The global robo taxi market is expected to be $1.03 billion in 2023, and is projected to reach $38.61 billion by 2030, registering a CAGR of 67.8% from 2023 to 2030. The goods transportation segment is projected to be the highest contributor to the market, with $0.61 billion in 2023, and is estimated to reach $21.71 billion by 2030, at a CAGR of 70.5% during the forecast period. The passenger transportation segment is estimated to reach $16.89 billion by 2030 at a CAGR of 74.2%.
Robo-taxis are the self-driving taxis that are autonomous vehicles, which are operated by an on-demand mobility service. They are self-driving vehicles any human involvement for the operation of the vehicle. With the introduction of automation in vehicles, the demand for self-driving vehicles has increased, which has supplemented the growth of robo-taxi across the globe. Also, autonomous vehicles have gained popularity among customers which has made companies to develop vehicles that do not require a human to drive the vehicle. With the introduction of automation in vehicles, the need for a human driver has been reduced thereby reducing the chances of accidents caused due to human errors. Also, a robo-taxi is equipped with various sensors such as RADAR, LiDAR and others, which makes the vehicle efficient to operate eventually leading to the growth of robo taxi market across the globe.
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Major Market Players:
- Cruise LLC (subsidiary of General Motor Company)
- Daimler AG
- Ford Motor Company
- Lyft, Inc.
- Nissan Motor Corporation
- Uber Technologies
- Volkswagen AG
- WAYMO LLC (subsidiary of Alphabet Inc.)
Increase in government initiatives and rise in investments by the top players in the automation industry boost the growth of the global robo taxi market. Moreover, increase in development and innovations further fuels the robo-taxi industry. In addition, positive impact of developments related to autonomous vehicles carried out by numerous startups and top players fuels the market across the globe, which increases the robo taxi market size.
The factors such as demand for fuel-efficient and emission-free vehicles and need for better road safety and traffic control drive the robo taxi market growth. However, high R&D cost for implementation and cybersecurity threats is expected to hamper the robo taxi market growth. Further, government regulations and development of smart cities is expected to create numerous opportunities for the growth and expansion of the robo taxi market during the forecast period.
Key Market Segments
- By Application
- Goods transportation
- Passenger transportation
- By Component
- ULTRASONIC SENSOR
- BY LEVEL OF AUTOMATION
- Level 4 (L4)
- Level 5 (L5)
- BY PROPULSION
- Fuel cell
The robo taxi market is segmented based on application, component used, propulsion, level of automation, and region. Based on application, the robo taxi market is categorized into goods transportation and passenger transportation. Based on the component used, the robo taxi market report has been categorized into camera, RADAR, LiDAR, and ultrasonic sensor. Based on the propulsion system, the robo taxi market report has been categorized into electric, fuel cell and hybrid propulsion system. Level 4 (L4) and level 5 (L5) are the level of automations that have been categorized in the robo taxi market report. Based on the region, the robo taxi market report has been categorized into North America, Europe, Asia-Pacific and LAMEA.
With the increased trend for automation among vehicles, the demand for fuel efficient and emission free vehicles has increased across the globe. This increased demand has enabled the manufacturers to develop emission free vehicles, which supplement the robo taxi market growth. Robo-taxis are intended to be completely autonomous and thus, require a better and more efficient fuel system to operate the vehicle. Also, the introduction of electric and fuel cell-based vehicles reduce their dependency on fossil fuels to a larger extent. This leads to reduction in pollution, as they do not emit air pollutants. Also, the increase in awareness toward the consequences of air pollution and rise in levels of traffic & greenhouse gas emission drive the adoption of fuel efficient and emission free vehicle, as robo-taxi is eco-friendly than other conventional vehicles in terms of fuel efficiency. Hence, the demand for fuel efficient and emission-free vehicles supplements the growth of the robo taxi market across the globe.
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