LONDON, March 28, 2024 (GLOBE NEWSWIRE) -- As per The Business Research Company’s Robo Taxis Global Market Report 2024, the robo taxis market is witnessing remarkable growth, with revenues projected to surge from $2.71 billion in 2023 to $4.32 billion in 2024, reflecting a robust compound annual growth rate (CAGR) of 59.5%. Looking ahead, the robo taxis market is expected to continue its upward trajectory, reaching $25.23 billion by 2028, with a CAGR of 55.5%.
Impact of Electric Vehicles
The increasing production and sale of electric vehicles are anticipated to be key drivers of market growth. Electric vehicles offer sustainable and cost-effective transportation solutions, with reduced emissions and operational costs compared to traditional vehicles. According to the International Energy Agency (IEA), electric car sales surged by 55% in 2022, surpassing 10 million units globally. The growing proportion of electric cars in total car sales underscores the rising demand for EVs, which in turn, is expected to drive the growth of the robo taxis market.
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Integration of Advanced Sensors
Robo taxis companies are increasingly integrating advanced sensor technology to support high-level autonomous driving. For example, RoboSense, a China-based provider of LiDAR and perception systems, supported SAIC Motor's mass production project of AI LAB RoboTaxi 2.0 equipped with second-generation smart solid-state LiDAR. This initiative marks a significant milestone in the adoption of LiDAR technology for autonomous driving applications, enhancing perception accuracy and safety in robo taxi operations.
Market Segmentation
The robo taxis market is segmented based on component type, service type, propulsion, application, and vehicle type. Key segments include:
- Component Type: Camera, Radar, LiDAR, Ultrasonic Sensors, Other Component Types
- Service Type: Car Rental, Station Based
- Propulsion: Electric, Battery, Hybrid
- Application: Goods Transportation, Passenger Transportation
- Vehicle Type: Shuttle/Van, Car
Regional Analysis
North America emerged as the largest region in the robo taxis market, accounting for a significant portion of total market revenues in 2023. However, the fastest-growing regions are projected to be Asia Pacific and the Middle East, with impressive compound annual growth rates (CAGRs) of 96.8% and 88.2%, respectively.
Market Landscape and Competition
The global robo taxis market is characterized by high concentration, with a small number of large players dominating the market. Prominent players such as Lyft Inc, Cruise LLC, and Baidu Inc hold significant robo taxis market shares, driving innovation and competition in the industry.
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The robo taxis market is poised for exponential growth, driven by advancements in autonomous driving technology, the increasing adoption of electric vehicles, and ongoing innovation in sensor technology. With significant opportunities projected in segments such as passenger transportation and the proliferation of EVs, the robo taxis market presents promising prospects for growth and development in the coming years. As companies continue to invest in research and development and forge strategic partnerships, the future of robo taxis holds immense potential in revolutionizing the future of urban mobility and transportation.
Robo Taxis Global Market Report 2024 by The Business Research Company provides insights on the robo taxis market size, robo taxis market segments, robo taxis market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 7,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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