TfL licensed over 500 private hire vehicles in just one week, while taxi numbers continue decline
The latest Transport for London (TfL) licensing data reveals a mammoth 562 new private hire vehicle licences in London, starkly contrasting a steadily declining taxi industry.
Figures for the week ending 6 October 2024 show the 500 plus new private hire vehicle licences issued, pushing the total number of private hire vehicles to 94,851. This marks an increase of 228 vehicles in just one week, after 334 were. In the same period, private hire driver numbers also grew, with 149 new licences bringing the total to 107,960—151 more than the previous week.
By comparison, the traditional taxi industry is experiencing a continued decline. Taxi driver licences dropped slightly to 17,018, with just two new drivers joining and nine leaving the industry. Taxi vehicle licences also saw a minor reduction, down by 15 to a total of 14,536.
These figures highlight the contrasting fortunes of the two sectors, as private hire continues to expand, while the traditional taxi trade struggles to maintain numbers. The shift in licensing numbers raises further questions about the future of London’s iconic black cabs as the private hire market keeps surging.
Rising operational costs, including fuel prices and the increasing cost of vehicle maintenance, have placed a strain on taxi drivers. New licensed taxi vehicles are required to meet stringent environmental regulations, which means upgrading to expensive zero-emission capable (ZEC) vehicles. While this shift is vital for improving air quality, the financial burden it places on drivers has deterred many from renewing their licences or joining the industry.
Secondly, the rise of app-based private hire services has led to easier entry into sector the with lower costs, possibly attracting new drivers away from a more traditional taxi trade career.
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