Dublin, April 10, 2024 (GLOBE NEWSWIRE) -- The "Robo Taxis Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The global robo-taxis market has grown exponentially in recent years. It will grow from $2.71 billion in 2023 to $4.32 billion in 2024 at a compound annual growth rate (CAGR) of 59.5%. The growth observed in the historical period can be attributed to heightened concerns regarding road safety, an increased demand for commute services, growing worries about pollutants, a rising demand for cost-effective and secure transportation options, and the emergence of ride-sharing services.
The market is expected to see exponential growth in the next few years. It will grow to $25.23 billion in 2028 at a compound annual growth rate (CAGR) of 55.5%. The anticipated growth in the forecast period can be attributed to the ongoing development of autonomous driving systems, regulatory support for autonomous vehicles, integration with smart city infrastructure, a persistent demand for cost-effective and convenient transportation, and the increase in population. Major trends expected in the forecast period include partnerships between automotive and tech companies, the fleet-wide adoption of electric robo-taxis, advancements in user interfaces and customer experience, the deployment of 5G networks for seamless connectivity, and integration with public transportation systems.
Growing concerns regarding road safety are anticipated to drive the robo-taxis market's growth. In 2022, the U. S. Department of Transportation's Fatality Analysis Reporting System reported approximately 35,766 fatal motor vehicle crashes in the United States. With the implementation of self-driving technology, such as Tesla's Autopilot, which claims a significantly lower fatality rate compared to conventionally driven vehicles, there is a potential to enhance road safety and provide a secure and efficient transportation solution.
The rise in the production and sales of electric vehicles (EVs) is poised to propel the robo-taxis market. The International Energy Agency's Global Electric Vehicle Outlook for 2022 revealed that over 10 million electric cars were sold worldwide. This shift toward EVs is a key driver for the robo-taxis market, aligning with the growing emphasis on green and sustainable transportation solutions.
Technological advancements stand out as a prominent trend in the robo-taxis market, with major companies prioritizing the development of cutting-edge products to strengthen their market positions. For example, in May 2021, Argo AI LLC introduced a technologically advanced LiDAR sensor for autonomous vehicles, leveraging Geiger-mode technology. This technology enhances the detection capabilities of self-driving systems, allowing for the detection of darker objects with high sensitivity, even in low-light conditions.
Strategic partnerships are a crucial aspect of the robo-taxis market, facilitating market expansion and strengthening the position of major companies. In August 2023, Pony. ai entered into a joint venture with Toyota Motor Investment Co Ltd (TMCI) and GAC Toyota Motor Co Ltd. (GTMC) to accelerate the mass production and deployment of driverless robo-taxis. This collaboration involves GTMC providing Pony. ai with Toyota-branded battery electric vehicles equipped with Level 4 autonomous driving capabilities.
In November 2022, Motional, a U. S.-based autonomous driving company formed through collaboration between Hyundai Motor Group, a South Korea-based automobile company, Aptiv, an Ireland-based automotive technology supplier, and Lyft, a U. S.-based mobility service provider offering ride-hailing, vehicles for hire, motorized scooters, bicycle-sharing systems, rental cars, and food delivery, declared their joint venture to launch an autonomous ride-hailing service in Los Angeles. This marks an eagerly anticipated milestone for Motional and Lyft as they introduce robo-taxis to Lyft users in Los Angeles for the first time.
Europe was the largest region in the robo-taxis market in 2023. 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. The countries covered in the robo-taxis market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.
Scope
Markets Covered:
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
Key Companies Mentioned: Waymo LLC; AutoX Inc.; Tesla Inc.; Baidu Inc.; General Motors Company
Time Series: Five years historic and ten years forecast
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments
A selection of companies mentioned in this report includes, but is not limited to:
- 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.
- Drive ai Inc.
- FiveAI Inc.
- Oxbotica Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/7cuafb
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