Robo-taxis or self-driving taxis are a form of autonomous vehicles that operate through an on-demand mobility service. They are the self-driving vehicles that do not require any human involvement for the operation of the vehicle. This involves a better and efficient system for the propulsion of vehicle. The increasing trend of autonomous vehicles across the globe has supplemented the growth of robo-taxi thereby fueling the robo-taxi market during the forecast period. Also with the introduction of robo-taxis, the human involvement to drive the vehicle will be reduced to a much larger extent as well as increasing the passenger capacity, which boosts the robo-taxi market.
Various government have made investments for the development and introduction of robo- taxi in their region, which supplements the growth of the market. Also various companies such as WAYMO, Tesla, General Motors, and others, have carried out various developments and innovations related to robo-taxi, which boosts the growth of the robo-taxi market during the forecast period.
The factors such as demand for fuel-efficient and emission-free vehicles and need for better road safety and traffic control are driving the growth of the market. However, high R&D cost for implementation and cybersecurity threats is expected to hamper the growth of the robo-taxi market. Further, government regulations and development of smart cities are expected to create numerous opportunities for the expansion of the market.
Robo-taxis are anticipated to witness significant growth over the years, owing to demand for fuel-efficient and emission-free vehicles and need for better road safety and traffic control.Also various government regulations and development of smart cities supplements the growth of the market during the forecast period.
The global 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.The key players analyzed in the robo-taxi market include Waymo LLC (subsidiary of Alphabet Inc.), Cruise LLC (subsidiary of General Motor Company), Tesla, Nissan Motor Corporation, Lyft, Inc., Uber Technologies, Daimler AG, Ford Motor Company, Volkswagen AG and Volvo Group.
KEY BENEFITS FOR STAKEHOLDERS
KEY MARKET SEGMENTS
By Application
By Component
By Propulsion
By Level of Automation
By Region
Various government have made investments for the development and introduction of robo- taxi in their region, which supplements the growth of the market. Also various companies such as WAYMO, Tesla, General Motors, and others, have carried out various developments and innovations related to robo-taxi, which boosts the growth of the robo-taxi market during the forecast period.
The factors such as demand for fuel-efficient and emission-free vehicles and need for better road safety and traffic control are driving the growth of the market. However, high R&D cost for implementation and cybersecurity threats is expected to hamper the growth of the robo-taxi market. Further, government regulations and development of smart cities are expected to create numerous opportunities for the expansion of the market.
Robo-taxis are anticipated to witness significant growth over the years, owing to demand for fuel-efficient and emission-free vehicles and need for better road safety and traffic control.Also various government regulations and development of smart cities supplements the growth of the market during the forecast period.
The global 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.The key players analyzed in the robo-taxi market include Waymo LLC (subsidiary of Alphabet Inc.), Cruise LLC (subsidiary of General Motor Company), Tesla, Nissan Motor Corporation, Lyft, Inc., Uber Technologies, Daimler AG, Ford Motor Company, Volkswagen AG and Volvo Group.
KEY BENEFITS FOR STAKEHOLDERS
- This study presents the analytical depiction of the global robo-taxi market along with the current trends and future estimations to depict the imminent investment pockets.
- The overall market potential is determined to understand the profitable trends to enable stakeholders gain a stronger foothold in the market.
- The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
- The current market is quantitatively analyzed from 2023 to 2030 to highlight the financial competency of the market.
- Porter’s five forces analysis illustrates the potency of the buyers and suppliers.
KEY MARKET SEGMENTS
By Application
- Goods Transportation
- Passenger Transportation
By Component
- Camera
- RADAR
- LiDAR
- Ultrasonic Sensor
- Others
By Propulsion
- Electric Vehicles
- Fuel Cell Vehicles
- Hybrid Vehicles
By Level of Automation
- Level 4 (L4)
- Level 5 (L5)
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Rest of Europe
- Asia-Pacific
- China
- Japan
- Australia
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: ROBO-TAXI MARKET, BY APPLICATION
CHAPTER 5: **ROBO-TAXI MARKET, BY COMPONENT
CHAPTER 6: ROBO-TAXI MARKET, BY PROPULSION
CHAPTER 7: ROBO-TAXI MARKET, BY LEVEL OF AUTOMATION
CHAPTER 8: ROBO-TAXI MARKET, BY REGION
CHAPTER 9: COMPANY PROFILES
Executive Summary
According to the report titled, 'RoboTaxi Market by Application, Component, Propulsion, and Level of Autonomy: Global Opportunity Analysis and Industry Forecast, 2023-2030,' the global robotaxi market size is expected to be $1.03billion in 2023, and is projected to reach $38.61 billion by 2030, registering a CAGR of 67.8%.North America is expected to dominate the market in terms of growth, followed by Europe, LAMEA, and Asia-Pacific. U.S. is expected to dominate the global robotaxi market share in 2021, and is projected to grow at a significant rate during the forecast period.
