Robotaxi are autonomous vehicles that aim to provide on-demand ride-sharing services. These vehicles usually belong to the four and five levels of autonomy and are equipped with various cameras, RADAR, LiDAR, and other sensors.
Consumers are preferring robotaxi’s in order to avoid traffic congestion, enhance passenger safety, and reduce road fatalities is likely to drive the global robotaxi market over the forecast period. For instance, in October 2020, self-driving car company Waymo, owned by Google’s parent company Alphabet introduced driverless taxi service to the general public in Phoenix, Arizona.
Furthermore, governments of the developed countries are focusing on the self-driving taxis in order to provide safe and better public transportation. For instance, in June 2021, The California Public Utilities Commission, a government agency issued permit to Cruise LLC (funded by GM and Honda) to offer robotaxi service in California with no safety driver in the vehicle.
However, increasing concerns and threats pertaining to cyberattacks are likely to challenge the global robotaxi market growth. The global robotaxi market accounted for US$ 840.6 Mn in terms of value in 2021, and is expected to grow at a CAGR of 61.72% for the period 2021-2028.
Global Robotaxi Market - Impact of Coronavirus (Covid-19) Pandemic
The initial phase of COVID-19 pandemic greatly impacted the robotaxi market due to lockdowns, lower demand for ridesharing services, other reasons. However, in the later period when different countries started with releasing the restrictions, the demand for robotaxi’s increased. Companies such as Pony.ai, GM’s Cruise, and Waymo are launching contactless last-mile delivery service during COVID-19. For instance, in April 2020, Pony.ai, an autonomous driving technology company, collaborated with Yamibuy, an e-commerce platform based in Los Angeles, to provide an autonomous and contactless last-mile delivery service to customers in Irvine, California. The new delivery service will provide additional capacity to address the surge of online orders triggered by the COVID-19 pandemic.
Asia Pacific held dominant position in the global robotaxi market in 2020, accounting for 40.66% share in terms of value, followed by Europe and North America.
Robotaxi Market Report Coverage
|Base Year:||2020||Market Size in 2021:||US$ 840.6 million|
|Historical Data for:||2017 to 2019||Forecast Period:||2021 to 2028|
|Forecast Period 2021 to 2028 CAGR:||61.72%||2028 Value Projection:||US$ 24,322.8 Mn|
AutoX, Inc., Baidu, BMW AG, Daimler AG, EasyMile, Ford Motor Company, GM Cruise LLC, Hyundai, Tesla, Inc., and Waymo LLC
|Restraints & Challenges:||
Figure 1: Global Robotaxi Market Share (%), By Region, 2020
Among regions, Asia Pacific held dominant position in the global robotaxi market in 2020, and is estimated to retain its dominance throughout the forecast period, owing to high demand for energy-efficient and emission-free electric vehicles in China.
For instance, according to Coherent Market Insights Analysis, since March 2018, China has tested more than 350 autonomous vehicles (AVs) on public roads in 22 cities including Beijing, Changsha, Wuhan, and others. As of 2020, seven Chinese cities permit autonomous vehicles (AVs) to carry passengers in designated areas, with Guangzhou allowing payment for such services. Companies such as Baidu, Didi Chuxing, WeRide, and Alibaba-backed AutoX Technologies have deployed over 150 robotaxi’s in cities such as Beijing, Wuhan, and others.
Major players operating in the global robotaxi market include AutoX, Inc., Baidu, BMW AG, Daimler AG, EasyMile, Ford Motor Company, GM Cruise LLC, Hyundai, Tesla, Inc., and Waymo LLC.
Among component segment, LiDAR segment held the highest market share in the year 2020, and is expected to retain its market share over the forecast period, owing to increasing advancement in the automotive industry. For instance, in November 2020, Luminar Technologies, the self-driving sensor startup entered into partnership with Intel’s Mobileye. Under this partnership, Luminar will work with Mobileye to use the former’s lidar for its robo-taxi pilot and first-generation driverless fleet in regions across globe, including Tel Aviv, Dubai, Paris, and Daegu City.
Figure 2: Global Robotaxi Market Value (US$ Mn), 2017 - 2028
The global robotaxi market was valued at US$ 840.6 million in 2021 and is expected to reach 24,322.8 million by 2028, exhibiting a CAGR of 61.72% between 2021 and 2028.
Major companies operating in the global robotaxi market include AutoX, Inc., Baidu, BMW AG, Daimler AG, EasyMile, Ford Motor Company, GM Cruise LLC, Hyundai, Tesla, Inc., and Waymo LLC.
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