Robo Taxis Global Market Report 2024

Robo-taxis are technologically advanced vehicles equipped with various driver assistance technologies, such as front and rear crash prevention systems, object detection capabilities for smooth driving, and lane departure prevention. These autonomous vehicles operate without the need for human drivers and are designed for transporting passengers or goods, aiming to reduce transportation costs and enhance affordability for day-to-day operations.

The main components of robo-taxis include cameras, radar, Lidar (Light Detection and Ranging), ultrasonic sensors, and other technologies. Cameras capture images of the surroundings during driving, interpreting environmental details like signboards, traffic lights, and animals to facilitate smooth driving and prevent road crashes. Robo-taxis offer various services, including car rental and station-based services, with different propulsion types such as electric, battery, and hybrid. These vehicles find applications in goods transportation and passenger transportation.

The robo taxis market research report is one of a series of new reports that provides robo taxis market statistics, including robo taxis industry global market size, regional shares, competitors with a robo taxis market share, detailed robo taxis market segments, market trends and opportunities, and any further data you may need to thrive in the robo taxis industry. This anomaly detection market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The robo taxis market size has grown exponentially in recent years. It will grow from $2.71 billion in 2023 to $4.32 billion in 2024 at a compound annual growth rate (CAGR) of 59.5%. The growth observed in the historical period can be attributed to heightened concerns regarding road safety, an increased demand for commute services, growing worries about pollutants, a rising demand for cost-effective and secure transportation options, and the emergence of ride-sharing services.

The robo taxis market size is expected to see exponential growth in the next few years. It will grow to $25.23 billion in 2028 at a compound annual growth rate (CAGR) of 55.5%. The anticipated growth in the forecast period can be attributed to the ongoing development of autonomous driving systems, regulatory support for autonomous vehicles, integration with smart city infrastructure, a persistent demand for cost-effective and convenient transportation, and the increase in population. Major trends expected in the forecast period include partnerships between automotive and tech companies, the fleet-wide adoption of electric robo-taxis, advancements in user interfaces and customer experience, the deployment of 5G networks for seamless connectivity, and integration with public transportation systems.

Growing concerns regarding road safety are anticipated to drive the robo-taxis market's growth. Autonomous vehicles equipped with advanced driving technologies, including front and rear crash prevention systems, can significantly reduce road accidents attributed to human errors. In 2022, the U. S. Department of Transportation's Fatality Analysis Reporting System reported approximately 35,766 fatal motor vehicle crashes in the United States. With the implementation of self-driving technology, such as Tesla's Autopilot, which claims a significantly lower fatality rate compared to conventionally driven vehicles, there is a potential to enhance road safety and provide a secure and efficient transportation solution.

The rise in the production and sales of electric vehicles (EVs) is poised to propel the robo-taxis market. Electric vehicles contribute to environmental sustainability, reducing air pollution and fostering the adoption of connected-car features. The International Energy Agency's Global Electric Vehicle Outlook for 2022 revealed that over 10 million electric cars were sold worldwide. This shift toward EVs is a key driver for the robo-taxis market, aligning with the growing emphasis on green and sustainable transportation solutions.

Technological advancements stand out as a prominent trend in the robo-taxis market, with major companies prioritizing the development of cutting-edge products to strengthen their market positions. For example, in May 2021, Argo AI LLC introduced a technologically advanced LiDAR sensor for autonomous vehicles, leveraging Geiger-mode technology. This technology enhances the detection capabilities of self-driving systems, allowing for the detection of darker objects with high sensitivity, even in low-light conditions.

Strategic partnerships are a crucial aspect of the robo-taxis market, facilitating market expansion and strengthening the position of major companies. In August 2023, Pony. ai entered into a joint venture with Toyota Motor Investment Co Ltd (TMCI) and GAC Toyota Motor Co Ltd. (GTMC) to accelerate the mass production and deployment of driverless robotaxis. This collaboration involves GTMC providing Pony. ai with Toyota-branded battery electric vehicles equipped with Level 4 autonomous driving capabilities.

In November 2022, Motional, a U. S. -based autonomous driving company formed through collaboration between Hyundai Motor Group, a South Korea-based automobile company, Aptiv, an Ireland-based automotive technology supplier, and Lyft, a U. S. -based mobility service provider offering ride-hailing, vehicles for hire, motorized scooters, bicycle-sharing systems, rental cars, and food delivery, declared their joint venture to launch an autonomous ride-hailing service in Los Angeles. This marks an eagerly anticipated milestone for Motional and Lyft as they introduce robotaxis to Lyft users in Los Angeles for the first time.

Major companies operating in the in the robo taxis market report are Waymo LLC, AutoX Inc., Tesla Inc., Baidu Inc., General Motors Company, Lyft Inc., Nissan Motor Corporation, NAVYA Group, Ford Motor Company, Mercedes-Benz Group AG, Bayerische Motoren Werke AG, Volkswagen AG, EasyMile SAS, Ridecell Inc., Nvidia Corporation, AB Volvo, Uber Technologies Inc., Aptiv plc, Beijing Xiaoju Technology Co. Ltd., MOIA GmbH, Zoox Inc., Aurora Innovation Inc., May Mobility Inc., Optimus Ride Inc., Voyage Auto Inc., Pony ai Inc., Nuro Inc., Drive ai Inc., FiveAI Inc., Oxbotica Ltd.

Europe was the largest region in the robo taxis market in 2023. Asia-Pacific is expected to be the fastest-growing region in the robo taxis market during the forecast period. The regions covered in the robo taxis market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the robo taxis market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The robo taxis market consists of sales of self-driven or driverless cars. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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