Robo-Taxi is an autonomous car, operated for an e-hailing service. A Robo-Taxi, also known as a Robo-Cab, is a driverless taxi or a self-driving taxi. Its primary purpose is to eliminate the need for human chauffeur, which is a significant part of the operating costs of these types of services. With the use of Robo taxi, maximum fuel efficiency is obtained. It also reduces chances of accident. The rising emission concerns, increasing issues over road safety, and surging demand for ride-hailing services are the major factors fueling the robotaxi market. Robo-taxi requires a better and efficient artificial intelligence network to operate the vehicle which supplements the growth of the market across the globe. The increased automation in vehicles has led to the growth of autonomous vehicles across the globe, which has also fueled the robotaxi market.
Increase in government initiatives and rise in investments by the top players in the vehicle industry boost the growth of the global robotaxi market. Moreover, continuous development and innovations further fuels the market growth. In addition, positive impact of developments carried out by numerous startups and top players increase the adoption and growth of the robo-taxis across the globe.
A safer ride provides comfort to the passengers, minimizes the chances of accidents that occur due to human errors and increases the passenger capacity and increasing the robo-taxi outlook among customers through its features and efficient driving. Robo-taxis are responsible for quality of rides and is efficient in travelling to a specific distance by reducing the road traffics. With increased demand for alternative means of transport across the globe, the demand for robo-taxis has increased, which in turn boost the growth of the global robotaxi market.
Robo-taxi will be more effective and powerful than other transportation systems as it is a new technology and with wider upgradation in the transportation industry, the robotaxi market is expected to see a significant growth in the near future.
Robo-taxishave a wider application in goods as well as passenger transportation as this will reduce the human effort to a much larger extent thereby supplementing the growth of the robotaxi market. Different components such as camera, RADAR, LiDAR and others, have a wider application in robo taxi for effective operations of the taxi in all situations, thereby, leading to the growth of the market during the forecast period.
The factors such as demand for fuel-efficient and emission-free vehicles and need for better road safety and traffic control are driving the growth of the market. However, high R&D cost for implementation and cybersecurity threats are expected to hamper the growth of the robotaxi market. Further, government regulations and development of smart cities are expected to create numerous opportunities for the expansion of the market.
According to Abhay Singh, Research Analyst, Automotive and Transportation, “Based on application, the goods transportation segment is expected to dominate the global robo-taxi market in 2023, in terms of revenue. In addition, based on components, camera is expected to lead the market. At present, North America is the highest revenue contributor, and is expected to garner the highest revenue in the global market during the forecast period, followed by Europe, LAMEA and Asia-Pacific.”
KEY FINDINGS OF THE STUDY
- Based on application, the goods transportation will generate the highest revenue in 2023.
- Based on components, camera segment will be the highest revenue contributor in 2023.
- Based on North America region, U.S. is anticipated to exhibit the highest CAGR during the forecast period.
- Based on region, North America contributed the highest market revenue in 2023, followed by Europe, LAMEA Asia-Pacific.
The key players analyzed in this report are Waymo LLC (subsidiary of Alphabet Inc.), Cruise LLC (subsidiary of General Motor Company), Tesla, Nissan Motor Corporation, Lyft, Inc., Uber Technologies, Daimler AG, Ford Motor Company, Volkswagen AG and Volvo Group.
Companies Mentioned
- Waymo LLC (subsidiary of Alphabet Inc.)
- Cruise LLC (subsidiary of General Motor Company)
- Tesla
- Nissan Motor Corporation
- Lyft Inc.
- Uber Technologies
- Daimler AG
- Ford Motor Company
- Volkswagen AG
- Volvo Group.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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