The number of online ride-hailing drivers surges, the number of passengers stagnates, and market saturation becomes apparent

News on May 23: China’s online ride-hailing industry has welcomed a large influx of drivers in recent years, but the growth in the number of passengers has stagnated, triggering a series of problems such as market saturation, intensified platform competition, and declining driver incomes. .

According to statistics, as of April 2023, the number of online ride-hailing drivers nationwide has reached a staggering 5.406 million, and the number of vehicles has also increased to 2.3 million, compared with the level two and a half years ago. More than doubled.

Despite this, the number of online ride-hailing users has remained roughly stable at around 450 million, without significant growth. According to ITBEAR Technology Information, data as of April show that the volume of online ride-hailing orders continues to decline, with the average daily order volume of bicycles being only 10.2.

This imbalance between supply and demand has led to a sharp decline in the income of online ride-hailing drivers. Many drivers reported that they used to earn five to six hundred yuan a day, but now even if their turnover reaches 400 yuan, it is considered good.

In order to pursue expected income, some drivers have to extend their working hours, but some drivers find that their income cannot meet expectations and cannot adapt to the work rhythm of the online ride-hailing industry and choose to quit.

In order to ensure the balance of supply and demand in the region, transportation departments in many places across the country have issued early warnings, warning that the local online ride-hailing market capacity is close to saturation, and have adopted some restrictive measures to remind people to carefully consider entering the industry. .

In general, China’s online ride-hailing industry faces the challenges of imbalanced supply and demand, fierce competition, and declining driver income. In order to operate the ride-hailing market sustainably and healthily, relevant stakeholders need to unite and work together to find solutions.

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