Lyft Impact showcases how the company is affecting transportation within the Greater Toronto Area. Published annually, the 2020 Economic Impact Report suggests that the ridesharing business is effective in "encouraging multi-modal transportation" and reducing the rate of car ownership. For instance, 56% of those polled said that they use Lyft when public transit is not available and 60% do not own or lease a personal vehicle. It seems that the service has empowered people with disabilities too as 70% of this demographic state that it has increased their independence.
The Lyft Impact report also shares insights from its employees—19% of drivers are over the age of 50 and 20% own a business in addition to this gig.
The goal of Lyft Impact is to share the value of ridesharing services, both for social growth and local economy, as well as for the environment.
Image Credit: Lyft
Key Themes Behind This Trend
- Multi-modal Transportation
- There are opportunities for disruptive innovation in creating seamless multi-modal transportation solutions that combine ridesharing services with public transit.
- Reducing Car Ownership
- Innovative transportation companies can capitalize on the trend of reducing car ownership by offering alternative mobility options such as ridesharing and other shared transportation services.
- Empowering People with Disabilities
- The rise of ridesharing services presents an opportunity for disruptive innovation to further empower people with disabilities by providing accessible and convenient transportation solutions.
Where This Applies
- Transportation
- The transportation industry can leverage the trends of multi-modal transportation and reducing car ownership to improve mobility options and address issues of congestion and sustainability.
- Shared Economy
- The shared economy industry can explore opportunities to support and expand ridesharing services and other shared transportation options to meet the evolving needs of consumers and foster economic growth.
- Accessibility Services
- The accessibility services industry can innovate and collaborate with ridesharing companies to enhance transportation options for people with disabilities and improve their independence and quality of life.
