Chart of the Day: Check out uptick in the number of rental cars in Singapore

There are currently around 13,800 private-hire car drivers on the road.

The rising popularity of ride-hailing apps like Grab and Uber has paved way for an uptick on the number of Sole Proprietorships and Partnerships (SPP) for the Transport & Storage segment, a report by Maybank Kim Eng said.

The firm estimate the number of private-hire cars to be around 13,800.

"The substantial pick up in the number of rental cars provides more alternatives to leasing a regular taxi," Maybank noted.

Industry wide operating indicators also showed a weakening trend for taxis. For one, there is a declining number of taxi licences issued. More so, daily trips made by taxi drivers are on the downtrend.