Robo-Taxi Market Size & Share to Surpass USD 30.81 billion by 2031 | Transparency Market Research, Inc.

Robo-taxis may expand as technology matures and regulation becomes more permissive.

Wilmington, Delaware, United States, Jan. 09, 2024 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - A global market for robo-taxis was estimated at US$ 240 million in 2021. A CAGR of 62.50% is projected from 2022 to 2031. In 2031, the global robo-taxi market is projected to reach US$30.81 billion. Global efforts to reduce carbon emissions will likely align with many robo-taxi initiatives. Electric or sustainable robo-taxis may be more common in the future.

Several smart city initiatives are expected to incorporate robo-taxis. Integration of traffic management systems in urban areas could improve the overall efficiency of transportation by optimizing traffic flow. Electric, shared, and specialized vehicles will likely comprise robot taxi fleets.

In-vehicle entertainment, connectivity, and user interface improvements are all expected to impact passengers' overall driving experience positively. Mobile apps with real-time route optimization and personalized settings can be seamlessly integrated.

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Key Findings of the Market Report

  • Rental-based robo-taxis are expected to be the dominant segment over the years.
  • Based on taxi type, cars will drive robo-taxis demand in the next few years.
  • By 2021, the level 4 segment held a dominant share of the market.
  • Stringent emissions standards are forcing consumers and manufacturers to electrify their vehicles, which is affecting hybrid vehicles.
  • Europe is expected to hold the majority of the market for robo-taxis during the forecast period.

Global Robo-taxi Market: Key Players

Several electric vehicle manufacturing companies dominate the global robo-taxi market, controlling the majority share. Market players increasingly use mergers and acquisitions to expand their market dominance.

  • Waymo LLC
  • Tesla Inc.
  • Uber Technologies Inc.
  • Lyft Inc.
  • AB Volvo
  • Ford Motor Company
  • AutoX Inc.
  • Aptiv PLC
  • Cruise LLC
  • Baidu Inc.
  • EasyMile
  • Beijing Xiaoju Technology Co. Ltd.
  • MOIA

Global Robo-taxi Market: Growth Drivers

  • With the introduction of robot taxis, road safety is expected to be improved through better adherence to traffic rules and reduced human errors. In addition to improving efficiency through autonomous driving, these vehicles can reduce traffic congestion and improve route planning. For robot-taxis to become a reality, technological advancements, particularly in artificial intelligence, sensors, and machine learning, will continue to grow.
  • Cost reductions have been a major driver of the transport services industry for several years. Robotic taxis may become economically competitive against traditional taxi services by eliminating the need for human drivers. Electric and autonomous vehicles are becoming increasingly popular as environmentally friendly transportation solutions. A sustainable and eco-friendly transportation system can be developed by integrating robo-taxis with electric and other clean energy sources.
  • In light of increased urbanization and traffic congestion, robo-taxis are becoming more popular. These vehicles can provide mobility solutions for densely populated urban areas. Mobile as a Service (MaaS) and ride-sharing platforms play an important role in the robo-taxi market. Users can access on-demand, flexible transportation when using robot taxis on these platforms.
  • Robotic taxis can be adopted more quickly if the regulatory framework is clear and supportive. Providing stable and predictable conditions for industry players is an important aspect of government and regulatory guidelines and standards. It is crucial that consumers widely adopt robo-taxis to establish trust. Robo-taxis is expected to grow in popularity as people are more familiar with and trust autonomous technology.

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Global Robo-taxi Market: Regional Landscape

  • Robo-taxis is expected to become a major market in Europe in the near future. As manufacturing facilities expand and autonomous vehicles become more prevalent, a market is expected to develop.  In cities across Europe, autonomous vehicles and robot taxis are being tested in pilot projects and trials, including in Germany, France, the United Kingdom, and the Netherlands. Local authorities, technology companies, and automakers often collaborate on these trials.
  • Regulatory environments play a critical role in the development of robo-taxis. Autonomous vehicles are being regulated in European countries for liability, safety, and operational reasons. In addition to this, there is also a concern about harmonizing regulations across member states of the European Union. Some European carmakers are partnering with tech companies to advance robo-taxi initiatives, while others are actively developing autonomous vehicle technology.
  • Sustainable and efficient urban mobility solutions are becoming increasingly important in European cities. On-demand shared, and possibly electric mobility options are envisioned for robot taxis as potential components of future urban transportation systems. Sustainable technologies are increasingly being integrated into autonomous vehicles to meet environmental goals. Electric vehicles may be a key component of some robo-taxi initiatives in Europe.

Global Robo-taxi Market: Segmentation

By Level of Autonomy

  • Level 4
  • Level 5

By Service Type

  • Rental-based
  • Station-based

By Taxi Type

  • Cars
  • Shuttles

By Propulsion

  • Internal Combustion Engine Vehicles
  • Hybrid Vehicles
  • Fully Electric Vehicles

By Region

  • North America
  • Europe
  • Asia Pacific
  • Middle East & Africa
  • South America

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