Demand for emission-free cars and fuel-efficient, as well as the need for improved traffic control and road safety is driving the expansion of the Robotaxi industry.
The influence of innovations connected to autonomous cars carried out by various startups and major players stimulates the industry globally, increasing the size of the robo taxi market. The global Robotaxi industry is expanding because of numerous advantages, including reduced traffic congestion, simpler parking, lower CO2 emissions, and a lower risk of accidents. The global Robotaxi market has been expanding, reaching an overall market size of 40.6 USD billion in recent years and is anticipated to expand at 59% CAGR during the forecasted period, 2021-2028.
With the growing trend of vehicle automation, there is a greater need for fuel-efficient and emission-free automobiles all over the world. Because of the growing demand, manufacturers have been able to produce emission-free cars, which have aided the expansion of the robo taxi business. Robo-taxis are designed to be totally autonomous, which necessitates a better and more efficient fuel source to power the vehicle. Furthermore, the introduction of electric and fuel cell-powered cars reduces their reliance on fossil fuels to a greater level. As a result, pollution is reduced since they do not produce air pollutants.
Furthermore, the increased awareness of the implications of air pollution, as well as the growth in traffic and greenhouse gas emissions, push the adoption of fuel-efficient and emission-free cars, as Robotaxi is more eco-friendly than other traditional vehicles in terms of fuel economy. As a result, the demand for fuel-efficient and emission-free cars complements the global expansion of the Robotaxi business. An autonomous vehicle is outfitted with a variety of sensors such as a camera, LiDAR, RADAR, and GPS. These sensors are both long and short range, assisting the vehicle in recognizing any item or barrier in its path, minimizing the probability of an accident.
The problems associated with traffic congestion is significantly managed with Robotaxi deployments. According to a University of Illinois research, one autonomous car caught in traffic with 20 other human-driven automobiles can relieve the congestion by managing its own speed as well as the speed of all the other cars in the bottleneck. The use of autonomous cars will also cut fuel consumption since sensors such as RADAR, LiDAR, and others used in vehicles work according to traffic congestion, therefore shutting off the vehicles in high traffic congestion. However, an autonomous vehicle travelling at a regulated speed can minimize fuel use. As a result of the demand for improved road safety and traffic control, the global robo taxi industry is expanding.
In terms of vehicle type, the car segment is expected to be the most lucrative segment in years to come. Self-driving car manufacturers are spending hugely in the testing and deployment of self-driving vehicles. Vehicles, shuttles, vans are now being tested and designed.
In terms of propulsion, In the future, the electric sector is projected to have the largest market share. Environmental concerns have raised demand for fuel-efficient cars. Robotaxis would not only give robotic assistance, but would also usher in a new era of reduced fuel use and zero carbon emissions.
In terms of region, Europe's population is anticipated to grow considerably in the future. Germany, Norway, France, and the Netherlands are regarded as the European region's dominant powers. Challenges in fleet operation, deployment, and testing are prevalent in the region. However, emerging technologies are likely to overcome the challenges significantly over the years.
Emerging technical advances for self-driving vehicles will have a huge impact on the industry.
The major players of the global Robotaxi market are Waymo (US), Baidu (China), Cruise LLC (US), AutoX (China), and Tesla (US). This market research study extensively analyses the major competitors via strategic analysis, pricing analysis, micro and macro market trend and scenario analysis, and a detailed evaluation of market conditions for the projected time period. According to the findings of the market share research, the industry is extremely fragmented, with firms competing for market share while maintaining large and increasing product portfolios. Landscape services are currently being engaged in by industry participants in order to broaden their research divisions and increase market share.
Key Segments of the Global Robotaxi Market
Application Type Overview, 2018-2028 (USD Billion)
- Goods Transportation
- Passenger Transportation
Level of Autonomy Overview, 2018-2028 (USD Billion)
- Level 4
- Level 5
Vehicle Type Overview, 2018-2028 (USD Billion)
Propulsion Overview, 2018-2028 (USD Billion)
- Fuel Cell
Service Type Overview, 2018-2028 (USD Billion)
- Station Based
- Car Rental
Component Type Overview, 2018-2028 (USD Billion)
- Ultrasonic Sensors
Regional Overview, 2018-2028 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and Africa