No thanks to the rising popularity of Grab and Uber.
Singapore cabbies are feeling the heat from the intense competition from private car hire firms like Grab and Uber.
This is especially apparent with the shrinking size of ComfortDelGro's taxi fleet.
According to DBS Group Research, whilst the group is less impacted, its fleet size has also shrunk recently to 15,600 as of June this year from about 16,800 taxis in December last year.
"The group has implemented more flexible rental schemes to attract and retain drivers," analyst Andy Sim said.
The analyst added, "Whilst there could be near-term headwinds, we believe that private cars for hire and taxis would co-exist over the longer-term."
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