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.
The growth of the robotaxi market is influenced by the rising demand for ride-hailing services, high R&D investments, and government focus on reducing emissions, infrastructure development, and growth of the electrification of vehicles.
The growth of robotaxi in the future is expected to be driven by several key factors. Robotaxi platforms are being created on the basis of technological developments in autonomous vehicle technologies, such as AI, machine learning, and sensor capabilities. The cost reductions provided by robotaxis when compared to conventional taxi services or private automobile ownership, as well as the expansion of ride-sharing and Mobility-as-a-Service (MaaS) trends, are encouraging customer adoption. The need for robotaxis is also being fueled by the growing emphasis on sustainability, the requirement for effective urban transit, and increased safety as a result of the abolition of human mistake. This market is expanding as a result of regulatory backing, partnerships, and shifting views toward autonomous vehicles.
Countries such as China, US, Germany, France, and Singapoure are promoting the use of robotaxi to reduce emissions. India, Canada, South Korea, Japan and Brazil have increased their investments in the development of automotive industry due to the growing urban population and economy in these countries. Due to such investment demand for robotaxi will be more during the forecast period.
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By level of autonomony, Level 4 segment is estimated to account for the largest market size during the forecast period
Ease of deployment and operation of level 4 autonomous robo-taxis are the main reasons for growth. Lack of technological advancements and safety issues are the hurdle for level 5 autonomous vehicles for mass deployment. As per industry experts, the first few deployments would be on level 4. Post that, with technological advancements in the robo-taxi market in countries such as the US, Germany, and China, more vehicles are projected to move to level 5 autonomy. Also, there has been a significant increase in investment in autonomous vehicle technology in recent years, with companies such as Waymo, Uber, and Lyft all investing heavily in the development of level 4 vehicles. This investment has helped to accelerate the development of the technology and has made it more likely that level 4 vehicles will be commercially available in the near future. For Instance, In May 2023, DiDi Autonomous Driving and Valeo announced a new strategic cooperation and investment agreement. Valeo intends to invest in DiDi Autonomous Driving and the two partners will develop intelligent safety solutions for L4 Robotaxis together.
“Asia Pacific is expected to be the largest market during the forecast period.”
The main drivers influencing the industry in China include the rapid testing of autonomous vehicles, the existence of several technology providers and ride-hailing companies, and ambitions to deploy robotaxi fleets for widespread use. The biggest market for automobiles is in the Asia Pacific area, which includes developed countries like Japan and China as well as growing economies like China and India. The growing concerns about pollution and the rise in the number of vehicles on the road, which has resulted in traffic congestion, are the main factors driving the robotaxi business in China. For the testing and use of robotaxis, the Chinese government has also established systematic rules. These regulations have inspired several businesses to conduct vehicle testing in China. In addition, the increasing demand for electric vehicles and availability of infrastructure are expected to lead to the increasing deployment of robotaxis.
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Key Market 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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