Taxi Operation

Taxi Operation

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Taxi Operation

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Taxi Operation segment provides for-hire vehicle transport on British roads. It includes using hackney carriages (black cabs), private-hire vehicles, limousines, executive cars, and wedding cars. The industry also includes companies that exclusively provide related services, such as radio operators and taxicab owners. However, this industry does not include ridesharing companies (Ibis World, 2022).

The Taxi Operation industry has displayed a mixed performance over the past five years, but the projected industry profitability illustrates growth. In today’s evolving landscape, though, UK taxi companies face several challenges. They can overcome these by embracing innovation, investing in technology, understanding customer needs, collaborating with relevant stakeholders and positioning themselves for long-term growth and sustainability (Business Mondays, 2023).

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Industry
Challenges

  • Competition from ride-hailing services
  • Staff shortages
  • Regulatory changes and compliance
  • Meeting changing customer preferences

(Ibis World, 2022; Business Mondays, 2023)

Investment
Opportunities

  • Technology for seamless booking, real-time tracking, and personalised experiences
  • Driver retention and well-being
  • Services that offer choice and personalisation to the customers
  • Transition to electric vehicles

(Business Mondays, 2023)

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Market Size
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Industry Employment
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The South East saw the most significant fall in driver licences, at 7.0%, while the West Midlands saw the most marked increase, at 4.5%

(Department for Transport, 2022)