Gig Economy Targeted To Grow Beyond $440 Billion By 2023
Palm Beach, FL – December 20, 2019 – The Gig Economy had made quite a splash in recent years and according to recent reviews, it will continue to grow for the next several years… at least. Since the term “gig economy” became popularized in 2008-2009, task-based labor has evolved and has become a significant factor in the overall economy. The concept of creating an income from short-term tasks has been around for a long time but the rise of the Gig Economy has created an ever growing demand for these workers and the supply is also rising accordingly. The size of the Gig economy workers segment in 2017, represented 31% of all US workers in 2017 — a total of 48 million workers — according to recently released research by Staffing Industry Analysts, an industry insider. That’s up from 29% in SIA’s previous report based on 2015 data which increased according to a Harvard Business Review in 2018, which said that: “… it was equal to approximately 150 million workers in North America and Western Europe (who) have left the relatively stable confines of organizational life to work as independent contractors…” and the need for workers has continued to rise since then. Active companies in the markets this week include: YayYo, Inc. (NASDAQ:YAYO), LMP Automotive Holdings (NASDAQ:LMPX), Lyft, Inc. (NASDAQ: LYFT), Uber Technologies Inc (NYSE: UBER), Groupon, Inc. (NASDAQ: GRPN).
A recent report projected that the Gig Economy was targeted to grow to $443 billion by 2023 from 204B in 2018. This 123% increase in 5yr had investors paying attention for emerging companies in the space. Another report from Statista had an even higher projection saying that: “In 2023, the projected gross volume of the gig economy is expected to reach $455.2 billion U.S. dollars.” Helping push the economy along is the growing demand and supply on the driving-service side of the business. Two of the biggest players are Uber (NASDAQ: UBER) and Lyft (NASDAQ: LYFT) and they both need drivers to continue to scale their ride share businesses. Yayyo, through its subsidiary, RideShare Rentals, supplies vehicles to these drivers on a daily basis. Drivers renting vehicles through YayYo have the ability to work for multiple platforms which allows drivers to maximize their time, take more fares which equals more money per day. Also according to Statista.com, “the ridesharing market has seen significant growth in recent years. A survey of almost 11,000 people in the U.S. indicated that 36 percent of people used ride sharing services in 2018, an increase from 15 percent in 2015. The largest two companies in the U.S. ridesharing market are Uber and Lyft, which reported net revenue in 2018 of $11.3 Billion U.S. dollars and $2.6 Billion U.S. dollars respectively.”
YayYo, Inc. (NASDAQ:YAYO) BREAKING NEWS: YayYo Enters a Rideshare Rental Fleet Partnership with LMP Automotive Holdings- YayYo, Inc. (NASDAQ:YAYO), a leading provider of vehicles to the rideshare industry through its wholly-owned subsidiary, Rideshare Car Rentals, this week announced California expansion with the opening of a San Diego office, and it’s first entry into the lucrative Texas market with a Dallas location. The territory extension was facilitated by a new fleet partnership with LMP Automotive Holdings (NASDAQ:LMPX).
The recently established relationship with LMP included sourcing cars under a $2.5 million-dollar program that resulted in automotive inventory delivered this month with an additional delivery scheduled for January. YayYo’s nationwide rideshare rental fleet continues to increase, as the company serves drivers for Uber, Lyft, Grubhub, Postmates, and other gig economy leaders. Each YayYo car lists at approximately, $1,700 a month for each vehicle with gross margins exceeding 40%.
The Company also received the first of almost 100 vehicles from a program announced earlier this month. YayYo deployed those vehicles in Chicago, Los Angeles, Oakland, Seattle and Las Vegas.
Commenting on the announcement, Jon Rosen, Chief Executive Officer of YayYo, states, “Demand for better, full-service vehicles by rideshare drivers continues to climb, supporting our growth. This month alone we added two new large-market offices and doubled cars in Seattle and Las Vegas.” He added “We’re very happy to be associated with LMP Automotive. They have a tremendous ability to source an array of vehicle types, across multiple lines and geographies.”
Gabriel Peer-Drake Sr., General Manager for LMP Holdings states, “LMP is well-suited to provision large, growing fleet owners like YayYo with fast inventory growth, through all types of vehicles and programs. When they need multiple car types in multiple states quickly, we’re pleased they turned to us”.
Additional developments and companies with influence on the gig economy in the markets this week:
Groupon (NASDAQ:GRPN) this week announced John J. Higginson will join the company as Chief Technology Officer, overseeing the company’s global engineering, information security and platform development efforts.
“We’re excited to have a technologist of John’s caliber join the Groupon team and lead a talented global engineering group committed to building an unmatched Groupon experience,” said Groupon Chief Operating Officer Steve Krenzer. “John brings a progressive view of agile development and deployment and shares our commitment to meet our customers and merchants both where they are today and where they’ll be tomorrow.”
Lyft, Inc. (NASDAQ: LYFT) operates a peer-to-peer marketplace for on-demand ridesharing in the United States and Canada. The company offers a multimodal platform that provides riders, personalized and on-demand access to various transportation options. It provides Ridesharing Marketplace, which facilitates lead generation, billing and settlement, support, and related activities to enable drivers to provide their transportation services to riders. Lyft was founded in 2012, and has over 30 million riders and 2 million drivers. We are singularly focused on improving people’s lives with the world’s best transportation and committed to building reliable, affordable and sustainable transportation.
Uber Technologies, Inc. (NYSE: UBER) develops and supports proprietary technology applications that enable independent providers of ridesharing, and meal preparation and delivery services to transact with end-users worldwide. The company operates in two segments, Core Platform and Other Bets. Uber’s mission is to create opportunity through movement. We started in 2010 to solve a simple problem: how do you get access to a ride at the touch of a button? More than 15 billion trips later, we’re building products to get people closer to where they want to be. By changing how people, food, and things move through cities, Uber is a platform that opens up the world to new possibilities.
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