Overview and Scope
Robo-taxis are technologically advanced cars that use various advanced driver assistance technology such as front crash prevention system and rare crash prevention system, spotting different objects around them for smooth function of driving, lane departure prevention, and others that can drive safely. Robo-taxis are autonomous vehicles that are used for pickup and dropping off passengers or goods without the need for drivers, which can reduce the cost of transportation and make transport more affordable for day-to-day operations.
Sizing and Forecast
The robo taxis market size has grown exponentially in recent years. It will grow from $2.71 billion in 2023 to $4.32 billion in 2024 at a compound annual growth rate (CAGR) of 59.5%. The growth in the historic period can be attributed to increased worries about road safety, expanding need for commute services, rising concerns about pollutants, growing demand for cost-effective and secure means of transportation, rise of ride-sharing services.
The robo taxis market size is expected to see exponential growth in the next few years. It will grow to $25.23 billion in 2028 at a compound annual growth rate (CAGR) of 55.5%. The growth in the forecast period can be attributed to continued development of autonomous driving systems, regulatory support for autonomous vehicles, integration with smart city infrastructure, demand for cost-effective and convenient transportation, increasing population
Major trends in the forecast period include partnership between automotive and tech companies, fleet-wide adoption of electric robo-taxis, improved user interfaces and customer experience, deployment of 5g networks for seamless connectivity, integration with public transportation systems.
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Segmentation & Regional Insights
The robo taxis market covered in this report is segmented –
1) By Component Type: Camera, Radar, LiDAR, Ultrasonic Sensors, Other Component Types
2) By Service Type: Car Rental, Station Based
3) By Propulsion: Electric, Battery, Hybrid
4) By Application: Goods Transportation, Passenger Transportation
Europe was the largest region in the robo taxis market in 2023. Asia-Pacific is expected to be the fastest-growing region in the robo taxis market during the forecast period. The regions covered in the robo taxis market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
Growing concerns about road safety are expected to propel the growth of the robo taxis market going forward. Self-driving and autonomous vehicles are equipped with various advanced driving technologies such as front crash prevention system and rare crash prevention system, spotting different objects around them for smooth function of driving, which can reduce the significant number of road accidents due to driver behavior or driver errors and can provide the safe and economical solution for transportation. For instance, in 2022, according to the U.S. Department of Transportation’s Fatality Analysis Reporting System (FARS), a US-based government agency, in the United States, approximately 35,766 fatal motor vehicle crashes occurred, resulting in around 11.7 deaths per 100,000 people. Furthermore, in 2022, according to PolicyAdvice, a US-based car insurance company, Telsa, Inc., an American-based automotive company, claims that death caused by self-driving is very less compared to normally driven by approximately 1 fatality per 320 million miles driven. Therefore, the growing concerns about road safety are driving the growth of the robo taxis market.
Key Industry Players
Major companies operating in the robo taxis market report are Waymo LLC, AutoX Inc., Tesla Inc., Baidu Inc., General Motors Company, Lyft Inc., Nissan Motor Corporation, NAVYA Group, Ford Motor Company, Mercedes-Benz Group AG, Bayerische Motoren Werke AG, Volkswagen AG, EasyMile SAS, Ridecell Inc., Nvidia Corporation, AB Volvo, Uber Technologies Inc., Aptiv plc, Beijing Xiaoju Technology Co. Ltd., MOIA GmbH, Zoox Inc., Aurora Innovation Inc., May Mobility Inc., Optimus Ride Inc., Voyage Auto Inc., Pony ai Inc., Nuro Inc., Drive ai Inc., FiveAI Inc., Oxbotica Ltd.
The robo taxis market report table of contents includes:
1. Executive Summary
2. Robo Taxis Market Characteristics
3. Robo Taxis Market Trends And Strategies
4. Robo Taxis Market – Macro Economic Scenario
5. Global Robo Taxis Market Size and Growth
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26. South America Robo Taxis Market
27. Brazil Robo Taxis Market
28. Middle East Robo Taxis Market
29. Africa Robo Taxis Market
30. Robo Taxis Market Competitive Landscape And Company Profiles
Top Major Players:
- Waymo LLC
- AutoX Inc
- Tesla Inc
- Baidu Inc
- General Motors Company
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