Pune, March 30, 2023 (GLOBE NEWSWIRE) -- The size of Robo-Taxi Market was valued at USD 1.76 billion in 2022, and it is projected to attain USD 98.59 billion by 2030, with a Compound Annual Growth Rate (CAGR) of 65.3% during the forecast period of 2023-2030, according to SNS Insider.
Robo-taxis are a new and exciting development in the world of transportation. These autonomous vehicles are designed to provide safe and efficient transportation to passengers without the need for a human driver. One of the main benefits of robo-taxis is their ability to reduce traffic congestion and carbon emissions. With more people opting for these autonomous vehicles, the number of cars on the road is expected to decrease, leading to a reduction in traffic jams and air pollution. Another advantage of robo-taxis is the increased safety they offer.
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Robo-Taxi Market Report Scope
| Report Attributes | Details |
| Market Size in 2022 | US$ 1.76 Billion |
| Market Size by 2030 | US$ 98.59 Billion |
| CAGR From 2023 to 2030 | 65.3% |
| Key Segments | • by Automation Level (Level 4, Level 5) • by Propulsion (Electric, Fuel cell, Hybrid) • by Components (Camera, Radar, Lidar, Ultrasonic Sensors, Others) |
| Company Profiles | Waymo LLC, Cruise LLC, Tesla, Nissan Motor Corporation, Lyft, Inc., Uber Technologies, Daimler AG, Ford Motor Company, Volkswagen AG, and Volvo group |
| Market Drivers | •Intensification of actions taken by the government. •The Robo taxi market grows as a result of increased investments by the leading automation companies. |
Market Analysis
The global robo-taxi market is poised for significant growth in the coming years, driven by the increasing demand for emission-free and fuel-efficient vehicles. This trend is likely to result in a surge in the adoption of first-stage Robo taxis that come equipped with cutting-edge technologies such as high-quality cameras, rule-based algorithms, improved artificial intelligence, and robust sensors. With their advanced sensor systems and AI-powered algorithms, these vehicles are capable of accurately detecting and responding to changing road conditions and unexpected obstacles. Furthermore, the ongoing advancements in Robo taxi technology are expected to further enhance their capabilities and performance, making them even more attractive to consumers looking for a safe, efficient, and eco-friendly mode of transportation.
Impact of Recession
The impact of a recession on the robo-taxi market will depend on a variety of factors, including the severity and length of the economic downturn, the level of competition in the market, and the ability of companies to adapt and innovate in response to changing conditions. Additionally, some governments may prioritize investment in public transportation and sustainable technologies during a recession, which could create new opportunities for robo-taxi companies.
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Key Regional Development
The North American region is currently leading the robo-taxi market, with the largest market share. This is due to the increasing adoption of autonomous technology in mass transit and the support of the federal government in modifying transport regulations to provide a pathway for robo-taxi deployment. The United States, in particular, has been at the forefront of robo-taxi development, with several companies testing their autonomous vehicles on public roads.
Recent Developments Related to Robo-Taxi Market
- Baidu, the Chinese technology company, has been granted a permit by the Beijing Municipal Commission of Transport to operate autonomous taxis without a safety driver behind the wheel in designated areas of the city. This permit is a significant milestone for Baidu's autonomous driving ambitions and marks a key step in its goal to become a leading provider of autonomous transportation services in China.
- China has recently launched a driverless cab service known as the 'Robotaxi', marking a significant milestone in the development of autonomous vehicles. The service offers customers the opportunity to hail a self-driving taxi through a mobile app, which will take them to their desired destination without the need for a human driver. The service is currently being offered in the city of Shenzhen, with a fleet of around 500 autonomous vehicles available for use.
Key Takeaway from Robo-Taxi Market Study
- The L4 robo-taxi segment currently holds the biggest market share in the robo-taxi industry, and is expected to experience significant growth in the coming years. This growth is being fueled by a variety of factors, including an increase in government initiatives aimed at promoting automation, as well as a rise in investments being made by major players in the automation industry.
- The passenger segment is leading the way in the market, and is predicted to continue growing at an impressive rate in the upcoming years. This segment comprises the majority of the market share, indicating a strong demand for autonomous taxis for personal use.
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Table Of Contents
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
5. Value Chain Analysis
6. Porter’s 5 Forces Model
7. PEST Analysis
8. Global Robo-Taxi Market Segmentation, By Automation Level
9. Global Robo-Taxi Market Segmentation, By Propulsion
10. Global Robo-Taxi Market Segmentation, By Components
11. Regional Analysis
12. Company Profiles
13. Competitive Landscape
14. Conclusion
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