Delhi, Jan. 27, 2022 (GLOBE NEWSWIRE) -- Global robotaxi market is growing at a high CAGR because of the increasing concerns towards carbon emission and depleting levels of non-renewable fuel. Additionally, the increasing focus towards better traffic management is also propelling the global robotaxi market growth…
A recent study conducted by the strategic consulting and market research firm BlueWeave Consulting, revealed that the global robotaxi market was worth USD 0.5 billion in 2021. The market is estimated to grow at a CAGR of 69.4%, earning revenue of around USD 20.3 billion by the end of 2028.
The market for robotaxis is flourishing at a rapid rate as a result of technological advances made by robotaxi companies and increased trust in autonomous vehicles. Also, the rising concern regarding carbon emissions and the depletion of non-renewable fuel are driving the robotaxi market worldwide. Further, improvements in traffic management are expected to boost market growth during the forecast period. However, growing concerns about the security of robotaxi may act as a major hindrance to its market growth.
Emergence of electric & fuel cell vehicles is driving the growth of the global robotaxi market
Electric and fuel cell vehicles are the only type of vehicles currently used for robotaxis owing to ease of automation in these vehicles. The growing sales of electric & fuel cell vehicles have paved the way for growing demand for robotaxis. According to the Global EV Outlook Report of 2021, 2020 has been a fruitful year for EV sales even amid the COVID-19 pandemic, registering a staggering 43% increase reaching 10 million in EV sales as against 2019. Sales of Hybrid electric car sales hit record highs in the US in 2021 with an increase of 76% from 2020 levels.
Mercedes-Benz, one of the leading car companies in the world, registered 69.3% increase in its plug-in hybrid and all-electric passenger cars sales. Tesla, leading electric car brand in the world, registered an increase of 87% in its electric car sales in 2021 from 2020 levels. China accounted for 21% of all electric vehicle sales in 2021 and companies like Aion, BYD, Li Xiang, NIO, and Xpeng all registered increased sales in the country in 2021. Additionally, the growing investment in development of charging infrastructure is expected for further support the growth of the global robotaxi market during the forecast period.
Increasing Demand for Electric Robotaxi Propelling the Growth of the Global Robotaxi Market
Based on propulsion type, the robotaxi market is grouped into electric and fuel cell segments. The electric propulsion segment accounts for the largest market share. The growth of the segment can be ascribed to the various advantages electric vehicles offer over fuel cells, such as zero-emission, low maintenance and operating cost, as well as higher efficiency, which is propelling its market growth. Furthermore, increasing installations of charging points in various regions are anticipated to boost the penetration of electric robotaxis on roads during the forecast period.
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Robotaxis for Car Rental Applications Are Expected to Boost the Market's Growth
Based on service types, the robotaxi market is grouped into car rental and station-based segments. The car rental segment holds the largest market share. Certain countries, such as China, have already begun testing driverless taxis in their major cities. Moreover, cab companies, such as Uber, are investing in robotaxis for car rental to reduce their operating costs incurred by human drivers. Furthermore, the development of Transportation-as-a-Service (TaaS) is also providing lucrative growth opportunities for robotaxis in the car rental services sector.
Global Robotaxi Market - By Component
Based on components, the robotaxi market is segmented into the camera, LiDAR, radar, and ultrasonic sensors. Among these, the LiDAR component segment accounts for the largest market share. LiDAR sensors radiate light particles called photons in order to identify objects nearby, including cars, pedestrians, and trees. LiDAR sensors allow robotaxi to operate without human drivers by communicating with its system and adjusting speed accordingly. Consequently, the demand for LiDAR components is rising rapidly.
Global Robotaxi Market - Regional Insights
Geographically, the robotaxi market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle-East & Africa. Among these, the Asia-Pacific dominates the robotaxi market. However, North America is also estimated to witness substantial growth during the forecast period owing to the high concentration of major industry players, such as Tesla, Uber, Waymo, etc., that are investing significant amounts in the launch and development of robotaxis. Further, stringent government regulations regarding carbon emission and initiatives to boost the adoption of electric vehicles are projected to boost North America’s robotaxi market during the forecast period.
