Uber Remains Dominant in Ride-Hail but Success With Autonomous Vehicles Is Far From Certain

Uber is the world's largest on-demand ride-hailing provider, completing trips spanning billions of miles, and, as of March 2026, had 200 million customers using its ridehailing or food delivery services at least once a month. We view Uber as a leader in the growing ridehailing and delivery markets, which we expect to grow at least 15% annually through 2032. The firm faces competition from players such as Lyft (mainly in the US) and rapidly scaling autonomous vehicle (AV) platforms like Waymo and Tesla, though the AV companies are still much smaller than Uber today.