Portland, OR, Nov. 02, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global robo taxi market was pegged at $1.03 billion in 2023 and is expected to hit $38.61 billion by 2030, registering a CAGR of 67.8% from 2023 to 2030. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and changing market trends.
Surge in requirement for road safety & efficient traffic control and rise in demand for emission free & fuel-efficient vehicles fuel the growth of the global robo taxi market. On the other hand, several cyber security threats and expensive R&D costs required for proper implementation restrain the growth to some extent. However, supportive government strategies and smart city development programs are expected to usher in lucrative opportunities in the near future.
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The goods transportation segment to dominate by 2030-
By application, the goods transportation segment is expected to peg at nearly three-fifths of the total market revenue in 2023, and would continue to rule the roost throughout the forecast period. The passenger transportation segment, on the other hand, would grow at the fastest CAGR of 74.2% during the study period.
The camera segment to maintain the lion’s share by 2030-
By component, the camera segment is expected to account for more than one-fourth of the total market share in 2023, and would retain its dominance by the end of 2030. At the same time, the ultrasonic sensor segment would cite largest CAGR of 75.5% throughout the forecast period.
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North America would bring in the highest share in 2023-
By geography, North America would hold the major market share in 2023, generating more than two-fifths of the global market. Simultaneously, Europe is projected to manifest the fastest CAGR of 75.6% during the estimated period. The other two regions analyzed in the report include LAMEA and Europe.
Leading players in the industry-
The leading market players analyzed in the global robo taxi market report include Cruise LLC (subsidiary of General Motor Company), Tesla, Nissan Motor Corporation, Volvo Group Lyft, Inc., Waymo LLC (subsidiary of Alphabet Inc.), Daimler AG, Uber Technologies, Ford Motor Company, and Volkswagen AG. These market players have adopted different strategies including partnership, expansion, collaboration, joint ventures, and others to strengthen their stand in the industry.
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