If the private-hire car market in Singapore hasn’t been exciting enough for you, it’s time for you to monitor because Uber and Grab are locked in a price war to gain more market share. Simply put, they are slashing their fare prices further to entice more commuters like you and I.
In April this year, UberX has cut its fare by an average of 15% and in response, GrabCar reduced its base fare to $3. The fare cut from UberX has seen 20% increase in the overall rides and 10% in its new riders.
Too good to be true? While this may sound like a good news to us as commuters, there is a worry that this price war would hurt everyone.
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Commuters
Most of us would rejoice over the fare cut but if you think about it in the long-term, that’s not something to be exceptionally happy about. These industry players will offer a lot of benefits but start manipulating the “rights to earn more profits” once they have gotten a substantiate amount of market share. And that’s likely to put commuters like us at a disadvantage.
Private-hire Cars Drivers
It was stated that both companies are still taking 20% cut from their drivers despite the fare reduction. If this claim holds true, drivers would have to work harder in order to earn the same amount as before. Some drivers have also seen around 20% dip in their earnings ever since the fare cut. Is this the only way to increase the market share at the expense of the drivers?
Industry
While the ongoing price war between Uber and Grab may be seen as a threat to other taxi companies such as ComfortDelGro and SMRT, the reality is that some of their taxi regulations are outdated. Well, some people have proposed for these companies to switch their business models to stay competitive but it is ultimately up to the management to decide.
As long as Uber and Grab continue to engage in price war, commuters will still be able to reap its benefits in the meantime.
What are some of your opinions on this matter? Share them with us.
