Robo-taxis are autonomous self-driving vehicles used as taxis run by on-demand mobility services. An increase in ride-sharing use and sales, population growth, and the adoption of level 4 automation for vehicles all contribute to the size of the global robot-transport market. Globally, governments are enacting stringent regulations to limit the use of fossil fuel-powered vehicles. The increased testing and use of self-driving cars and the adoption of cutting-edge driver assistance features are expected to present lucrative opportunities for key players competing in the global robo-taxi market. A robot-taxi is also outfitted with various sensors, including RADAR, LiDAR, and others, which makes the vehicle efficient to operate and ultimately fuels the expansion of the robo-taxi market globally.
Data Bridge Market Research shows that the Global Robo-Taxi Market was valued at USD 1.09 billion in 2021 and is expected to reach USD 61.07 billion by 2029, registering a CAGR of 65.34% during the forecast period of 2022-2029.
" Growing Interest in Fuel-Efficient and Pollution-Free Vehicles"
The demand for fuel-efficient and emission-free vehicles has grown significantly worldwide due to the trend toward increased vehicle automation. The manufacturers have created emission-free vehicles due to the increased demand, which supports the expansion of the robot taxi market. Since robo-taxis are designed to be fully autonomous, a better and more effective fuel system is needed to power the vehicle. Introducing fuel cells and electric vehicles has significantly reduced their reliance on fossil fuels. As they don't emit air pollutants, this results in less pollution. Additionally, as robo-taxis are more environmentally friendly than other conventional vehicles, the adoption of fuel-efficient and emission-free vehicles is driven by an increase in awareness regarding the negative effects of air pollution and an increase in traffic volumes and greenhouse gas emissions. Hence, the demand for fuel-efficient and emission-free vehicles supplements the growth of the global robo-taxi market.
What restraints the growth of the Global Robo-Taxi Market?
"High Implementation and R&D Cost"
More than 50 sensors, including LiDAR, RADAR, and cameras, are installed around robo taxis to help create a safety perimeter. These sensors allow for immediate detection of any incoming obstacle. A premium long-range LiDAR can even cost up to $75,000 in some cases. The vehicle also needs software to extract data from the sensors and control the vehicle, in addition to the hardware cost..
Segmentation: Global Robo-Taxi Market
The global robo-taxi market is segmented on the basis of service, vehicle, propulsion, component, autonomy, and application.
- On the basis of service, the robo-taxi market is segmented into station-based and car rental.
- On the basis of vehicle, the robo-taxi market is segmented into shuttle/van and car.
- On the basis of propulsion, the robo-taxi market is segmented into hybrid, electric and fuel cell.
- On the basis of component, the robo-taxi market is segmented into camera, lidar, radar and ultrasonic sensors.
- On the basis of level of autonomy, the robo-taxi market is segmented into l4 and l5.
- On the basis of application, the robo-taxi market is segmented into passenger transport and goods transport.
Regional Insights: North America is expected to dominate the Global Robo-Taxi Market
North America dominates the market and will continue to flourish its trend of dominance during the forecast period. The major factors attributable to the dominance are the presence of a wide base of wealthy consumers and the rise in the purchase of cars within the region.
Further, Asia-Pacific will undergo the highest growth rate during the forecast period owing to the capacity of vehicle production and the number of automobile exports in the region.
To know more about the study, visit, https://www.databridgemarketresearch.com/reports/global-robo-taxi-market
Recent Developments in Global Robo-Taxi Market
- In 2022, Baidu and a competing autonomous vehicle company, Pony.ai, were given China's first license to offer the general public a driverless ride-hailing service in Beijing. The license allowed Pony.ai and Baidu to offer driverless rides without a backup driver at the wheel to take control in an emergency.
- In 2021, Gen5, an autonomous driving platform made specifically for self-driving cars, was unveiled by AutoX. It can perform up to 2,200 trillion operations per second of AI computation using NVIDIA Drive automotive-grade GPUs. The organization's global rollout of more effective and secure autonomous transportation continues with the introduction of the new system.
- In 2021, in an industry partnership, Lyft, Ford, and Argo AI worked together to commercialize driverless autonomous ride-hailing at scale. This included self-driving technology, an autonomous vehicle fleet, and a transportation network to support scalable business and provide riders with a safe autonomous ride-hailing experience.
The Prominent Key Players Operating in the Global Robo-Taxi Market Include:
- Waymo LLC (U.S.)
- Daimler AG (Germany)
- GM Cruise LLC (U.S.)
- Aptiv (Ireland)
- AB Volvo (Sweden)
- Ridecell, Inc (U.S.)
- Tesla (U.S.)
- Uber Technologies Inc. (U.S.)
- Volkswagen AG (Germany)
- Lyft, Inc. (U.S.)
- Ford Motor Company (U.S.)
- General Motors (U.S.)
- BMW AG (Germany)
- TOYOTA MOTOR CORPORATION (Japan)
- Continental AG (Germany)
- DENSO CORPORATION (Japan)
- NVIDIA Corporation (U.S.)
- Mobileye (Jerusalem)
- Robert Bosch GmbH (Germany)
Above are the key players covered in the report, to know about more and exhaustive list of global robo-taxi market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Robo-Taxi Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by dbmr research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include vendor positioning grid, market time line analysis, market overview and guide, company positioning grid, company market share analysis, standards of measurement, global vs regional and vendor share analysis. Please request analyst call in case of further inquiry.
