Charts Worth a Look: Unpacking Ridehail Market Concentration

Research evidence excerpt

Charts Worth a Look: Unpacking Ridehail Market Concentration

Barclays | U.S. Ridehail

assume this level of concentration is broadly similar across most top US cities (supported by the

2018 Schaller report, see here), and could mean that a relatively small fleet of autonomous

vehicles (AVs) running at 25x trips per day (Waymo's estimated current CA average utilization) in

a major metropolitan area including the airport can have a potentially large impact on market

share.

The Charts & Data: The Massachusetts Transportation Network Company (TNC) Division

releases an annual report with rideshare data across every town, city, and municipality in the

state. The rideshare companies in the report include the following: Uber (via Rasier), Lyft, Circuit

Transit, River North Transit, SilverRide, and UZURV Holdings. Uber and Lyft make up the vast

majority of trips, from our understanding. Our definition of the “Greater Boston Metro Area”

includes the surrounding municipalities of Arlington, Ashland, Belmont, Boston, Braintree,

Brookline, Cambridge, Chelsea, Dedham, Everett, Framingham, Holliston, Lynn, Malden,

Marlborough, Medford, Melrose, Milton, Natick, Needham, Newton, Quincy, Revere, Saugus,

Sherborn, Somerville, Southborough, Waltham, Watertown, Wayland, Wellesley, Weston, and

Winthrop. Investors may define the metro area differently, but these are the Boston cities within

the loop where most folks living and working in greater Boston would originate or end a ridehail

trip.

Total Trips

Total rideshare trips grew 11% y/y in 2025, down from 15% y/y in 2024. 2025 was the first year

that total trips surpassed pre-pandemic levels, with 101m trips in 2025 vs. 91m trips in 2019. At

a statewide level, Massachusetts is now out of the "recovery" phase and back into the