How has Uber affected the wider Taxi industry
In recent years, some of the largest technological disruptors have been smartphone apps. Uber, the ride hailing company, is perhaps one of the most enormous of the bunch. The company has achieved significant success in recent years, but this hasn’t come without some level of controversy and criticism.
How big is the taxi market?
Over the last 13 years, the UK taxi market has experienced colossal growth. The number of licensed taxis grew from 185,000 in 2005 to 285,000 in 2018, according to government statistics. Growth is expected to continue throughout the next decade. These numbers account for vehicles that are registered with Uber and other taxi services. However, the stats do not differentiate between drivers that work for Uber or those that work for traditional taxi firms.
Figures also show that the industry was worth an estimated £9.7billion towards the end of 2018. At this juncture, it employed more than 370,000 people. For those that want to work in a fast-growing sector, the taxi world clearly offers a great opportunity. If you are entering as a young driver, private hire insurance can be costly, however you can cut the costs by comparing various providers through Utility Saving Expert.