PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1182300
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1182300
Robotaxi Market Forecasts to 2028 - Global Analysis By Vehicle Type, Propulsion Type, Service Type, Component, Application and Geography
According to Stratistics MRC, the Global Robotaxi Market is accounted for $1.71 billion in 2022 and is expected to reach $55.87 billion by 2028 growing at a CAGR of 78.8% during the forecast period. Robo-taxis are automatic, self-driving vehicles used as taxis and are run by on-demand mobility services. They are self-driving vehicles that do not require human intervention. The advancement of automation has increased the demand for self-driving vehicles, which has assisted the expansion of robo-taxi services across the world.
According to the National Highway Traffic Safety Administration (NHTSA), around 94% of car accidents occur due to human error. Additionally, MIT Energy Initiative Mobility 2020 stated that approximately 40,000 people lost their lives in the U.S. in 2019 due to road accidents.
Market Dynamics:
Driver:
Demand for Fuel Efficient and Emission Free Vehicles
The demand for fuel-efficient and emission-free vehicles has grown significantly across the world due to the trend toward increased vehicle automation. The manufacturers were able to develop emission-free vehicles as a result of the growing demand, which supports the expansion of the robo-taxi industry. Since robo-taxis are built to be fully autonomous, a better and more effective fuel system is needed to propel the vehicle. Additionally, as robotaxi is more eco-friendly than other conventional vehicles in terms of fuel efficiency, the adoption of fuel-efficient and emission-free vehicles is driven by the rise in traffic and greenhouse gas emissions as well as an increased awareness of the significant effects of air pollution.
Restraint:
High cost of R&D and complexity in adoption of robotaxis
Due to the high cost of components like ultrasonic sensors, cameras, and LiDAR, deploying a full-fledged robotaxi service requires significant investments. Robotaxi fleet deployment and adoption are difficult and time-consuming processes. As a result, it is challenging to adopt robotaxi services completely. Further, software complexity is growing exponentially as a result of the simultaneous operation of several deep neural networks (DNNs) in a software stack, which will hamper market growth.
Opportunity:
Rise in Focus on Improving Road Safety and Traffic Control
When compared to traditional vehicles, robo-taxis have a variety of advantages in terms of safety and traffic congestion. LiDAR, RADAR, a camera, and GPS are the sensors that are installed in an autonomous vehicle. Short-range and long-range sensors are used to assist the vehicle in detecting any objects in its path and reducing the risk of an accident.
Threat:
Navigation in crowded places expected to be challenging for robotaxis
The implementation of robotaxis would be incredibly difficult in crowded places, which would pose a challenge for these vehicles. Furthermore, robotaxis are anticipated to wait until individuals cross zebra crossings while moving. The practise of "jaywalking," in which individuals pass a zebra crossing at random, is more common in developing nations. In developing nations, robotaxis is severely hampered by this practise.
COVID-19 Impact:
Due to the commute limits, COVID-19 had a negative impact on the world market for robo-taxis. Regulatory and legal changes, working capital management, supply chain execution, and dependence on labour were the challenges faced by the market. Organizations, on the other hand, prepare focused cost plans to mitigate the pandemic's impact. In order to manage and handle the ongoing supply of essentials in the post-pandemic scenario, there is an increasing demand for vehicle tracking hardware and managing software.
The electric segment is expected to be the largest during the forecast period
The demand for fuel-efficient vehicles has increased in response to rising emission concerns. In addition to providing robotic assistance, robotaxis would usher in an era of high fuel efficiency and minimal carbon emissions. Moreover, the partnership between Volvo and Uber is anticipated to introduce self-driving vehicles to the mid-size luxury sector, with 50% of those vehicles being fully electric.
The passenger transportation segment is expected to have the highest CAGR during the forecast period
The market is propelled by the rise in demand for passenger transportation spurred on by the surge in the population of middle-income groups and the rising standards of living in emerging nations. Another factor influencing consumer preference for vehicles is the availability of low-cost alternatives in these vehicles. Road accidents are more likely to include conventional taxis than autonomous passenger taxis.
Region with largest share:
The fleet operators are able to evaluate and deploy easily in Europe because of technological developments and supported infrastructure. There are approximately 180 automotive facilities in the EU, and the industry is the largest investor in R&D, according to the European Commission. Additionally, the market will be significantly impacted by growing autonomous vehicle technological trends. Probably, this will increase demand for self-driving taxis in the region.
Region with highest CAGR:
The adoption of robo-taxi in the North American region is being spurred by the increasing support of the federal government for altering transportation laws to enable a pathway for robo-taxi deployment. Such support is leading to an increase in the use of autonomous technology in mass transit. Additionally, a high proportion of people in the region are purchasing cars, and there is a wide base of affluent consumers.
