SINGAPORE (June 8): Analysts say the restructuring of the ride-hailing industry after Uber’s exit from Singapore, as well as regulatory action coming into effect, will significantly level the playing field and have a positive impact on the taxi industry.
“User discounts and driver incentives for ride-hailing apps have been reduced since Uber exited the market,” says Phillip Securities Research analyst Richard Leow in a report on Friday. “As such, fare pricing has become more rational and there has been some flow of drivers back to taxis.”
“The worst appears to be over for the taxi industry,” he adds. “The outlook is positive and improving.”