Robo-Taxi Market Synopsis
MRFR Latest Published Robo-Taxi Market share 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.
- June 2023, According to Marko Pejovic, CEO of Croatian technology company the Project 3 Mobility (P3M), work will begin on building a factory that will make robo-taxi cars as part of a project that is being co-funded by the EU. With a grant of €179.5 million, the EU is co-financing the €535 million project as part of Croatia's recovery and resilience strategy. Fully autonomous electric cars, accompanying infrastructure, and a software platform are all included in the project. It is a component of a larger urban transportation initiative in Zagreb, the capital of Croatia.
Robo-Taxi Market Segmentation
The global robo-taxi market is segmented on the basis of component, service type, vehicle type, propulsion, application, and region.
Robo-Taxi Component Insights
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.
Robo-Taxi Service Type Insights
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.
- February 2023, Amazon's robotaxi, Zoox, was recently tested on public roads. Even Amazon staff rode in the autonomous cab as passengers. Zoox will be used by Amazon on its own campuses and will be rented out to taxi services like Uber for general public use. With Zoox, Amazon expects to be able to establish a free staff shuttle service which will also aid in the company's technological development and enable it to be sold to municipal governments, academic institutions, and other organizations with huge enclosed campuses.
Robo-Taxi Vehicle Type Insights
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.
- May 2023, Uber And Waymo Work Together to Create Robotaxis in Phoenix. The CEO of Waymo expressed excitement about providing a different means for individuals to enjoy and profit from complete autonomy. The combination of their cutting-edge technology and all-electric fleet with their user base gives Waymo the chance to reach even more people. Uber long has been a leader in the human-operated ridesharing.
Robo-Taxi Propulsion Insights
On the basis of propulsion, the global market has been segmented into electric, battery, and hybrid.
- May 2023, The self-driving technology business of DiDi Global, DiDi Autonomous Driving, has announced a reinforced relationship with GAC AION, a division of the Guangzhou Automobile Group. A cooperative initiative called "AIDI" will see them establish a joint business to build electric Robotaxi in large quantities. This is a significant turning point in the development and use of L4 autonomous driving EVs.
Robo-Taxi Application Insights
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.
Robo-Taxi Market Key Players
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)
- EasyMile (France).
Robo-Taxi Industry Development:
Waymo (Alphabet):
- October 18, 2023- Launched its robo-taxi service in Phoenix, Arizona, with limited public access.
- September 5, 2023- Partnered with Renault Nissan Mitsubishi Alliance for developing robo-taxi solutions in multiple markets.
Cruise (General Motors):
- October 25, 2023- Expanded its robo-taxi pilot program in San Francisco, offering rides to a wider range of users.
- August 10, 2023- Acquired Voyage, a self-driving shuttle company, to strengthen its presence in urban and suburban environments.
Aurora:
- October 12, 2023- Introduced its Aurora Driver 3.0 platform with enhanced perception and decision-making capabilities.
- July 6, 2023- Secured partnerships with Uber and Hyundai Motor Group for developing and deploying robo-taxis.
Regional Analysis
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.
However, Europe is expected to witness a significant growth during the forecast period due to the presence of developed and supportive infrastructure for electric vehicles and automobile facilities across the EU. Furthermore, the presence of robo-taxi component manufacturers such as Robert Bosch, Continental AG, ZF Friedrichshafen AG, and Aptiv have also contributed in the growth of this region.
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 report for the global robo-taxi market by Market Research Future covers extensive primary research. This is accompanied with detailed analysis of qualitative and quantitative aspects by various industry experts and key opinion leaders to gain deeper insights into the market and industry performance. The report gives a clear picture of the current market scenario, which includes the historical and forecasted market size, in terms of value and volume, technological advancement, macroeconomic, and governing factors of the market. The report provides comprehensive information about the strategies of the top companies in the industry, along with a broad study of the different market segments and regions.
| Report Attribute/Metric |
Details |
| Market Size 2027 |
USD 39.81 Billion |
| Compound Annual Growth Rate (CAGR) |
53.8% (2020-2027) |
| Base Year |
2019 |
| Market Forecast Period |
2020-2027 |
| Historical Data |
2018 |
| Market Forecast Units |
Value (USD Billion) |
| Report Coverage |
Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered |
By Technology, Application, Vehicle type, EndMarket |
| Geographies Covered |
North America, Europe, Asia Pacific, and Rest of the World |
| Countries Covered |
The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled |
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) |
| Key Market Opportunities |
Growing demand for fuel efficient |
| Key Market Dynamics |
Increasing scope for vehicle-to-infrastructure communications |
Frequently Asked Questions (FAQ) :
Increasing demand for autonomous cars and rising developments in robotics industry are expected to lead the expansion of the market.
The robo-taxi market is projected to expand at 53.8% CAGR.
Complex designs and high cost are supposed to check the growth of the robo-taxi market.
The sgements of the robo-taxi market, by service type, are car rental and station-based carsharing.
The major players are Waymo LLC (US), Robert Bosch Gmbh (Germany), Tesla Inc. (US), Continental AG (Germany), General Motors (US), Navya (France), ZF Friedrichshafen AG (Germany), Lyft, Inc. (US), GM Cruise LLC (US), Aptiv (Ireland), Ridecell, Inc (US), and EasyMile (France).
Currently, Tesla's Full Self Driving features include Smart Summon, which lets a driver call their Tesla to roll out from a parking spot to where they are standing, and Navigate on Autopilot, which can pilot the car from a highway on-ramp to an off-ramp, making necessary lane changes along the way.
