A new report has found that Lyft is growing twice as fast as its chief rival Uber While both companies grew their revenue since last year according to Second Measure Lyfts grew 32 percent two times faster than Uber As of October Uber and Lyft together owned almost 98 percent of the US consumer ridesharing market Uber held 692 percent 3 percentage points lower than the previous year while Lyft held 284 percent 3 percentage points higher than last year Lyft is strongest on the West Coast where its closing in on Uber in several cities In the San Francisco Bay Area Lyft currently brings in 43 percent of monthly rideshare spending Second Measures Kathryn Gessner wrote in a blog post But Uber still wins out on rider engagement In 2018 riders have called an Uber an average of 58 times per a month compared against an average of 50 rides per month for Lyft News of the analysis comes as Lyft has moved into the lead position to announce its 2019 initial public offering IPO after it filed a draft registration with the US Securities and Exchange Commission SEC The back half of 2018 has been especially busy for Lyft The company launched the promotion Ditch Your Car in October which offered passengers transportation credits if they gave up their cars for 30 days That same month it announced its 72 million acquisition of augmented reality AR firm Blue Vision Labs which will reportedly be a part of Lyfts Level Five self-driving car unit Blue Visions technology includes street-level mapping and interactive augmented reality that enables two people to see the same virtual objects In July Lyft bought CityBike owner Motivate for 250 million Lyft also recently rolled out its first subscription program for riders the All-Access Plan The service allows passengers to pay up front every 30 days to lock in a set price for their rides It offers consumers 30 rides up to 15 each when they pay one monthly price of 299 LATEST INSIGHTS Our data and analytics team has developed a number of creative methodologies and frameworks that measure and benchmark the innovation thats reshaping the payments and commerce ecosystem Check out the latest PYMNTS report on driving gas pump payments to the C-Store acquisitions Augmented Reality bike-sharing Consumer Spending growth ipo Lyft News revenue Ridesharing subscriptions Uber Whats Hot