Impact of COVID-19 on the Global Robotaxi Market
The global robotaxi market experienced a significant blow due to the COID-19-induced pandemic. The automobile industry was among the worst-hit sectors during this period and had to undergo severe challenges. Robotaxi production and distribution were restricted, and testing and use of robotaxis for car rental were also prohibited due to mobility restrictions, causing severe losses for the market. However, due to the rising awareness regarding carbon emission and sustainability post-COVID-19, the global robotaxi market is expected to experience lucrative growth opportunities during the forecast period.
Additionally, various governments and regulatory bodies around the world has approved the commercial application of robotaxis. For instance, in November 2021, Baidu received approval from Beijing’s municipal government to start its commercial services in the city and start collecting fare from the customers. In the same month, Pony.ai also received the approval for its paid autonomous robotaxi services in Beijing. Previously, General Motors (GM) received approval to test its robotaxis on public roads in San Francisco without a safety driver. The increasing number of approvals from the regulatory bodies highlights the growing penetration of robotaxi market and is expected to propel the growth of the global robotaxi market during the forecast period.
For more info please visit press release of robotaxi market: https://www.blueweaveconsulting.com/press-release/global-robotaxi-market-growth-forecast-to-grow-at-a-cagr-of-69-4-by-2028
Global Robotaxi Market- Competitive Landscape
The list of the compamies in the robotaxi market are Waymo LLC, Volvo Group, General Motor Company, Volkswagen AG, Tesla, Ford Motor Company, Nissan Motor Corporation, Daimler AG, Lyft, Inc., Uber Technologies, Cruise LLC, Baidu, AutoX, BMW AG, Toyota Motor Corporation, Denso Corporation, Robert Bosch GmbH, Continental AG, NVIDIA Corporation, and other prominent players.
The robotaxi market is highly competitive and consolidated due to the presence of leading multinational automobile manufacturers, such as Tesla, Toyota, BMW, etc. The companies significantly focus on offering a wide range of electric cars with battery capacity to suit the needs of end-users. They are also investing in research and development activities to bring innovations into their offerings. For instance, in December 2021, Waymo, an US-based autonomous driving technology development company, unveiled Robotaxi with no steering wheel. Furthermore, the adoption of competitive strategies, such as mergers, acquisitions, partnerships, and collaborations, etc., is very prominent in this market. For instance, in December 2021, self-driving developer WeRide entered into a partnership with GAC Group for commercializing robotaxis.
Recent Development
In January 2022, AutoX, backed by the e-commerce giant Alibaba, announced that it has built a new production facility for Level 4 fully driverless robotaxis. The company claims that it is the “first dedicated production facility in the country to produce Level 4 fully driverless robotaxis.” The company claims that the new facility is first of its kind in China and marks a major milestone in China’s autonomous vehicle industry.
In January 2022, Waymo and Zeekr announced that they are teaming up to design and engineer an electric ride-hailing vehicle (robotaxi) for the U.S. market. Zeekr is the EV brand of Geely and was launched in April 2021. Design and development of the vehicle is ongoing at Waymo’s China-Europe Vehicle Technology Center facility in Gothenburg, Sweden and Zeekr is using a new open-source, proprietary EV architecture for the vehicle.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global robotaxi market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global robotaxi market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
Scope of the Report:
| Attributes | Details |
| Years Considered | Historical data – 2018-2021 |
| Base Year – 2021 | |
| Forecast – 2022 – 2028 | |
| Facts Covered | Revenue in USD Billion |
| Market Coverage | U.S, Canada, Germany, UK, France, Italy, Spain, Brazil, Mexico, Japan, South Korea, China, India, UAE, South Africa, Saudi Arabia |
| Product Service/Segmentation | By Vehicle Type, By Level of Autonomy, By Propulsion Type, By Service Type, By Component, By Region |
| Key Players | Waymo LLC, Volvo Group, General Motor Company, Volkswagen AG, Tesla, Ford Motor Company, Nissan Motor Corporation, Daimler AG, Lyft, Inc., Uber Technologies, Cruise LLC, Baidu, AutoX, BMW AG, Toyota Motor Corporation, Denso Corporation, Robert Bosch GmbH, Continental AG, NVIDIA Corporation, and other prominent players. |
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