Market Summary -
According to Market Research Future (MRFR), Robo-Taxi Market is estimated to witness a 53.8% CAGR during the forecast period. Additionally, the proliferation of auto-driven/ driverless cars increases the robo-taxi market sales. Advancements in technology enable automakers to create purpose-built electric vehicles for ride-hailing purposes.
The robo-taxi market is garnering significant traction across the globe. The market growth attributes to the growing demand for hassle-free hailing vehicle services globally and the growing need for traffic control & better road safety. Besides, increasing scope for vehicle-to-infrastructure communications and fuel-efficient & environment-friendly vehicles drives the market growth.
Rising zero-emissions mobility solutions and the demand for a purpose-built electric vehicle for ride-hailing are major trends in the market. With increasing developments in futuristic autonomous technologies and increasing passenger safety, the market is forecasted to witness significant traction in the years to come. Moreover, the increasing sale of passenger cars in emerging countries escalates the market demand.
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Also, rising numbers of road accidents have led to an increase in the robo-taxi market. Conversely, high capital investments associated with the production of robo-taxis are a significant factor projected to impede market growth. Nevertheless, augmenting demand for safety technologies would support market growth throughout the review period.
Global Robo-Taxi Market — Competitive Analysis
Highly competitive, the robo-taxi market appears fragmented due to the presence of several well-established players. To gain a larger competitive share, industry players adopt strategies such as mergers & acquisitions, collaboration, innovation, and brand reinforcement. Vendors providing these autonomous vehicles also offer after-sales services to the end-users. Manufacturers strive to develop low-cost, compact systems, emphasizing improved hardware.
Major Players
Players leading the robo-taxi market are Tesla Inc. (US), Waymo LLC (US), Robert Bosch Gmbh (Germany), ZF Friedrichshafen AG (Germany), Continental AG (Germany), General Motors (US), Aptiv (Ireland), Lyft, Inc. (US), GM Cruise LLC (US), Navya (France), Ridecell, Inc (US), and EasyMile (France).
Robo-Taxi Market — Segments
The report is segmented into components, service types, vehicle types, propulsion, applications, and regions. The component segment is sub-segmented into lidar, radar, sensors, and others. Among these, the sensors segment accounts for a significant market share.
The service type segment is sub-segmented into station-based car-sharing & car rental. Among these, the car rental segment accounts for a significant market share. The vehicle type segment is sub-segmented into passenger and commercial vehicles. Among these, the passenger car segment accounts for a significant market share.
The propulsion segment is sub-segmented into electric, battery, and hybrid. The application segment is sub-segmented into residential and non-residential. Among these, the non-residential segment accounts for a significant market share.
Robo-Taxi Market — Regional Analysis
The Asia Pacific region dominates the global robo-taxi market. The largest market share attributes to rising automotive infrastructure and growing population in China, Japan, and India. Additional factors bolstering the regional market share are the growing robo-taxi industry and increasing focus on environment and vehicle safety. Furthermore, developing countries with growing economies and rapid urbanization in the region impact market growth positively.
North America stands second in the global robo-taxi market. Factors such as substantial technological advances in production techniques and product developments boost the market size. Besides, the presence of notable industry players, alongside the early uptake of advanced autonomous vehicles for passenger vehicles, drives the regional market growth. The well-established automotive industry in this region creates opportunities for the robo-taxi market to grow significantly.
Europe has emerged as a promising market for robo-taxis. The region is a hub for luxury cars and automotive research & innovation, boosting the market size. Moreover, the resurging economy in the region is playing a vital role in the market’s growth. Growing passenger car markets in Germany, the UK, France, and Italy support the regional market growth. Furthermore, enormous investments to improve automotive safety technologies in the UK and Germany influence the growth of the regional market.
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