Key players in the market
Some of the key players in Robotaxi Market include Tesla Inc., Didi Chuxing Technology Co, AutoX Inc, APTIV PLC, Uber Technologies Inc., Baidu Inc, GM Cruise, Waymo LLC, ZF Friedrichshafen AG, EasyMile SAS, Navya SA, Local Motors, Zoox, AB Volvo, May Mobility, Daimler AG, Ridecell, Inc., Voyage Auto, Inc, Fiat Chrysler Automobiles NV and Lyft Inc
Key Developments:
In August 2022, Lyft Inc., a ride-hailing company, collaborated with Motional, an autonomous vehicle firm, to launch its all-electric robo-taxi service in Las Vegas, the U.S.
In July 2022, Baidu launched a new Robo-taxi that comes with a detachable steering wheel. The company offers ride-hailing service for 50% less than other taxi fares.
In June 2022, Uber Technologies and Waymo LLC signed a long-term, strategic partnership to bring autonomous trucking solutions to market.
In March 2022, Waymo LLC, Alphabet's autonomous driving technology company, announced plans to offer fully autonomous rides for its employees in San Francisco, the U.S.
Vehicle Types Covered:
- Van/Shuttle
- Car
Propulsion Types Covered:
- Fuel Cell
- Electric
- Hybrid
- Internal Combustion Engine Vehicles
Service Types Covered:
- Station based
- Car Rental
Components Covered:
- Radar
- Camera
- Ultrasonic Sensors
- Lidar
Applications Covered:
- Passenger Transportation
- Goods Transportation
Regions Covered:
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- Italy
- France
- Spain
- Rest of Europe
- Asia Pacific
- Japan
- China
- India
- Australia
- New Zealand
- South Korea
- Rest of Asia Pacific
- South America
- Argentina
- Brazil
- Chile
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- UAE
- Qatar
- South Africa
- Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
- Company Profiling
- Comprehensive profiling of additional market players (up to 3)
- SWOT Analysis of key players (up to 3)
- Regional Segmentation
- Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
- Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
- 2.1 Abstract
- 2.2 Stake Holders
- 2.3 Research Scope
- 2.4 Research Methodology
- 2.4.1 Data Mining
- 2.4.2 Data Analysis
- 2.4.3 Data Validation
- 2.4.4 Research Approach
- 2.5 Research Sources
- 2.5.1 Primary Research Sources
- 2.5.2 Secondary Research Sources
- 2.5.3 Assumptions
3 Market Trend Analysis
- 3.1 Introduction
- 3.2 Drivers
- 3.3 Restraints
- 3.4 Opportunities
- 3.5 Threats
- 3.6 Application Analysis
- 3.7 Emerging Markets
- 3.8 Impact of Covid-19
4 Porters Five Force Analysis
- 4.1 Bargaining power of suppliers
- 4.2 Bargaining power of buyers
- 4.3 Threat of substitutes
- 4.4 Threat of new entrants
- 4.5 Competitive rivalry
5 Global Robotaxi Market, By Vehicle Type
- 5.1 Introduction
- 5.2 Van/Shuttle
- 5.3 Car
6 Global Robotaxi Market, By Propulsion Type
- 6.1 Introduction
- 6.2 Fuel Cell
- 6.3 Electric
- 6.4 Hybrid
- 6.5 Internal Combustion Engine Vehicles
7 Global Robotaxi Market, By Service Type
- 7.1 Introduction
- 7.2 Station based
- 7.3 Car Rental
8 Global Robotaxi Market, By Component
- 8.1 Introduction
- 8.2 Radar
- 8.3 Camera
- 8.4 Ultrasonic Sensors
- 8.5 Lidar
9 Global Robotaxi Market, By Application
- 9.1 Introduction
- 9.2 Passenger Transportation
- 9.3 Goods Transportation
10 Global Robotaxi Market, By Geography
- 10.1 Introduction
- 10.2 North America
- 10.2.1 US
- 10.2.2 Canada
- 10.2.3 Mexico
- 10.3 Europe
- 10.3.1 Germany
- 10.3.2 UK
- 10.3.3 Italy
- 10.3.4 France
- 10.3.5 Spain
- 10.3.6 Rest of Europe
- 10.4 Asia Pacific
- 10.4.1 Japan
- 10.4.2 China
- 10.4.3 India
- 10.4.4 Australia
- 10.4.5 New Zealand
- 10.4.6 South Korea
- 10.4.7 Rest of Asia Pacific
- 10.5 South America
- 10.5.1 Argentina
- 10.5.2 Brazil
- 10.5.3 Chile
- 10.5.4 Rest of South America
- 10.6 Middle East & Africa
- 10.6.1 Saudi Arabia
- 10.6.2 UAE
- 10.6.3 Qatar
- 10.6.4 South Africa
- 10.6.5 Rest of Middle East & Africa
11 Key Developments
- 11.1 Agreements, Partnerships, Collaborations and Joint Ventures
- 11.2 Acquisitions & Mergers
- 11.3 New Product Launch
- 11.4 Expansions
- 11.5 Other Key Strategies
12 Company Profiling
- 12.1 Tesla Inc.
