The robotaxi market is projected to grow from 617 units in 2021 to reach 1445,822 units by 2030, at a CAGR of 136.8%. High demand for shared mobility, technological development in the automotive industry, growing demand for fuel efficient public transport, and developed infrastructure are expected to boost the market. However, changes in technology require high innovation cost for self-driving taxis and smooth navigation in crowded places could create a hurdle for the growth. Wide implementation of IoT devices and their collected data gives more control to fleet managers in optimizing operations.Better autonomous driving solutions such as level 4 and level 5 would reduce road accidents and more passengers would opt for autonomous vehicles as safety is tightened.
Moreover, governments in developing countries would be willing to adopt emission-free solutions to reduce pollution.In this scenario, self-driving vehicles are fit to be a viable option as they are electric vehicles.
It also reduces the number of personal vehicles on the roads, thus drastically reducing congestion and pollution. However, COVID-19 pandemic had a impact on the market in the first few months.Both the demand for sales and services of robotaxis had come to a halt in the first few months of 2020 across the globe as the whole ecosystem had been disrupted.
However, in the next two quarters, the use of robotaxis had been increasing. Ride hailing players have increased their demand during the later months of the pandemic along with the demand for travelling along with low human interaction.
Passenger transport Segment is expected to be the largest market in the application segment in the forecast.
The passenger segment for robotaxis is larger because of global efforts to reduce car ownership, traffic congestion, and accidents with the help of technology.By introducing robotaxis as a transportation service, newer revenue pools for various automotive and mobility business models are expected to open up in the future.
The US and China already have few ride-hailing companies offering autonomous vehicle services/rides for public transportation.The demand for emission-free vehicles, rise in ride-hailing services, and reduction in the cost of transportation are the key factors expected to drive the passenger transportation segment for robotaxis.
AutoX and Baidu are the first companies in China to offer commercial robotaxi services on public roads. The significant demand for ridesharing/ride-hailing services is expected to primarily drive the robotaxi market for passenger transport.
Van/shuttle segment is expected to witness significant growth during the forecast period. The shuttle/van segment is expected to grow at significant rate, as these are already commercialized in various parts across the world.Companies such as Navya, EasyMile, and Local Motors have developed self-driving shuttles.
Successful pilot programs for autonomous shuttles across the world are indicating that shuttles could be a practical solution to fill in the gaps in traditional public transport.For instance, EasyMile, a French autonomous shuttle provider, has deployed the highest number of such shuttles globally than any other company (180+ till 2020) and is competing with another European shuttle makers.
Navya has also deployed a significant number of autonomous shuttles across the globe (approximately 180 till 2020). 2getthere, and Sensible4 are also some of the companies that have developed and tested autonomous shuttles in the region.
North America to be the 2nd fastest-growing region during the forecast period The large customer base and high disposable income levels in the country have fueled the demand for autonomous vehicles, resulting in increased manufacturing and testing activities by players such as Waymo, Cruise, Lyft, Optimus Ride, and others.The increased testing activity indicates promising growth in the next five years.
The US has allowed many OEMs to test robotaxis in California and Boston.Favorable regulations combined with solid EV infrastructure would drive the North American market.
The US has been a pioneer in the development of autonomous driving technology, and OEMs and start-ups are now looking to offer robotaxis and shuttles.Robust infrastructure, improved power grid, and encouragement and support from the government have enabled OEMs to test autonomous vehicles.
For instance, Local Motors is offering an autonomous shuttle, Olli. Also, Optimus Ride has deployed some autonomous shuttles in the project in New York.
In-depth interviews were conducted with CEOs, marketing directors, other innovation and technology directors, and executives from various key organizations operating in this market. • By Company Type: Tier I - 59%, Tier II - 7%, and OEMs - 34% • By Designation: C Level Executives - 26%, Directors - 43%, and Others - 31% • By Region: North America - 26%, Europe - 39% and Asia Pacific - 35% The global The robotaxi market is dominated by global players such as Waymo (US), Cruise Automation (US), Baidu (China), AutoX (China), and Tesla (US). These companies develop new products, adopt expansion strategies, and undertake collaborations, partnerships, and mergers & acquisitions to gain traction in the high-growth robotaxi market.
Research Coverage: The market study covers the Robotaxi Market by Application (Goods and Passenger), Level of Autonomy (L4 and L5), Vehicle (Car and Shuttle/Van), Service (Rental and Station Based), Propulsion (Electric and Fuel Cell), Component, and Region (Asia Pacific, Europe, North America, RoW). It also covers the competitive landscape and company profiles of the major players in the robotaxi market ecosystem. The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report: • The report will help market leaders/new entrants in this market with information on the closest approximations of revenue numbers for the overall robotaxi market and its subsegments. • This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies. • The report also helps stakeholders understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities.
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