Industry Analysis & Industry Trends
Stagnant revenue and heavy regulation have characterised the Taxi and Limousine Transport industry over the past five years. While industry services are well accepted across most demographics, they are discretionary and easily substituted. Low business and consumer confidence after the global financial crisis has suppressed demand for taxi services, as consumers flocked to cheaper public transport providers. Industry revenue is forecast to rise marginally, by an annualised 0.4% over the five years through 2014-15. Over the current year, revenue is forecast to improve by 1.6%, to total $5.5 billion.
The industry complements public transport and private vehicle transport by providing flexible door-to-door transport for consumers... purchase to read more
Industry Report - Starting a New Business Chapter
The industry is characterised by medium barriers to entry, the majority of which are due to regulation and industry operating standards.
To qualify to drive a taxi, hire car, luxury sedan, limousine or special occasion vehicle, individuals have to pay for training, register with state authorities and hold a current driver's licence. Depending on the state, they may also have pass assessments of their English or geographic knowledge. This hurdle is expected to become more difficult over the next five years as regulators seek to improve the quality of service in the overall industry. A high turnover of drivers over the past five years has encouraged regulators to implement changes that will make it more difficult to enter the industry... purchase to read more