- 12.2 Didi Chuxing Technology Co
- 12.3 AutoX Inc
- 12.4 APTIV PLC
- 12.5 Uber Technologies Inc.
- 12.6 Baidu Inc
- 12.7 GM Cruise
- 12.8 Waymo LLC
- 12.9 ZF Friedrichshafen AG
- 12.10 EasyMile SAS
- 12.11 Navya SA
- 12.12 Local Motors
- 12.13 Zoox
- 12.14 AB Volvo
- 12.15 May Mobility
- 12.16 Daimler AG
- 12.17 Ridecell, Inc.
- 12.18 Voyage Auto, Inc
- 12.19 Fiat Chrysler Automobiles NV
- 12.20 Lyft Inc
List of Tables
- Table 1 Global Robotaxi Market Outlook, By Region (2020-2028) ($MN)
- Table 2 Global Robotaxi Market Outlook, By Vehicle Type (2020-2028) ($MN)
- Table 3 Global Robotaxi Market Outlook, By Van/Shuttle (2020-2028) ($MN)
- Table 4 Global Robotaxi Market Outlook, By Car (2020-2028) ($MN)
- Table 5 Global Robotaxi Market Outlook, By Propulsion Type (2020-2028) ($MN)
- Table 6 Global Robotaxi Market Outlook, By Fuel Cell (2020-2028) ($MN)
- Table 7 Global Robotaxi Market Outlook, By Electric (2020-2028) ($MN)
- Table 8 Global Robotaxi Market Outlook, By Hybrid (2020-2028) ($MN)
- Table 9 Global Robotaxi Market Outlook, By Internal Combustion Engine Vehicles (2020-2028) ($MN)
- Table 10 Global Robotaxi Market Outlook, By Service Type (2020-2028) ($MN)
- Table 11 Global Robotaxi Market Outlook, By Station based (2020-2028) ($MN)
- Table 12 Global Robotaxi Market Outlook, By Car Rental (2020-2028) ($MN)
- Table 13 Global Robotaxi Market Outlook, By Component (2020-2028) ($MN)
- Table 14 Global Robotaxi Market Outlook, By Radar (2020-2028) ($MN)
- Table 15 Global Robotaxi Market Outlook, By Camera (2020-2028) ($MN)
- Table 16 Global Robotaxi Market Outlook, By Ultrasonic Sensors (2020-2028) ($MN)
- Table 17 Global Robotaxi Market Outlook, By Lidar (2020-2028) ($MN)
- Table 18 Global Robotaxi Market Outlook, By Application (2020-2028) ($MN)
- Table 19 Global Robotaxi Market Outlook, By Passenger Transportation (2020-2028) ($MN)
- Table 20 Global Robotaxi Market Outlook, By Goods Transportation (2020-2028) ($MN)
- Table 21 North America Robotaxi Market Outlook, By Country (2020-2028) ($MN)
- Table 22 North America Robotaxi Market Outlook, By Vehicle Type (2020-2028) ($MN)
- Table 23 North America Robotaxi Market Outlook, By Van/Shuttle (2020-2028) ($MN)
- Table 24 North America Robotaxi Market Outlook, By Car (2020-2028) ($MN)
- Table 25 North America Robotaxi Market Outlook, By Propulsion Type (2020-2028) ($MN)
- Table 26 North America Robotaxi Market Outlook, By Fuel Cell (2020-2028) ($MN)
- Table 27 North America Robotaxi Market Outlook, By Electric (2020-2028) ($MN)
- Table 28 North America Robotaxi Market Outlook, By Hybrid (2020-2028) ($MN)
- Table 29 North America Robotaxi Market Outlook, By Internal Combustion Engine Vehicles (2020-2028) ($MN)
- Table 30 North America Robotaxi Market Outlook, By Service Type (2020-2028) ($MN)
- Table 31 North America Robotaxi Market Outlook, By Station based (2020-2028) ($MN)
- Table 32 North America Robotaxi Market Outlook, By Car Rental (2020-2028) ($MN)
- Table 33 North America Robotaxi Market Outlook, By Component (2020-2028) ($MN)
- Table 34 North America Robotaxi Market Outlook, By Radar (2020-2028) ($MN)
- Table 35 North America Robotaxi Market Outlook, By Camera (2020-2028) ($MN)
- Table 36 North America Robotaxi Market Outlook, By Ultrasonic Sensors (2020-2028) ($MN)
- Table 37 North America Robotaxi Market Outlook, By Lidar (2020-2028) ($MN)
