How Has The Robo Taxis Market Size Evolved In Recent Years?
The robo taxis market has seen considerable growth due to a variety of factors.
• In recent times, there has been a considerable escalation in the size of the robo taxis market. Analysts predict an upward trend from $1.19 billion by 2024 to $2.01 billion by the subsequent year, exhibiting a compound annual growth rate (CAGR) of 69.1%.
This substantial growth in the past can be linked to enhanced concern regarding road safety, escalated need for commuting services, increasing anxiety about pollution levels, burgeoning demand for secure and affordable transport alternatives, and the advent of ride-sharing services.
What Are The Estimated Market Size And Expected Annual Growth Rates For Global Robo Taxis Market?
The robo taxis market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the robo taxis market is anticipated to experience unprecedented growth, with its size projected to reach $17.19 billion in 2029, boasting a compound annual growth rate (CAGR) of 71.0%.
This significant increase during the forecast timeframe is primarily due to the ongoing advancement of autonomous driving systems, an increase in regulatory backing for autonomous vehicles, merger with smart city infrastructures, a surge in demand for affordable and convenient transport options, and a growing population. The forecast period will show notable trends including collaborations between automotive and tech firms, the introduction of electric robo-taxis on a fleet-wide scale, enhanced user interaction and customer service, the launch of 5G networks for uninterrupted connectivity, and integration with public transportation systems.
Which Drivers Are Accelerating Growth In The Robo Taxis Market?
The surging interest in road safety is predicted to augment the expansion of the robo taxis market in the future. These autonomous and self-driving vehicles include cutting-edge driving technologies like front and rear crash prevention systems, enabling them to detect various objects around them for fluent driving operations. These technologies have the potential to significantly reduce road accidents brought about by driver behaviour or mistakes, providing safe and cost-effective transportation alternatives. Take for instance, Eurostat, a European Union statistical institution, reported in March 2024, that in 2022, road accidents resulted in the death of 20653 people in Europe, a 3.7% increase from the number in 2021, which was 19917. Therefore, the escalating concerns surrounding road safety are catalyzing the growth of the robo taxis market.
What Are The Core Segments Of The Global Robo Taxis Market?
The robo taxis market covered in this report is segmented –
1) By Component Type: Camera, Radar, LiDAR, Ultrasonic Sensors, Other Component Types
2) By Service Type: Car Rental, Station Based
3) By Propulsion: Electric, Battery, Hybrid
4) By Application: Goods Transportation, Passenger Transportation
Subsegments:
1) By Camera: Monocular Cameras, Stereo Cameras, Thermal Cameras
2) By Radar: Short-Range Radar, Long-Range Radar
3) By LiDAR: 2D LiDAR, 3D LiDAR
4) By Ultrasonic Sensors: Proximity Sensors, Parking Assist Sensors
5) By Other Component Types: GPS And Navigation Systems, Inertial Measurement Units (IMUs), Communication Modules (V2X), Processing Units (ECUs)
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Which Emerging Trends Are Reshaping The Robo Taxis Market Size?
Leading businesses in the robo taxis industry are making strides in technological innovation to reinforce their market dominance. For instance, in December 2022, Motional, an autonomous vehicle firm based in the US, teamed up with Uber Technologies Inc., a US-based transportation corporation, to roll out a robotaxi service in Las Vegas, Nevada. For the first time, Uber customers could request an autonomous ride utilizing Motional's IONIQ 5-based robotaxis powered by electricity. The service, at its inception, came with vehicle operators to pave the way for a fully autonomous commercial service planned to be open to public in 2023. This partnership signifies a momentous advancement in the larger implementation of autonomous vehicles in ride-sharing services.
Who Are the Key Players in the Robo Taxis Market?
Major companies operating in the robo taxis market include:
• Waymo LLC
• AutoX Inc.
• Tesla Inc.
• Baidu Inc.
• General Motors Company
• Lyft Inc.
• Nissan Motor Corporation
• NAVYA Group
• Ford Motor Company
• Mercedes-Benz Group AG
• Bayerische Motoren Werke AG
• Volkswagen AG
• EasyMile SAS
• Ridecell Inc.
• Nvidia Corporation
• AB Volvo
• Uber Technologies Inc.
• Aptiv plc
• Beijing Xiaoju Technology Co. Ltd.
• MOIA GmbH
• Zoox Inc.
• Aurora Innovation Inc.
• May Mobility Inc.
• Optimus Ride Inc.
• Voyage Auto Inc.
• Pony ai Inc.
• Nuro Inc.
• FiveAI Inc.
• Oxbotica Ltd.
What are the Regional Insights into the Robo Taxis Market?
Europe was the largest region in the robo taxis market in 2024. Asia-Pacific is expected to be the fastest-growing region in the robo taxis market during the forecast period. The regions covered in the robo taxis market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
