Fort Collins, Colorado, March 05, 2024 (GLOBE NEWSWIRE) -- The Robotaxi Market size was valued at USD 0.6 Billion in 2023 and is anticipated to reach USD 195.9 Billion by 2032 at a CAGR of 90.1%.
Robotaxis are autonomous vehicles that have the potential to reduce the number of fatal automotive crashes. According to the National Center for Biotechnology Information (NCBI), these vehicles can reduce 90% of traffic fatalities by reducing the number of accidents caused by human errors. Active safety systems in robotaxis can anticipate the danger and take possible precautions to avoid them. These vehicles also use connectivity and information sharing to improve road safety. For instance, Zoox’s Robotaxi has around 100 innovative safety features such as a robotic system monitoring the vehicle's overall health, four-wheel steering, and airbags offering full protection to each passenger.
Furthermore, the various benefits of these vehicles, such as cost savings and reduction in emissions, are also contributing to market growth. These vehicles are majorly electric operated or fuel cell powered, leading to lower energy consumption and zero tailpipe emissions. Furthermore, vehicle-to-vehicle connectivity can help mitigate traffic congestion through better routing. Additionally, the deployment of robotaxi in metropolitan areas where utilization of public or commercial transport is high can help in cost savings as these vehicles reduce the cost per mile and increase fuel efficiency with precise energy consumption.
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Segmentation Overview:
The global robotaxi market has been segmented into propulsion type, component, level of autonomy, application, and region. Based on propulsion type, the robotaxi market has been segmented into electric, fuel cell, and hybrid electric. The electric propulsion segment will dominate the market during the forecast period. The electric propulsion system is an inherent advantage in fuel savings and has a lower environmental impact.
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Robotaxi Market Report Highlights:
- The global robotaxi market growth is anticipated at a CAGR of 90.1% by 2032.
- The rising focus on road safety is a major factor driving the market growth. Robotaxis are autonomous vehicles that have the potential to reduce the number of fatal automotive crashes.
- The robotaxi market segmentation includes propulsion type, component, level of autonomy, application, and region.
- Asia Pacific will likely account for a significant market share in the forthcoming years. Countries like China, Japan and South Korea are at the forefront in adopting these technologies.
- Some prominent players in the robotaxi market report include Tesla, Waymo LLC, Aptiv, Hyundai Motor Company, Cruise LLC, Baidu, Pony.ai, Zoox Inc., Navya, and AutoX Inc.
Industry Trends and Insights:
- In 2023, Beijing has approved the full scale rollout for Baidu and Pony.ai driverless, unmanned ride-hailing services.
- In 2023, Beijing’s High-Level Autonomous Driving Demonstration Zone launched the commercial operation of autonomous vehicles.
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Robotaxi Market Segmentation:
By Propulsion Type: Electric, Fuel Cell, Hybrid Electric
By Component: LIDAR, Camera, RADAR, Sensors
By Level of Autonomy: L4 and L5
By Application: Passenger, Goods
By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
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