Global Robo Taxi Market Size Worth $38.61 billion by 2030 | CAGR 67.8%
Robo-taxis are the self-driving autonomous vehicles operated by an on-demand mobility service. Robo-taxi is equipped with various sensors such as RADAR, LIDAR, and others. This makes the vehicle efficient to operate eventually leading to a surge in growth of robo taxi market globally. With the introduction of automation in vehicle, robo taxi market has gained huge popularity among its consumer recently. The global robo taxi market is expected to be $1.03 billion by 2023, and is projected to reach $38.61 billion by 2030, registering a CAGR of 67.8% during the forecast period 2023 to 2030.
The Global Robo Taxi Market is Segmented on the Basis of Application, Level of Autonomy, Vehicle, Service, Propulsion and Region:
- Based on application, the global robo taxi market is segmented on the basis of goods and passengers.
- Based on level of autonomy, the global robo taxi market is segmented on the basis of L4 and L5.
- Based on vehicle, the global robo taxi market is segmented on the basis of car and shuttle.
- Based on service, the global robo taxi market is segmented on the basis of rental service and station-based service.
- Based on propulsion, the global robo taxi market is segmented on the basis of electric, hybrid and fuel cell.
- Based on geographical region, the global robo taxi market is studied among North America (US, Canada, Mexico), Europe (Germany, France, UK, Spain, Russia, rest of Europe), Asia-Pacific (Japan, China, India, rest of Asia-Pacific) and LAMEA (Latin America, Middle East, Africa).
Dynamics of Global Robo Taxi Market
Robo taxi market has shown a surge in its growth recently. Major factor fueling the growth of robo taxi market are increasing demand for ride-hailing services and rising concern over road safety. Another major factor which proliferate the growth of robo taxis market is cost as robo taxi market reduces 30 to 50 percent of fleet operater cost of ownership when compared to private vehicle ownership. Robo-taxi is a complex process which requires huge investments for the components such as RADAR, LIDAR and others. Deploying a full fledge robo taxi is very expensive and hence a major hindrance in the path of robo taxi market. Whereas government of various countries such as Australia, France, UK, US, Finland and other loosened their legal structure for testing robo taxis. This step leads to a proliferate growth in the global robo taxi market.
Major players included in research study of the Global Robo Taxi Market
Ford Motor Company, Waymo LLC, Ridecell inc., Uber Technologies Inc., NAVYA, Cruise LLC, Daimler AG and Lyft Inc. are major players included in the research study of the global robo taxi market.
Snapshots of Investment in the Global Robo Taxi Market
Cruise LLC, an autonomous vehicle unit of General Motors Company launched an autonomous all electric ride sharing shuttle developed in association with Honda Motor in January 2020. GE has committed to spend $2.2 billion for building the electric and safe driven vehicles at the factory unit. Waymo, a self-driving unit of Google’s parent firm Alphabet, joined hands with UPS, a shipping and logistics firm for testing its autonomous vehicles, in January 2020. Tesla with the help of supporting government policies in Europe launched new models of electric vehicle.
Impact of Coronavirus on the Global Robo Taxi Market
Novel coronavirus pandemic impacted the entire world’s economy. Mobility services are the worst hitted during this stressed time due to stalling of economic activities. Due to prevailing lockdown across all over the globe, no more than 2 people are allowed to ride in one taxi at a point of time. Social distancing is the need of hour to fight against this situation. Hence, disruption caused by coronavirus have an adverse impact on the global robo taxi market. Ford company announced a delay in launch of its robo taxi due to prevailing situation.
Global robo taxi is expected to bring a pioneering leap in coming years. Today a number of companies are working on launching robo taxis in the market. Robo taxi eliminates the need of labor and hence it has an adverse impact on labor market. Coronavirus outbreak has an adverse impact on the growth of global robo taxi market. But the robo taxi market is estimated to witness an expected growth in coming years.
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