Global Robo-Taxi Market – Industry Trends and Forecast to 2029

Global Robo-Taxi Market, By Service (Station-Based, Car Rental), Vehicle (Shuttle/Van, Car), Propulsion (Hybrid, Electric, Fuel Cell), Component (Camera, LIDAR, Radar, Ultrasonic Sensors), Level of Autonomy (L4, L5), Application (Passenger Transport, Goods Transport) – Industry Trends and Forecast to 2029

Market Analysis and Size

Robo taxis have gained popularity due to their incorporation of various technologies, such as radio detection and ranging (RADAR), cameras and light detection and ranging (LiDAR), among others. These systems are widely being utilized for the transportation of both passengers and material goods.

Global Robo-Taxi Market was valued at USD 1.09 billion in 2021 and is expected to reach USD 61.07 billion by 2029, registering a CAGR of 65.34% during the forecast period of 2022-2029. Electric accounts for the propulsion motorcycle type segment in the respective market owing to the rise in emission concerns across the globe. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.

Market Definition

Robo-taxi or robo-cab refers to type of taxis which are self-driven, without a chauffeur. These are defined as the autonomous cars of autonomic level 4 or level 5 that are operated for a virtual hailing service. These are fuel efficient vehicles that do not emit any harmful carbon gases and protect environment. These eco-friendly automated vehicles are known to consume less battery and reduce the cost of operating cars.

Report Scope and Market Segmentation

Robo-Taxi Market Dynamics

This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:

Drivers

• Growth in the Automotive Industry

The rapid expansion of automotive industry across the globe along with increasing the demand for lightweight and energy-efficient components acts as one of the major factors driving the growth of robo-taxi market. The surge in need for enhanced road safety and traffic control has a positive impact on the market.

• High Demand for Passenger Vehicles

The increase in demand for passenger vehicles owing to the surge in middle-income group population along with rise in standard of living in emerging countries accelerate the market. Consumers are also inclining towards these vehicles due to the availability of economic options in these vehicles.

• Rise in Transportation

The increase in the fleet size of the transportation and logistics companies making monitoring systems necessary for vehicle security and timely delivery further influence the market.

Additionally, surge in investments, increased disposable income and expansion of the automotive sector positively affect the robo-taxi market.

Opportunities

Furthermore, robotic assistance in the delivery of goods and investments in lidar startups by automotive giants extend profitable opportunities to the market players in the forecast period of 2022 to 2029. Also, rise in government support will further escalate the growth of car security systems market.

Restraints/Challenges faced by the Robo-Taxi Market

On the other hand, high cost associated with the expenditure and complexity in the adoption of robotaxis, and cybersecurity threats are expected to obstruct market growth. Also, lack of required infrastructure in emerging countries and issues with navigation in crowded spaces are projected to challenge the robo-taxi market in the forecast period of 2022-2029.

This robo-taxi market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, the impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the robo-taxi market contact Data Bridge Market Research for an Analyst Brief. Our team will help you take an informed market decision to achieve market growth.

COVID-19 had a Major Impact on Robo-Taxi Market

COVID-19 had a negative impact on the global robo-taxi market due to the commute restrictions. The market faced various challenges, such as regulatory and policy changes, working capital management, supply chain execution and dependency on labor. However, organizations prepared strategic cost-saving plans to manage the impact of the pandemic. The demand for vehicle tracking hardware and managing software has increased to manage and cater to the continuous supply of essentials in the post pandemic scenario.

Global Robo-Taxi Market Scope

The robo-taxi market is segmented on the basis of service, vehicle, propulsion, component, level of autonomy and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Service

• Station-Based
• Car Rental

Vehicle

• Shuttle/Van
• Car

Propulsion

• Hybrid
• Electric
• Fuel Cell

Component

• Camera
• LIDAR
• Radar
• Ultrasonic Sensors

Level of Autonomy

• L4
• L5

Application

• Passenger Transport
• Goods Transport

Robo-Taxi Market Regional Analysis/Insights

The robo-taxi market is analyzed and market size insights and trends are provided by country, service, vehicle, propulsion, component, level of autonomy and application as referenced above.

The countries covered in the robo-taxi market report are the U.S., Canada and Mexico in North America, Brazil, Argentina and Rest of South America as part of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC)  in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA).

North America dominates the robo-taxi market because of the presence of a wide base of affluent consumers and rise in the purchase of cars within the region.

Asia-Pacific (APAC) is expected to witness significant growth during the forecast period of 2022 to 2029 due to the surge in capacity of vehicle production and increase in number of exports of automobiles in the region.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points such as down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Robo-Taxi Market Share Analysis

The robo-taxi market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to robo-taxi market.

Some of the major players operating in the robo-taxi market are

• Waymo LLC (US)
• Daimler AG (Germany)
• GM Cruise LLC (US)
• Aptiv (Ireland)
• AB Volvo (Sweden)
• Ridecell, Inc (US)
• Tesla (US)
• Uber Technologies Inc. (US)
• Volkswagen AG (Germany)
• Lyft, Inc. (US)
• Ford Motor Company (US)
• General Motors (US)
• BMW AG (Germany)
• TOYOTA MOTOR CORPORATION (Japan)
• Continental AG (Germany)
• DENSO CORPORATION (Japan)
• NVIDIA Corporation (US)
• Mobileye (Jerusalem)
• Robert Bosch GmbH (Germany)