The Future of the Taxi Industry

A long, long time ago, the taxi industry lived in peace and harmony. Everyone loved the yellow-colored sleek-shaped vehicles, and everyone loved working as a taxi driver.

But then, Uber showed up with a simple app where customers are picked up in minutes by a clean, recent model and well-maintained car. Drivers went the extra mile with their customer service. In fact, some even provide water, candy, and other extras to make the ride more pleasurable.

Wake up horn for the taxi industry!

They say disruption is often the most effective catalyst to force positive change, especially in an old, entrenched industry. It’s safe to say Uber definitely drove in and massively disrupted the taxi business!

This led many to wonder – what would the future of the industry look like? Will it even survive to live another year? Or would it drive itself to a dead end?

Well, we’re glad you asked. Because we are more than happy to tell you that no, it’s not the end of the world for all the cabbies just yet. And yes, taxis still have a LARGE and powerful presence.

Indeed, the taxi industry IS NOT rolling over and falling into the scrap yard. We’re talking about an immense global business estimated to generate over $ 100 billion/year in revenue.

Undeniably, the industry has been hurt by ride-sharing. In some markets, ridership and driver income are down by up to 50% over the prior year. But fleet owners are wide awake, recognizing mistakes made, opportunities overlooked and are exploring ways to not only level the playing field with the ride-sharing companies but drive technologies that will help them gain the lead.

From futuristic designs to eco-friendly vehicles, car companies are slowly rethinking vehicles to be able cope with modern issues such as pollution and accessibility.

Nowadays, taxis are all about comfort, reliability and efficiency. That’s why today a lot of companies such as Cab Direct, offer the latest models of luxury cars such as the Mercedes Benz. Over with the old and uncomfortable taxi. Furthermore, some companies even offer brand new features like contactless payment, heated seats and an enlarged glass roof.

But perhaps the most promising act for the industry happened last year. In April 2019, Tesla’s CEO presented his ambitious plan of putting on the road over one million “RoboTaxis”. These vehicles won’t need human drivers. Moreover, customers will then be able to book a self-driving RoboTaxi through an app, the same way we call for an Uber today. Finally, RoboTaxis will use a ton of sensors such as forward-facing radars and cameras with the help of super-advanced software.

The key to autonomous cars is to implement a technology able to view 360 degrees of its surroundings. Using light detection and ranging, it uses very small lasers to create a 3D image of the surroundings.

The taxi industry is clearly seeing more and more innovations everyday with the advent of “robotaxis” and autonomous cars. But for now, it is crucial for taxi firms to invest in quality cars with the latest technology to keep their clientele.