The global robo-taxi market is anticipated to garner a healthy CAGR of 53.8% during the forecast period (2020-2030), Market Research Future reveals in a detailed report. Robo-taxi is also referred to as an autonomous taxi, which is operated for offering e-hailing services. It is also known as a self-driving taxi, robo-cab, or a driverless taxi, and its control points comprise critical technologies like operating systems, autonomous vehicle sensors, or specific customer touchpoints.
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Market Potential and Pitfalls
The shifting preference for autonomous vehicles is considered one of the propelling factors for the robo-taxi market. Changing trends in the auto industry, like vehicle connectivity, autonomous driving, shared mobility, and powertrain electrification are estimated to push the market growth uphill. With the rising opportunities in shared mobility for pool rides, the robo-taxi market is likely to experience a boost. There has been increased adoption of technologies in vehicles like connected car features. This further augments the market growth across the globe. Due to strict emission mandates, the demand for fuel-efficient and emission-free vehicles has increased, which is estimated to prompt prominent fleet operators to embrace robo-taxis. Also, to improve road safety and traffic handling, the adoption rate of robo-taxi is likely to increase. Moreover, prominent investments made in robotic procedure by OEMs, rapid urbanization, and government incentives, and the recent boom in the e-commerce industry are likely to propel the market growth in the foreseeable future.
On the contrary, concerns related to cybersecurity threats is predicted to restrict the growth of the robo-taxi market in the long run. The threat that automation will soon replace the need for human chauffeurs is predicted to vitiate the market growth.
Global Robo-Taxi Market: Segmental Analysis
The robo-taxi market is segmented on the basis of service type, component, propulsion, vehicle type, and application.
By component, the robo-taxi market is segmented into radar, lidar, sensors, and others. Of these, the sensors segment is predicted to gain prominence in the foreseeable future. This is due to the soaring adoption of technology and electronics.
By service type, the robo-taxi market is segmented into station-based carsharing and car rental. Of these, the car rental segment is likely to hold a larger share.
By vehicle type, the market is classified into passenger car and commercial vehicle. Among these, the passenger car segment is predicted to dominate the global market due to the soaring demand for ride-sharing services worldwide. Moreover, developments, deployments, and testing are made more for passenger cars, rather commercial vehicles, which further propels its growth.
By propulsion, the market is segmented into battery, electric, and hybrid. Robo-taxis are generally equipped with electric powertrains to meet emission norms and minimize operation costs. This augments the growth of the market in the electric segment.
By application, the market comprises residential and non-residential. Among these, the non-residential segment is estimated to expand with a higher CAGR.
Geographically, the robo-taxi market spans across Europe, North America, Asia Pacific, and the Rest of the World (RoW).
Considering the global scenario, Asia Pacific will acquire the highest market share, mainly due to the soaring automotive infrastructure, coupled with the ever-increasing population in India, China, and Japan. The presence of developing economies, booming robo-taxi industry, rapid urbanization, and surging focus on environment and vehicle safety are some of the major factors triggering the demand from the market. Factors such as rising shared mobility, soaring concerns regarding emissions, advancing technology, and increasing emphasis on public transport are promoting the regional market’s growth. The region is home to industry bigshots like Aptiv, DiDi, ZMP, Nissan, and Hyundai, which further dictates its growth trajectory.
Europe will experience a significant growth in the coming years owing to the existence of supportive and developed infrastructure for automobile facilities and electric vehicles across the region. The region is home to robo-taxi component manufacturers like Continental AG, Robert Bosch, Aptiv, and ZF Friedrichshafen AG, which further contributes to the market growth. Advancing technology is further likely to direct the course of the market in the foreseeable future. Moreover, government incentive policies, rising electric vehicle infrastructure, and a strong network of charging stations are likely to augment the market growth in Europe.
July 2019: Hyundai Mobis, South Korea’s auto parts maker, has recently revealed the first driverless robotaxi in Russia. Joint development with Yandex, a Russian information technology company, the two companies will test 100 robo-taxis.
The players dominating the global robo-taxi market include Tesla Inc. (US), Waymo LLC (US), Continental AG (Germany), Robert Bosch Gmbh (Germany), General Motors (US), ZF Friedrichshafen AG (Germany), Aptiv (Ireland), Lyft, Inc. (the US), Ridecell, Inc (US), GM Cruise LLC (US), EasyMile (France), and Navya (France).
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