Sir Sadiq Khan and Transport for London are being urged to take action to prevent the dwindling number of taxi drivers from falling further.
New data show that over the last 12 months, licensed taxi drivers have fallen from 14,450 to 13,784, as experts have issued a stark warning.
Industry leaders highlighted how numbers continue to fall despite the introduction of the Taxi and PHV Action Plan, which committed to halting the decline.
They have now warned that a "total lack of meaningful intervention" and financial support for drivers is "pushing London's world-class taxi trade to the brink of collapse".
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Transport for London stated last year that it would modernise the world-famous Knowledge of London test, boost safety and improve the experience for passengers.
One of the four key goals for TfL outlined in the Taxi and PHV Action Plan included measures to increase the number of drivers, describing it as an "attractive career" for all drivers.
It outlined that applicants must pass a topographical skills assessment, be able to speak English and complete the Safety, Equality and Regulatory Understanding (SERU) assessment.
However, industry leaders, including Freenow by Lyft and the Licensed Taxi Drivers Association (LTDA), have warned that these measures of support have not materialised.
Experts are calling for taxi and private hire vehicle drivers to receive more support
|PA
It warned that if this continued, the number of drivers would continue to fall, and passengers around the capital would be "stranded".
Danny O'Gorman, general manager of Freenow by Lyft UK, called on the Deputy Mayor and TfL Commissioner to update City Hall on the Mayor's Transport Strategy.
He added: "Financial support from TfL and central government has become almost non-existent, while new drivers face increasing costs related to the Knowledge of London and licensing.
"Existing drivers also face rising licensing fees, vehicle purchase prices, surging EV charging costs, and often uncertain incomes.
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The number of taxi and private hire vehicle drivers continues to fall year-on-year
| PA"It is time to turn rhetoric into results by providing concrete financial support that ensures the taxi trade remains a viable and attractive profession."
Industry leaders emphasised that 23 per cent of taxi and PHV passengers have a disability that limits daily activity, potentially causing havoc for these people if driver numbers continue to fall.
Similarly, 47 per cent of Londoners view black cabs as the safest way to travel at night, further causing issues if taxis and private hire vehicles disappear from roads.
Steve McNamara, general secretary of the LTDA, said: "The Mayor's Taxi and Private Hire Action Plan 2025 was launched to bolster our industry through four key pillars: driver recruitment, safety, passenger experience, and sustainability.
Black cabs are seen as being the safest mode of transport after a night out
| PA"However, time is running out. To remain a vital, fully accessible part of London’s transport mix, we need more than just a plan - we need action and more financial support to help cabbies with the growing costs of EVs.
"If policymakers continue to ignore the industry's needs, they are ignoring a crisis that threatens the very survival of the trade."
In a bid to bolster the falling number of taxi and private hire drivers in the capital, a subsidy has been created to support those taking the Knowledge of London test.
Despite this level of support, experts warn that "private incentives" cannot fix systemic policy failures.