After US and Brazil, Uber India surpasses 1 million drivers
Uber has announced that it now has over one million drivers in India. This makes India the third country to reach this milestone, after the US and Brazil. The revelation came in the company's 2024 Economic Impact Report, released today. The report also projected Uber's Auto and Moto services to generate an estimated ₹36,000 crore in economic activity this year.
Auto and moto services to drive economic activity
Prepared in collaboration with independent consultancy firm Public First, the report predicts a huge economic impact from Uber's Auto and Moto services. It says that in the coming five years, the total size of the ride-hailing automobile market could grow by another 50%. "The convenience of these services, with safety features and upfront pricing of the Uber app, encourages many people to try them," the report states.
Services to generate consumer surplus
The report further estimates that Uber's services would generate a consumer surplus of ₹1.3 lakh crore in Delhi and ₹80,000 crore in Bengaluru in 2024 alone. Consumer surplus is the extra value consumers get from a service, over and above what they pay for it. Goods with a high consumer surplus are deemed to serve an important role in people's lives.
Impact on driver earnings and local businesses
Uber says that driver-partners earn nearly 60% more per year than their next best job option. Uber drivers are said to earn around 24% more than they would have working without a ride-hailing platform. Apart from boosting the earnings of drivers, the charges paid by drivers to support and maintain their vehicles also help boost the revenues of several other Indian businesses.
Uber's contribution to women's safety
Finally, 95% of female riders cite safety as their top reason for using Uber, and 84% believe it is the safest way to travel home. In a sign of rising demand for environmentally friendly transportation choices, 74% of Delhi riders expressed a preference for electric vehicles. The report also discovered that 70% of riders find it easier to explore new restaurants and bars, thanks to Uber.
