Uber Auto and Moto Expected to Drive INR 36,000 Crores in Economic Activity in 2024

2024-11-24 03:39:55 Business

455

Bengaluru, 23 October 2024: Uber, India's leading ridehailing app, has released its 2024 India Economic Impact Report, compiled by Public First. The report highlights Uber's significant contribution to transform the on-demand economy in India. After more than a decade in India, Uber continues to evolve, offering a variety of services tailored to diverse travel needs, from local rides to intercity journeys and bus travel.

With the increasing popularity of two and three wheeler transport in facilitating last mile connectivity, Uber Moto and Uber Auto have become essential services in India. In 2024, these services supported an estimated INR 36,000 crores in economic activity, highlighting Uber's significant role in the country's transportation landscape. These services not only provide convenient options for commuters but also contribute to the overall growth of the economy by connecting people to jobs and opportunities.

The report takes a deeper look at the factors driving the economic contribution of Uber in India:

Key findings:

Supporting a wider economic footprint

● Earning Opportunities: In total, in 2024, we estimate that driver-partners earn an additional 60% a year in higher income through Uber, relative to their next best alternative type of work.

● Uber Auto and Moto Expected to Drive INR 36,000 Crores in Economic Activity in 2024

● Local Exploration: 70% of riders find it easier to explore new restaurants and bars, expanding their local experiences

Expanding opportunity

● Higher Earnings: Uber is estimated to boost drivers' earnings by about 24% compared to working without a platform

● Increased Opportunity: 65% of Uber drivers believe to have more opportunities thanks to the platform

Safety & Improving Access

● Women's Safety: 95% of female riders cite safety as their top reason for using Uber. 84% of female riders believe that taking an Uber is the safest way to get home

● Transforming Urban Mobility: Uber has transformed urban mobility, with 84% of Indians stating that the app has improved quality of transportation in India

Congestion and Pollution

● Delhi: A significant 74% of Delhi riders express a preference for electric vehicles, with 56% willing to choose an EV option even at a higher cost

● Bengaluru: 93% of riders in Bengaluru consider time savings a key reason for using Uber, while 80% believe the service has improved travel speed

Commenting on the report, Prabhjeet Singh, President, Uber India and South Asia, said: "We are committed to transforming the mobility landscape in India while driving economic growth. Our 2024 Economic Impact report highlights our role in supporting drivers, improving the travel experience of riders, and promoting sustainable options. We are proud to have made a significant contribution to India's economy, showing our commitment to connecting communities and creating livelihoods."

*One of the most important measures of economic welfare – the amount you would pay someone to voluntarily give up a good or service. If a good has a zero consumer surplus, that implies we can take or leave it – whereas goods with a high consumer surplus are playing an important role in our lives.

About Uber

Uber came to India in 2013 with a simple promise: press a button, get a ride. 10 years and over 3 billion trips later, we continue to build products to help people get where they need to be. Today, Uber is available across 125 cities in India and has become #IndiaKiRide where people can go where they have to on Moto, Auto, Cars and even Buses - designed for their various intracity and intercity travel needs. With just a swipe on the app we make mobility seamless for millions and support over 1 million Indians make a sustainable income by getting in the driver's seat. We continue to reimagine the way the world moves for the better in ever expanding ways and as we mark our ten-year milestone - we remain committed to keep India Moving Forward.