Will Singapore’s looming silver tsunami revitalise the city-state’s dwindling taxi services?

People above 65 will be 15.1% of the population in 2020.

The city-state’s taxi services have been taking a hit lately with the emergence of private car-hire services, but analyst think Singapore’s ageing population will be a much needed upside for the sector.

According to a report by BMI Research, older consumers will be more reliant on taxi services due to deteriorating health limiting their ability to drive.

“Furthermore, costs associated with operating a vehicle will fall outside of the realms of affordability for many as they are reliant upon pension funds as a means of income,” the report noted.

The report added that older people will also be dealing with electronic road tolls, parking fees and petrol prices associated with owning a personal vehicle in the city-state.

“We forecast the bracket of the population aged 65 years and older will make up 15.1% of the entire population in 2020,” the report noted.

“Thus, by using taxi services consumers will be able to avoid these charges,” the report added.

Photo by Tang Yan Song/Shutterstock

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