New York, US, June 13, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Robo-Taxi Market Analysis by Component (Lidar, Radar, Sensors), by Service Type (Station-based Carsharing and Car Rental), by Vehicle Type (Passenger Car and Commercial Vehicle), by Propulsion (Electric, Battery and Hybrid), by Application (Residential and Non-Residential) and by Region - Forecast till 2030” valuation is poised to reach USD 39.81 Billion by 2030, registering an 53.8% CAGR throughout the forecast period (2020–2030).
Robo-Taxi Market Overview
The global robo-taxi market is catching vast momentum due to the rising preference for novel mobility services such as ride-hailing in urban areas. Besides, advances in autonomous driving enabling novel forms of mobility are one of the biggest drivers behind the market growth. Many people and taxi service companies in urban areas demand automation, electrification, and networking, enabling and shaping this robo-taxi space.
Robo-Taxi Market Report Scope:
| Report Metric | Details |
| Market Size | USD 39.81 Billion (2030) |
| CAGR | 53.8% (2020-2030) |
| Base Year | 2019 |
| Forecast Period | 2020-2030 |
| Historical Data | 2018 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Component, Service Type, Vehicle Type and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Vendors | Tesla Inc. (US), Robert Bosch Gmbh (Germany), Waymo LLC (US), ZF Friedrichshafen AG (Germany), General Motors (US), Continental AG (Germany), Aptiv (Ireland), GM Cruise LLC (US), Lyft, Inc. (US), Ridecell, Inc (US), EasyMile (France), and Navya (France) |
| Key Market Opportunities | Growing demand for fuel efficient |
| Key Market Drivers | Increasing scope for vehicle-to-infrastructure communications |
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Regulations allowing providers to operate taxis without human drivers are important. With legal regulations getting approved in several countries, this market is expected to outperform the passenger car space in the next few years.
Over-crowding public transport vehicles, the growing infrastructure development activities, and tech developments in the automobile sector positively impact the market value. Besides, the high demand for passenger cars and efficient public transport services creates significant market opportunities. The rising market penetration of smartphones is another key growth driver enabling booking and tracking personal mobility.
Using a taxi booking app on their mobiles, users can not only book a shuttle conveniently but also reserve a preferred seat. On the same mobile app, the position of the ride can also be tracked while gaining inputs on high traffic areas from a smart connected traffic system. The rising demand for zero-emission mobility solutions and purpose-built electric vehicles for taxi services are major trends in the market.
Robo-Taxi Market Segments
The robo-taxi market is segmented into components, service types, vehicle types, propulsions, applications, and regions. The component segment comprises lidars, radars, sensors, and others. The service type segment comprises station-based car-sharing and car rental. The vehicle type segment comprises passenger cars and commercial vehicles.
The propulsion segment comprises electric, battery, and hybrid. The application segment comprises residential and non-residential. The region segment comprises the MEA, Asia Pacific, North America, Europe, and rest-of-the-world.
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Robo-Taxi Market Regional Analysis
The Asia Pacific region leads the global robo-taxi market due to the growing demand for robo-taxi and the governments' focus on the environment and vehicle safety. Besides, the improving public transport infrastructure with rapid economic growth and urbanization in developing countries accelerate the region's market share. With an ever-increasing population, China, Japan, and Singapore account for notable shares in the regional market.
North America is another lucrative market for robo-taxi globally. Large technological advances in autonomous driving and the increasing use of robo-taxis across the region boost the market size. Moreover, the presence of notable industry players, the early uptake of advanced driverless technologies, and the well-established automotive industry escalate the market value.
Europe is also a promising market for robo-taxis, witnessing a sizable share in the global market. The region is a hub for luxury cars, autonomous cars, and automotive research & innovation, substantiating the market revenues. Additionally, the resurging economy in the region, alongside the growing passenger car markets in Germany, the UK, France, and Italy, support the market growth.
Industry Trends
Automakers strive to develop purpose-built robotaxis capable of operating up to 75 miles per hour. On the other hand, robo-taxi service companies strive to increase their footprints in other countries, building an autonomous robotaxi fleet and ride-hailing service. They also target smart cities with connected infrastructures and concentrate on locations such as airports, exhibition centers, large industrial parks, amusement parks, and pedestrian areas.
Automakers seek to lead the development of robo-taxis using flexible modular system solutions for new companies entering the mobility market. The growing demand for hassle-free taxi services and the need for traffic control and better road safety encourage auto manufacturers to integrate a high-performance mainframe computer for autonomous driving.
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Also, corresponding commands derived from the processing of the vast amount of sensor data and compiled into a comprehensive overview are then implemented in the vehicle system, including drive, chassis, brakes, steering system, or occupant safety systems. The growing uptake of fuel-efficient & environment-friendly vehicles, alongside advances in vehicle-to-infrastructure communications, drives the market growth.
Furthermore, the proliferation of driverless cars is expected to increase the market sales of robo-taxis. Advancements in technology enable automakers to create purpose-built electric vehicles for ride-hailing purposes. However, the proliferation of robo-taxis might affect auto sales and manufacturers, greatly reducing the need for a second vehicle.
Robo-Taxi Market Competitive Analysis
Dominant Key Players on Robo-Taxi Market Covered are:
- Tesla Inc. (US)
- Robert Bosch Gmbh (Germany)
- Waymo LLC (US)
- ZF Friedrichshafen AG (Germany)
- General Motors (US)
- Continental AG (Germany)
- Aptiv (Ireland)
- GM Cruise LLC (US)
- Lyft Inc. (US)
- Ridecell Inc (US)
- EasyMile (France)
- Navya (France)
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The global robo-taxi market appears to be highly competitive, with several well-established players forming a competitive landscape. The market is assessed to witness significant product launches and strategies, such as mergers & acquisitions, partnerships, collaborations, expansions, and product & technology launches. These market players make significant investments to drive research and development activities and expansion plans.
For instance, on April 22, 2022, Tesla released more details on its planned robo-taxi, building around the needs of ride-sharing customers. Robotaxis top the list of upcoming Tesla products, while others include the oft-delayed Cyber truck, electric semi-trucks, an updated roadster, and a humanoid robot. Robo-taxi services incorporate car technology, software, and services.
The newly developing dedicated robo-taxi will be highly optimized for autonomy and not have a steering wheel or pedals. It is further expected that the unnamed vehicle will be a major driver of the company's future growth. While confirming that the vehicle will be launched in 2023 and will likely enter volume production in 2024, the company also confirmed that the new robo-taxi is designed to lower the cost per mile.
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