The fleet of private-hire cars are now more than a quarter of taxi's.
According to a recent report by MayBank Kim Eng (MayBank KE),there are structural threats to taxi businesses that cannot be ignored despite resilient earnings so far. It estimates that the fleet of private-hire cars is now more than a quarter of taxi fleet in the market.
Furthermore, it believes that the recent decline in COE prices may provide a golden opportunity for new entrants to expand.
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