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2020
Robo Taxi Market

Robo Taxi Market

by Application (Goods Transportation and Passenger Transportation), Component (Camera, RADAR, LiDAR, Ultrasonic Sensor and Others), Propulsion (Electric Vehicles, Fuel Cell Vehicles, and Hybrid Vehicles) and Level of Automation (Level 4 (L4) and Level 5 (L5)): Global Opportunity Analysis and Industry Forecast, 2023-2030
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Report Code: A05761
Pages: 266
Feb 2020 | 15877 Views
Author(s) : Abhay Singh, Lalit Katare , Sonia Mutreja
Tables: 119
Charts: 78
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Robo Taxi Market Outlook - 2026

The global robo taxi market is expected to be $1.03 billion in 2023, and is projected to reach $38.61 billion by 2030, registering a CAGR of 67.8% from 2023 to 2030. The goods transportation segment is projected to be the highest contributor to the market, with $0.61 billion in 2023, and is estimated to reach $21.71 billion by 2030, at a CAGR of 70.5% during the forecast period. The passenger transportation segment is estimated to reach $16.89 billion by 2030 at a CAGR of 74.2%.                                                           

Robo-taxis are the self-driving taxis that are autonomous vehicles, which are operated by an on-demand mobility service. They are self-driving vehicles any human involvement for the operation of the vehicle. With the introduction of automation in vehicles, the demand for self-driving vehicles has increased, which has supplemented the growth of robo-taxi across the globe. Also, autonomous vehicles have gained popularity among customers which has made companies to develop vehicles that do not require a human to drive the vehicle. With the introduction of automation in vehicles, the need for a human driver has been reduced thereby reducing the chances of accidents caused due to human errors. Also, a robo-taxi is equipped with various sensors such as RADAR, LiDAR and others, which makes the vehicle efficient to operate eventually leading to the growth of robo taxi market across the globe.

Robo Taxi Market

Increase in government initiatives and rise in investments by the top players in the automation industry boost the growth of the global robo taxi market. Moreover, increase in development and innovations further fuels the robo-taxi industry. In addition, positive impact of developments related to autonomous vehicles carried out by numerous startups and top players fuels the market across the globe, which increases the robo taxi market size.

The factors such as demand for fuel-efficient and emission-free vehicles and need for better road safety and traffic control drive the robo taxi market growth. However, high R&D cost for implementation and cybersecurity threats is expected to hamper the robo taxi market growth. Further, government regulations and development of smart cities is expected to create numerous opportunities for the growth and expansion of the robo taxi market during the forecast period.

The robo taxi market is segmented based on application, component used, propulsion, level of automation, and region. Based on application, the robo taxi market is categorized into goods transportation and passenger transportation. Based on the component used, the robo taxi market report has been categorized into camera, RADAR, LiDAR, and ultrasonic sensor. Based on the propulsion system, the robo taxi market report has been categorized into electric, fuel cell and hybrid propulsion system. Level 4 (L4) and level 5 (L5) are the level of automations that have been categorized in the robo taxi market report. Based on the region, the robo taxi market report has been categorized into North America, Europe, Asia-Pacific and LAMEA.

Key players including Waymo LLC (subsidiary of Alphabet Inc.), Cruise LLC (subsidiary of General Motor Company), Tesla, Nissan Motor Corporation, Lyft, Inc., Uber Technologies, Daimler AG, Ford Motor Company, Volkswagen AG and Volvo Group hold major market share.

Robo Taxi Market
By Application

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Passenger transportation is projected as the most lucrative segments

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Demand for Fuel Efficient and Emission Free Vehicles

With the increased trend for automation among vehicles, the demand for fuel efficient and emission free vehicles has increased across the globe. This increased demand has enabled the manufacturers to develop emission free vehicles, which supplement the robo taxi market growth. Robo-taxis are intended to be completely autonomous and thus, require a better and more efficient fuel system to operate the vehicle. Also, the introduction of electric and fuel cell-based vehicles reduce their dependency on fossil fuels to a larger extent. This leads to reduction in pollution, as they do not emit air pollutants. Also, the increase in awareness toward the consequences of air pollution and rise in levels of traffic & greenhouse gas emission drive the adoption of fuel efficient and emission free vehicle, as robo-taxi is eco-friendly than other conventional vehicles in terms of fuel efficiency. Hence, the demand for fuel efficient and emission-free vehicles supplements the growth of the robo taxi market across the globe.

Robo Taxi Market
By Component

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Ultrasonis Sensors is projected as the most lucrative segment

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Need for Better Road Safety and Traffic Control 

Robo-taxis have several advantages over traditional vehicles in terms of safety and traffic congestion. An autonomous vehicle is installed with a number of sensors including LiDAR, RADAR, camera, and GPS. These sensors are short range (providing details of moving objects near the vehicle) as well as long range (providing details of high speed oncoming vehicles) to help the vehicle sense any object or obstacle in its way, thus eliminating the chances of accidents. 

