Industry Analysis & Industry Trends
Fierce competition between taxis and hire cars for passengers has marked the Taxi Operation industry in the five years through 2012-13. Revenue is forecast to decline by an annualised 0.1% to reach £8.85 billion in 2012-13. Things are looking up though, with the industry is projected to grow by 2.5% in 2012-13. The Taxi Operation industry is made up of the operators of taxis, private hire vehicles and organisations that connect drivers with customers and facilitate the provision of industry services. Competition between industry participants has resulted in a downward trend in taxi fares in the five years through 2012-13.
On the volume side of the equation, the recession caused demand for services to falter... purchase to read more
Industry Report - Starting a New Business Chapter
The industry has relatively low barriers to entry. To enter the industry, an operator simply needs to establish themselves and abide by regulations. To establish a new business in the industry operators need to purchase the appropriate licences and vehicle. Used taxis can be purchased for as low as £15,000.
New industry operators need to adhere to various regulations with local councils. Prior to 1998, every local authority in the United Kingdom regulated the private hire trade except London. In 1998 the private hire vehicles (London) Act was introduced. This act gave the responsibility of national regulation of the industry to the Public Carriage Office... purchase to read more