Majority of London taxi drivers now renting vehicles as age and costs influence ownership
- Perry Richardson
- 4 minutes ago
- 2 min read
Most licensed taxi drivers in London are now operating vehicles owned by fleet providers, with new figures from Transport for London (TfL) showing a continued move away from individual ownership.
As of 14 August 2025, only 6,448 of the capital’s licensed taxi vehicles were linked to a single, unique registered keeper. This is out of a total of 14,060 licensed taxi vehicles, meaning well over half of the cabs on the road are part of rental or fleet arrangements.
There are currently 16,947 licensed taxi drivers in London. Of these, over 14,770 hold All London licences and 1,603 are licensed for Suburban work, based on data collated up to 12 October 2025.
One of the key reasons for this ownership gap is cost. A new electric taxi can cost over £70,000, and many drivers are reluctant to take on that level of financial commitment. This is particularly relevant when looking at the current age profile of the trade.
As part of TaxiPoint‘s exclusive analysis, TfL’s records show that more than 70% of all licensed taxi drivers are aged 51 or older. The largest single group is aged 56–60, totalling 3,964 drivers, followed by 3,173 aged 61–65. With 9,636 drivers aged 56 or above, many are likely weighing up retirement within the next few years. For those in this group, entering into long-term finance or purchase agreements for a vehicle may not be a practical decision.
Only 7 drivers in the 21–25 age bracket and 69 in the 26–30 group hold licences, indicating very limited new entry from younger generations. The low number of younger drivers also means fewer candidates willing or able to commit to taxi ownership at an early career stage.
For many fleet rental offers a more flexible and risk free alternative. Drivers can avoid upfront investment, ongoing maintenance costs, and the responsibility of managing depreciation. Rental terms also make it easier for drivers to scale back or leave the trade without financial penalty at any point.
As the trade continues to both age and transition, fleet owners are likely to play a growing role in absorbing the capital costs and managing the black cabs Londoners see on the capital’s roads.
