Global Robotaxi Market, by Vehicle (Shuttle/Van and Car), by Service (Rental and Station Based), by Propulsion (Electric and Fuel Cell), by Component (LiDAR, RADAR, Camera, and Sensor), by Application Type (Goods Transportation and Passenger Transportation), by Level of Autonomy (Level Four and Level Five), and by Region (North America, Latin America, Europe, Asia Pacific, and Middle East and Africa) - Global Forecast to 2028, is expected to be valued at US$ 24,322.8 million by 2028, exhibiting a CAGR of 61.72% during the forecast period (2021 - 2028), as highlighted in a report published by Coherent Market Insights.
Overview
Robotaxi’s are the driverless taxis that are fully autonomous vehicles without a chauffeur. These taxis are fuel efficient that do not emit harmful carbon gases and help in protecting the environment. Currently, market players offers two types of robotaxi’s which include shuttle/van and car.
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.
Market Dynamics
Surge in development of self-driving taxis for ride-sharing companies such as Uber and others will boost the global robotaxi market over the forecast period. For instance, in February 2021, Automotive Maker, Toyota Motor Corp, Autonomous vehicle startup, Aurora and Auto part suppliers Denso planned to develop autonomous minivans (robotaxis) for ride-sharing companies such as Uber and others. The autonomous minivans (robotaxis) will be equipped with Aurora’s self-driving system, with a test fleet to be deployed by the end of 2021.
Moreover, increasing investment by the key players in the automation industry will propel the growth of the global robotaxi market over the forecast period. For instance, in February 2020, Automotive Maker, Toyota Motor Corp invested US$ 400 million in self-driving startup Pony.ai. Through this investment, Toyota and Pony.ai launched a pilot program to test self-driving vehicles on public roads in Beijing and Shanghai. However, lack of proper infrastructural capabilities across the emerging economies such as Mexico, Brazil, and others is one of the major challenge for the growth of global robotaxi market.
Global Robotaxi Market - Impact of Coronavirus (Covid-19) Pandemic
Owing to COVID-19 pandemic, the demand of robotaxis is expected to increase across all regions. For instance, in China, new opportunities for the autonomous driving industry and intelligent solutions have stood out. Restrictions on retail, dining, and everyday life during the outbreak have increased demand for driverless deliveries which will fuel the global robotaxi market growth.
Moreover, robotaxi also proved to be essential in the fight against the COVID-19 pandemic by transporting essential goods such as medical supplies and foods to health-care professionals in the infected areas.
Key Trends and Analysis of the Global Robotaxi Market:
- Among vehicle, car segment held the highest market share in the year 2020, and is expected to retain its market share over the forecast period, owing to high demand for personalized transport. Companies such as Baidu and others are collaborating with Tier one companies to develop autonomous fleet. For instance, in June 2021, Chinese tech giant, Baidu entered into partnership with state-owned automaker BAIC Group. The key intend of the partnership, to build 1,000 driverless car over the next three years.
- Asia Pacific region is expected to exhibit the highest growth in the global robotaxi market during the forecast period, owing to increasing adoption of autonomous driving robotaxi services. For instance, Chinese tech giant, Baidu introduced paid driverless robotaxi services in Beijing, China.
Competitive Section
Major companies operating in the global robotaxi market include AutoX, Inc., Baidu, BMW AG, GM Cruise LLC, Daimler AG, Ford Motor Company, EasyMile, Hyundai, Tesla, Inc., and Waymo LLC
Segmentation
Market Taxonomy:
- By Vehicle
- Shuttle/Van
- Car
- By Service
- Rental
- Station Based
- By Propulsion
- Electric
- Fuel Cell
- By Component
- LiDAR
- RADAR
- Camera
- Sensor
- By Application Type
- Goods Transportation
- Passenger Transportation
- By Level of Autonomy
- Level Four
- Level Five
- By Region
- North America
- Europe
- Latin America
- Asia Pacific
- Middle East and Africa
