Global Robo-Taxi Market Size, Share, Forecast Report, 2020-2027
Robo-Taxi is an autonomous taxi operated for providing e-hailing (on-demand mobility) services. A robo-taxi is also known as robo-cab, self-driving taxi or a driverless taxi. For robo-taxis, control points might include critical technologies such as autonomous vehicle sensors, operating systems, or specific customer touchpoints. The major advantage of this type of taxi is that it could drastically reduce greenhouse gas emissions as it is expected to have lower energy consumption rates.
The global Robo-Taxi Market is estimated to witness 53.8% CAGR during the forecast period. The major key driving factors for the growth of this market are the growing demand for fuel efficient and environment friendly vehicles, increasing scope for vehicle-to-infrastructure communications, growing car services globally, and growing need for traffic control and better road safety.
The high investment and complex design of the robo-taxi along with increasing cybersecurity threats are some of the factors that are hindering market growth. However, the growing demand for autonomous vehicles or self-driving cars, robotics assistance system in vehicles, rapid urbanization, and developing economies of emerging countries are providing lucrative growth opportunities for the global market.
Competition amongst robo-taxi manufacturers and strict government regulations for fuel efficient and carbon-free emission vehicles has prompted manufacturers to design the taxis as per the regulations. This is one of the key factors responsible for the growth of this market.
Segmentation: Global Robo-Taxi Market
The global robo-taxi market is segmented on the basis of component, service type, vehicle type, propulsion, application, and region. On the basis of component, the global market has been segmented into lidar, radar, sensors, and others. The sensors segment is expected to witness significant growth during forecast period. On the basis of service type, the global market has been divided into station-based carsharing and car rental. The car rental segment is projected to hold larger sharer during the forecast period. On the basis of vehicle type, the global market has been divided into passenger car and commercial vehicle. The passenger car segment is expected to dominate the market throughout the study period due to the growing demand for ride-sharing services, globally. On the basis of propulsion, the global market has been segmented into electric, battery, and hybrid. On the basis of application, the global market has been divided into residential and non-residential. The non-residential segment is expected to grow with a higher CAGR during the forecast period.
Geographically, the global robo-taxi market has been segmented into four major regions- North America, Europe, Asia-Pacific, and the rest of the world. Asia-Pacific is estimated to hold the highest market share throughout the forecast period, owing to rising automotive infrastructure and growing population in China, Japan, and India. Furthermore, Asia-Pacific is also expected to witness the highest growth during the forecast period due to the presence of developing countries with growing economies, rapid urbanization, growing robo-taxi industry, and increasing focus on environment and vehicle safety.
The Prominent Players operating in the global robo-taxi market are Waymo LLC (US), Tesla Inc. (US), Robert Bosch Gmbh (Germany), Continental AG (Germany), ZF Friedrichshafen AG (Germany), General Motors (US), Lyft, Inc. (US), Aptiv (Ireland), GM Cruise LLC (US), Ridecell, Inc (US), Navya (France), and EasyMile (France).