The global robotaxi market, by value, is estimated to be USD 0.4 billion in 2023 and is projected to reach USD 45.7 billion by 2030, at a CAGR of 91.8% from 2023 to 2030.
Rising demand for ride-hailing services, significant R&D expenditures, government emphasis on lowering emissions, infrastructure development, and the expansion of vehicle electrification all have an impact on the robotaxi market’s growth.
Future robotaxi growth is anticipated to be fueled by a number of important causes. Robotaxi platforms are being developed based on advancements in autonomous vehicle technologies, including machine learning, artificial intelligence, and sensor capabilities. Customer acceptance of robotaxis is being aided by the cost savings it offers over traditional taxi services or private vehicle ownership, as well as the growth of ride-sharing and Mobility-as-a-Service (MaaS) trends. The increasing focus on sustainability, the necessity for efficient urban transportation, and the greater safety brought about by the elimination of human error are all contributing factors to the need for robotaxis. Because of partnerships, legislative support, and changing attitudes regarding autonomous vehicles, this business is growing.
To cut emissions, nations like the US, China, Germany, France, and Singapore are pushing the usage of robotaxi. Because of their expanding urban populations and economies, Brazil, South Korea, Japan, Canada, India, and South Korea have all expanded their investments in the growth of the automotive industry. The demand for robotaxi will increase during the projection period as a result of this investment.
During the forecast period, the Level 4 sector is anticipated to have the greatest market size by level of autonomy.
The primary drivers of expansion are the level 4 autonomous robo-taxis’ ease of deployment and operation. Mass implementation of level 5 autonomous cars is hampered by safety concerns and a lack of technological developments. The initial deployments would take place on level 4, according to industry experts. Following that, additional vehicles are anticipated to transition to level 5 autonomy as a result of technical improvements in the robo-taxi business in nations including the US, Germany, and China. Companies like Waymo, Uber, and Lyft have all made large investments in the development of level 4 vehicles, indicating a notable rise in investment in autonomous vehicle technology in recent years. The technology has advanced more quickly as a result of this investment, increasing the likelihood that level 4 vehicles may soon be offered for sale. For example, Valeo and DiDi Autonomous Driving established a new strategic partnership and investment agreement in May 2023. The two partners will work together to create intelligent safety solutions for L4 Robotaxis, and Valeo plans to invest in DiDi Autonomous Driving.
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“During the forecast period, Asia Pacific is anticipated to be the largest market.”
The fast testing of autonomous vehicles, the presence of many technology providers and ride-hailing businesses, and plans to deploy robotaxi fleets for widespread usage are the primary factors driving the industry in China. The Asia Pacific region, which includes both developed nations like China and Japan as well as emerging economies like China and India, is home to the largest vehicle market. The primary drivers of the robotaxi industry in China are the escalating pollution concerns and the increase in the number of vehicles on the road, which has led to traffic congestion. The Chinese government has also put in place methodical regulations for the testing and application of robotaxis. A number of companies have been motivated to test vehicles in China by these regulations. Furthermore, it is anticipated that the growing demand for electric vehicles and the accessibility of infrastructure would result in a greater use of robotaxis.
Key Players
The robotaxi market is dominated by global players such as Waymo LLC (US), Baidu, Inc. (China), Beijing Didi Chuxing Technology Co., Ltd. (China), Cruise LLC (US), and EasyMile (France). These companies adopted new product launches, deals, and other strategies to gain traction in the robotaxi market.
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