Robo-taxis can also help reduce traffic congestion. Based on a study by University of Illinois, it was proven that one autonomous car stuck in a traffic congestion with 20 other human driven cars can ease the congestion by controlling its speed and of all the other cars in the jam. The fuel consumption will also be reduced with the use of autonomous vehicle as the sensors such as LiDAR, RADAR and others used in vehicles operate as per the traffic congestion, thereby switching off the vehicles in extreme traffic congestion.  However, autonomous vehicle moving at a controlled pace can reduce the use of fuel. Thus, the need for better road safety and traffic control leads to the growth of the robo taxi market across the globe. 

Robo Taxi Market
By Propulsion

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Hybrid Vehicles is projected as the most lucrative segments

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High R&d Cost for Implementation

Robo taxis consist of more than 50 sensors including LiDAR, RADAR, and camera, which are installed all around the vehicle and help build a safety circumference. Any obstacle approaching the vehicle can be immediately detected using these sensors. However, these sensors are not economically priced. A high quality long range LiDAR can even cost up to $75,000. And apart from the hardware cost, the vehicle also needs software, which can extract information from the sensors and control the vehicle. Therefore, vehicle production and large-scale deploy with cost-effective hardware pose to be major challenges for the manufacturers, which is expected to be the restraining factor for the robo taxi market during the forecast period.

Government Regulations

The government of several countries implement regulations in support of autonomous vehicles. For instance, in September 2017, the U.S. House of Representatives passed a bill for Safely Ensuring Lives Future Deployment and Research in Vehicle Evolution Act, or Self Drive Act, which is waiting to get cleared from the Senate. The role of this act is to establish a federal framework for the regulation of self-driving cars. Earlier, the autonomous vehicle market players were interested in testing driverless technology. They need to apply exemptions from the National Highway and Traffic Safety Administration’s (NHTSA) federal motor vehicle safety standards; however, the agency grants only 2,500 exemptions per year. But the Self Drive Act is projected to increase that cap to 25,000 per year initially, and expand it up to 100,000 annually in three years’ time. Such type of government regulations supplements the growth of robo taxi market across the globe.

Robo Taxi Market
By Region

2030
North America 
Europe
Asia-pacific
Lamea

North America would exhibit the highest CAGR of 29.6% during 2021-2030.

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Key Benefits for Stakeholders

  • This study comprises analytical depiction of the Robo Taxi market with current trends and future estimations to depict the imminent investment pockets.
  • The overall potential is determined to understand the profitable trends to gain a stronger foothold Robo Taxi industry.
  • The market analysis report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
  • The current market forecast is quantitatively analyzed from 2023 to 2030 to benchmark the financial competency.
  • Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the industry.

Robo Taxi Market Report Highlights

Aspects Details
By Application
  • Goods transportation
  • Passenger transportation
By Component
  • CAMERA
  • RADAR
  • LIDAR
  • ULTRASONIC SENSOR
  • OTHERS
BY PROPULSION
  • Electric
  • Fuel cell
  • Hybrid
BY LEVEL OF AUTOMATION
  • Level 4 (L4)
  • Level 5 (L5)
By Region
  • NORTH AMERICA  (U.S., Canada, Mexico)
  • Europe  (Germany, France, UK, Italy, Rest of Europe)
  • Asia-Pacific  (Japan, China, Australia, South Korea, Rest of Asia-Pacific)
  • LAMEA  (Latin America, Middle East, Africa)
Key Market Players Cruise LLC (subsidiary of General Motor Company), Daimler AG, Ford Motor Company, Lyft, Inc., Nissan Motor Corporation, Tesla, Uber Technologies, Volkswagen AG, WAYMO LLC (subsidiary of Alphabet Inc.)
 

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Robo-taxis are the self-driving vehicles that operate autonomously and does not require any human chauffer to drive the vehicle. Robo-taxis require artificial intelligence system to operate the vehicle effectively and efficiently. Since it does not include a driver for the operation of the vehicle, the robo-taxis and autonomous vehicles have gained popularity, thereby leading to the growth of the market across the globe. Various companies such as Waymo LLC (subsidiary of Alphabet Inc.), Tesla, Nissan Motor Corporation and others have carried out numerous developments and innovations in the field of robo-taxis, which supplements the growth of the market. Also, various governments across the globe have made mandatory regulations to implement autonomous vehicles in their jurisdiction, which is expected to fuel the growth of the robo-taxi market during the forecast period.

The factors such as demand for fuel-efficient and emission-free vehicles and need for better road safety and traffic control are driving the growth of the market. However, high R&D cost for implementation and cybersecurity threats is expected to hamper the growth of the robo-taxi market. Further, government regulations and development of smart cities are expected to create numerous opportunities for the expansion of the market.

Among the analyzed regions, currently, North America is expected to be the highest revenue contributor, and is projected to maintain the lead during the forecast period, followed by Europe, LAMEA, and Asia-Pacific.

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FREQUENTLY ASKED QUESTIONS?

A. Robo taxi market is expected to see a lucrative growth due to the increased demand for safety while travelling in a vehicle. Also, COVID-19 pandemic has increased safety concerns while using public trasnport thus leading to the growth of the market.

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