepreneurship consultant who assists small and medium-sized businesses, I‘m often asked about the opportunities and challenges of driving for rideshare platforms like Lyft. One key question that arises is – just how many Lyft drivers are out there today?

In this comprehensive guide, we‘ll explore the latest statistics and insights to understand the scope and scale of Lyft‘s driver workforce in 2023.

A Quick Look at Lyft‘s Market Share

  • Lyft has approximately 2 million active drivers in the US and Canada as of 2023. [1]
  • It has around 29% market share for ridesharing in the US – second only to Uber‘s 71%. [2]
  • From 2020-2022, Lyft saw a 62% increase in rides given, showing growing demand. [3]

While Uber dominates the US market, Lyft has steadily grown its fleet and share of riders. Its ability to attract drivers will be key to future growth strategies.

Lyft Driver Demographics Provide Interesting Insights

Analyzing driver demographics sheds light on who is most interested in driving for Lyft and why.

  • The average age of Lyft drivers is 50-59 years old. [4]
  • Around 40% of drivers have a bachelor‘s degree or higher. [4]
  • Approximately 77% identify as male, while 21% identify as female. [4]
  • About 69% are ethnic minorities. [5]

This indicates that many drivers may be seeking extra income before retirement or have education debt. The high proportion of minorities also suggests driving provides opportunities for groups underrepresented in some industries.

Driver Numbers and Growth Over Time

Year Approx. Number of Lyft Drivers Growth %
2019 1.4 million
2020 1.9 million 35%
2022 2 million 5%

While growth has slowed post-pandemic, driver numbers continue to rise annually. This can be attributed to increased ridership demand as COVID-19 restrictions ease.

However, Lyft faces challenges retaining drivers long-term. Surveys suggest up to 61% of rideshare drivers stop driving due to dissatisfaction. [6] Common reasons include low wages, lack of benefits, and little job security. Minimizing driver turnover will be critical for Lyft.

Perspective from an Entrepreneurship Consultant

As a consultant who assists entrepreneurs, I‘ve found rideshare driving has pros and cons for those seeking extra income:

Pros

  • Flexible work hours
  • Minimal barriers to entry
  • Ability to earn cash quickly

Cons

  • High vehicle expenses like gas and maintenance
  • No employee benefits
  • Inconsistent wages and reliance on tips

Rideshare platforms do offer opportunities like signup bonuses, weekly incentives, and surge pricing to boost earnings during busy times. However, drivers must be savvy in maximizing their time and limiting unpaid miles to truly increase their bottom line.

Conclusion

In summary, Lyft has a driver fleet of approximately 2 million – still smaller than Uber but growing annually. Data shows ridesharing appeals to middle-aged, educated populations seeking income flexibility. However, retaining drivers long-term remains an obstacle. For those considering rideshare driving, carefully evaluating the pros and cons based on your goals is advised.


References

[1] Help Lama [2] Zippia [3] Lyft Economic Impact Report 2022 [4] Gridwise 2019 Survey [5] Help Lama [6] Ridester 2021 Survey