Robot taxi market expected to hit $39.81 billion by
New York, United States, June 13, 2022 (GLOBE NEWSWIRE) — According to a comprehensive research report by Market Research Future (MRFR), “Robot taxi market Analysis by component (Lidar, Radar, Sensors), by type of service (in-station car sharing and car rental), by type of vehicle (passenger car and utility vehicle), by propulsion (electric, battery and hybrid), by Application (Residential and Non-Residential) and by Region – Forecast to 2030” is on track to reach USD 39.81 billion by 2030, registering a CAGR of 53.8% throughout the forecast (2020-2030).
Overview of the robot taxi market
The global robo-taxis market is booming owing to the growing preference for new mobility services such as ride-sharing in urban areas. Additionally, advancements in autonomous driving enabling new forms of mobility are one of the major drivers of market growth. Many people and taxi service businesses in urban areas are demanding automation, electrification and networking, enabling and shaping this robo-taxi space.
Scope of the Robot Taxi Market Report:
|Market size||$39.81 billion (2030)|
|Year of reference||2019|
|Forecast units||Value (USD billion)|
|Report cover||Revenue forecasts, competitive landscape, growth factors and trends|
|Segments Covered||Component, service type, vehicle type and region|
|Geographical areas covered||North America, Europe, Asia-Pacific and Rest of the World (RoW)|
|Main suppliers||Tesla Inc. (USA), Robert Bosch Gmbh (Germany), Waymo LLC (USA), ZF Friedrichshafen AG (Germany), General Motors (USA), Continental AG (Germany), Aptiv (Ireland), GM Cruise LLC (USA), Lyft, Inc. (USA), Ridecell, Inc (USA), EasyMile (France) and Navya (France)|
|Key market opportunities||Growing demand for efficient fuel|
|Key Market Drivers||Increase the reach of vehicle-to-infrastructure communications|
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Regulations allowing providers to operate taxis without a human driver are important. With the approval of legal regulations in several countries, this market is expected to overtake the passenger car space in the coming years.
Overcrowding of public transport vehicles, increasing infrastructure development activities and technological developments in the automotive sector have a positive impact on the market value. In addition, the high demand for passenger cars and efficient public transport services creates significant market opportunities. The growing market penetration of smartphones is another key growth driver enabling booking and tracking of personal mobility.
Using a taxi booking app on their mobile, users can not only conveniently book a shuttle but also book a preferred seat. On the same mobile app, the position of the trip can also be tracked while getting inputs on high traffic areas from a smart connected traffic system. Growing demand for zero-emission mobility solutions and specially designed electric vehicles for taxi services are the major market trends.
Robot taxi market segments
The robot taxi market is segmented into components, service types, vehicle types, propulsions, applications, and regions. The component segment includes lidars, radars, sensors and others. The service type segment includes in-station car sharing and car rental. The vehicle type segment includes passenger cars and commercial vehicles.
The propulsion segment includes electric, battery and hybrid. The application segment includes residential and non-residential. The regional segment includes MEA, Asia-Pacific, North America, Europe and Rest of the World.
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Robot Taxi Market Regional Analysis
The Asia-Pacific region is leading the global robot taxi market owing to the growing demand for robot taxis and government attention to environment and vehicle safety. Additionally, improving public transportation infrastructure with rapid economic growth and urbanization in developing countries is accelerating the region’s market share. With a steadily growing population, China, Japan and Singapore account for notable regional market shares.
North America is another lucrative market for robo-taxi in the world. Major technological advancements in autonomous driving and increasing use of robot taxis in the region are increasing the size of the market. Additionally, the presence of notable industry players, early adoption of advanced driverless technologies, and well-established automobile industry increase the market value.
Europe is also a promising market for robot taxis, witnessing a large share of the global market. The region is a hub for luxury cars, self-driving cars, and automotive research and innovation, which justifies the market revenue. Additionally, economic recovery in the region, along with growing passenger car markets in Germany, UK, France, and Italy, are supporting the growth of the market.
Automakers are scrambling to develop purpose-built robotaxis capable of operating at up to 75 miles per hour. On the other hand, robo taxi service companies are striving to increase their footprint in other countries, building a fleet of self-driving robo taxis and a ride-sharing service. They also target smart cities with connected infrastructure and focus on sites such as airports, exhibition centers, large industrial parks, amusement parks and pedestrian areas.
Automakers are looking to lead the development of robo-taxis using flexible modular system solutions for new companies entering the mobility market. The growing demand for hassle-free taxi services and the need for traffic control and better road safety are encouraging car manufacturers to integrate a high-performance central computer for autonomous driving.
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In addition, the corresponding commands derived from processing the large amount of sensor data and compiled into a comprehensive overview are then implemented in the vehicle system, including drive, chassis, brakes, steering system or occupant safety systems. Growing adoption of fuel-efficient and environmentally-friendly vehicles, along with advancements in vehicle-infrastructure communications, are driving the growth of the market.
Moreover, the proliferation of driverless cars is expected to increase the sales of robot taxis in the market. Advancements in technology are allowing automakers to create electric vehicles specifically designed for transportation purposes. However, the proliferation of robo-taxis could affect sales and automakers, dramatically reducing the need for a second vehicle.
Robot Taxi Market Competitive Analysis
The Dominant Key Players in the Robo-Taxi Market Covered Are:
- Tesla Inc. (USA)
- Robert Bosch GmbH (Germany)
- Waymo LLC (USA)
- ZF Friedrichshafen AG (Germany)
- General Motors (USA)
- Continental AG (Germany)
- Aptiva (Ireland)
- GM Cruise LLC (USA)
- Lyft Inc. (USA)
- Ridecell Inc (USA)
- EasyMile (France)
- Navya (France)
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The global robot taxi market appears to be highly competitive with several well-established players forming a competitive landscape. The market is assessed to witness significant product launches and strategies, such as mergers and acquisitions, partnerships, collaborations, expansions, and product and technology launches. These market players are making significant investments to boost research and development activities and expansion plans.
For example, on April 22, 2022, Tesla released more details about its robo-taxi project, building on the needs of ride-sharing customers. Robotaxis tops the list of upcoming Tesla products, while others include the oft-delayed Cyber truck, electric tractor-trailers, an updated roadster and a humanoid robot. Robot taxi services integrate automotive technology, software and services.
The newly developed dedicated robo-taxi will be highly optimized for autonomy and will have no steering wheel or pedals. The unnamed vehicle is further expected to be a major driver of the company’s future growth. While confirming that the vehicle will launch in 2023 and likely enter volume production in 2024, the company also confirmed that the new robo-taxi is designed to lower the cost per mile.
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