Uber Eats addresses a $795 billion market of which the company has only penetrated 1%, the company said in its IPO paperwork.
So far, it believes it has only penetrated 1% of that market considering Gross Bookings for Uber Eats have reached $7.9 billion in 2018.
Uber believes the food delivery program it launched more than three years ago addresses a $795 billion market, the company revealed in theThe serviceable addressable market for Uber Eats is $795 billion, the company wrote, which refers to the amount that consumers spent on home delivery, takeaway, and drive-through worldwide from restaurants, cafés, bars in 2017. The company believes it penetrated 1% of this $795 billion market given that Uber Eats Gross Bookings reached $7.
Uber believes it has an advantage in its scale, which it says enables it to offer faster delivery times than its competitors. The average delivery time for an Uber Eats order was approximately 30 minutes for the December quarter, the company said. Uber Eats operates on a network comprised of more than 220,000 restaurants in over 500 cities.
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