The rising tide of Private Hire Vehicles (PHVs) in Singapore
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The automotive landscape in Singapore is experiencing a notable transformation, as the demand for Private Hire Vehicles (PHVs) continues to grow. This shift in transportation preferences is challenging conventional beliefs about car ownership and bringing about a new way for Singaporeans to embrace mobility. Singapore is famous for its well-functioning public transportation system and strict regulations, making this shift even more noteworthy.
A new way of car ownership
Having a car in Singapore can be quite expensive due to the high import duties, taxes, and the cost of the Certificate of Entitlement (COE). As a result, many residents are looking for more affordable alternatives like PHV car rental. The PHV car rental services offer a “pay-as-you-go” model, which means there is no need for a large upfront capital investment. This makes it a popular choice for individuals who are conscious of their budget.
The gig economy in Singapore has experienced tremendous growth, thanks to the significant contributions of Grab and Gojek. These two platforms have played a crucial role in offering flexible earning opportunities. By becoming driver-partners for these companies, individuals have the freedom to decide their working hours and the amount of work they take on. This has resulted in a higher number of private hire vehicles (PHVs) being available and has effectively met the growing demand for rides.
Additionally, due to a growing consciousness regarding environmental concerns, a number of individuals in Singapore are opting for PHVs instead of owning private cars in order to minimise their carbon footprint. The dedication of Lion City Rentals to sustainability, exemplified by their incorporation of hybrid and electric vehicles into their fleet, strongly appeals to environmentally aware customers.
The increase in demand for PHV cars and the rising trend of ride-hailing apps in Singapore signify a significant change in the way individuals perceive and interact with transportation. As PHVs and ride-hailing services continue to reshape the mobility landscape, this phenomenon goes beyond mere convenience; it serves as a catalyst for transformation, highlighting the ever-evolving nature of urban mobility in the 21st century.
