Self-Driving Taxis (Robotaxis)

Self-Driving Taxis (Robotaxis)

Global Self-Driving Taxis (Robotaxis) Market to Reach US$38.9 Billion by 2030

The global market for Self-Driving Taxis (Robotaxis) estimated at US$431.9 Million in the year 2023, is expected to reach US$38.9 Billion by 2030, growing at a CAGR of 90.2% over the analysis period 2023-2030. Camera Component, one of the segments analyzed in the report, is expected to record a 89.5% CAGR and reach US$13.5 Billion by the end of the analysis period. Growth in the LiDAR Component segment is estimated at 95.4% CAGR over the analysis period.

The U.S. Market is Estimated at US$113.5 Million While China is Forecast to Grow at 84.9% CAGR

The Self-Driving Taxis (Robotaxis) market in the U.S. is estimated at US$113.5 Million in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$5.2 Billion by the year 2030 trailing a CAGR of 84.9% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 81.3% and 77.2% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 62.1% CAGR.

Self-Driving Taxis (Robotaxis) - Key Trends and Drivers

Robo-taxis are autonomous vehicles designed to operate as self-driving taxis within an e-hailing service framework. This innovative mode of transportation allows passengers to request rides through a smartphone application, eliminating the need for a human driver. Often referred to as self-driving or driverless taxis, robo-taxis are typically classified under SAE automation levels 4 or 5, which denote full automation capabilities. Robo-taxis are poised to play a significant role in autonomous mobility on demand (AMoD) services, which could become one of the most rapidly adopted applications of autonomous technology, especially in densely populated urban areas. The potential benefits of robo-taxis are substantial, including enhanced road safety, reduced traffic congestion, and lower pollution and energy consumption, primarily due to their likely reliance on electric vehicles.

The growth of the robo-taxi market is driven by numerous factors. Government initiatives and increased investments from major players in the automation industry are expected to significantly boost the market`s expansion. Such initiatives often include the establishment of regulatory frameworks that facilitate the development and deployment of autonomous vehicles, thereby enabling companies to innovate and bring new products to market more efficiently. The surge in development activities by both established companies and startups has also fueled advancements in the field, further propelling market growth. The elimination of the need for a human driver not only reduces operating costs but also enhances safety by minimizing the risk of accidents caused by human error, which remains a major cause of traffic incidents. Additionally, the growing consumer acceptance of autonomous technology has driven companies to accelerate their efforts in developing and deploying these vehicles.

Future growth in the robo-taxi market will be influenced by the increasing demand for fuel-efficient and emission-free vehicles, due to heightened awareness of environmental issues and the need for sustainable transportation solutions. The adoption of electric and fuel cell-powered robo-taxis contributes significantly to reducing reliance on fossil fuels and lowering greenhouse gas emissions. Moreover, the incorporation of advanced sensors such as LiDAR, RADAR, and cameras enhances vehicle safety and traffic management. These sensors provide comprehensive situational awareness, helping to reduce the likelihood of accidents and improve overall road safety. Robo-taxis can also help alleviate traffic congestion, with studies demonstrating the role of autonomous in influencing the flow of surrounding human-driven vehicles, easing congestion in traffic jams. Furthermore, government regulations play a crucial role in shaping the market landscape. For instance, the U.S. Self Drive Act aims to increase the number of autonomous vehicles permitted on the road, providing a supportive regulatory environment that encourages innovation and large-scale deployment of robo-taxis. This act, once fully implemented, is expected to significantly increase the number of autonomous vehicles on the road, further driving the growth of the robo-taxi market globally.

Select Competitors (Total 43 Featured) -

• 2getthere BV
• Cruise LLC
• Einride AB
• Milla Group
• Motional, Inc.
• NEXT Future Transportation inc.
• Next.e.GO Mobile SE
• NIO Inc.
• Ohmio
• Pony.ai, Inc.
• Sensible 4 Oy
• Tesla, Inc.
• Waymo LLC
• WeRide
• Zoox, Inc.;

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