- Table 38 North America Robotaxi Market Outlook, By Application (2020-2028) ($MN)
- Table 39 North America Robotaxi Market Outlook, By Passenger Transportation (2020-2028) ($MN)
- Table 40 North America Robotaxi Market Outlook, By Goods Transportation (2020-2028) ($MN)
- Table 41 Europe Robotaxi Market Outlook, By Country (2020-2028) ($MN)
- Table 42 Europe Robotaxi Market Outlook, By Vehicle Type (2020-2028) ($MN)
- Table 43 Europe Robotaxi Market Outlook, By Van/Shuttle (2020-2028) ($MN)
- Table 44 Europe Robotaxi Market Outlook, By Car (2020-2028) ($MN)
- Table 45 Europe Robotaxi Market Outlook, By Propulsion Type (2020-2028) ($MN)
- Table 46 Europe Robotaxi Market Outlook, By Fuel Cell (2020-2028) ($MN)
- Table 47 Europe Robotaxi Market Outlook, By Electric (2020-2028) ($MN)
- Table 48 Europe Robotaxi Market Outlook, By Hybrid (2020-2028) ($MN)
- Table 49 Europe Robotaxi Market Outlook, By Internal Combustion Engine Vehicles (2020-2028) ($MN)
- Table 50 Europe Robotaxi Market Outlook, By Service Type (2020-2028) ($MN)
- Table 51 Europe Robotaxi Market Outlook, By Station based (2020-2028) ($MN)
- Table 52 Europe Robotaxi Market Outlook, By Car Rental (2020-2028) ($MN)
- Table 53 Europe Robotaxi Market Outlook, By Component (2020-2028) ($MN)
- Table 54 Europe Robotaxi Market Outlook, By Radar (2020-2028) ($MN)
- Table 55 Europe Robotaxi Market Outlook, By Camera (2020-2028) ($MN)
- Table 56 Europe Robotaxi Market Outlook, By Ultrasonic Sensors (2020-2028) ($MN)
- Table 57 Europe Robotaxi Market Outlook, By Lidar (2020-2028) ($MN)
- Table 58 Europe Robotaxi Market Outlook, By Application (2020-2028) ($MN)
- Table 59 Europe Robotaxi Market Outlook, By Passenger Transportation (2020-2028) ($MN)
- Table 60 Europe Robotaxi Market Outlook, By Goods Transportation (2020-2028) ($MN)
- Table 61 Asia Pacific Robotaxi Market Outlook, By Country (2020-2028) ($MN)
- Table 62 Asia Pacific Robotaxi Market Outlook, By Vehicle Type (2020-2028) ($MN)
- Table 63 Asia Pacific Robotaxi Market Outlook, By Van/Shuttle (2020-2028) ($MN)
- Table 64 Asia Pacific Robotaxi Market Outlook, By Car (2020-2028) ($MN)
- Table 65 Asia Pacific Robotaxi Market Outlook, By Propulsion Type (2020-2028) ($MN)
- Table 66 Asia Pacific Robotaxi Market Outlook, By Fuel Cell (2020-2028) ($MN)
- Table 67 Asia Pacific Robotaxi Market Outlook, By Electric (2020-2028) ($MN)
- Table 68 Asia Pacific Robotaxi Market Outlook, By Hybrid (2020-2028) ($MN)
- Table 69 Asia Pacific Robotaxi Market Outlook, By Internal Combustion Engine Vehicles (2020-2028) ($MN)
- Table 70 Asia Pacific Robotaxi Market Outlook, By Service Type (2020-2028) ($MN)
- Table 71 Asia Pacific Robotaxi Market Outlook, By Station based (2020-2028) ($MN)
- Table 72 Asia Pacific Robotaxi Market Outlook, By Car Rental (2020-2028) ($MN)
- Table 73 Asia Pacific Robotaxi Market Outlook, By Component (2020-2028) ($MN)
- Table 74 Asia Pacific Robotaxi Market Outlook, By Radar (2020-2028) ($MN)
- Table 75 Asia Pacific Robotaxi Market Outlook, By Camera (2020-2028) ($MN)
- Table 76 Asia Pacific Robotaxi Market Outlook, By Ultrasonic Sensors (2020-2028) ($MN)
- Table 77 Asia Pacific Robotaxi Market Outlook, By Lidar (2020-2028) ($MN)
- Table 78 Asia Pacific Robotaxi Market Outlook, By Application (2020-2028) ($MN)
- Table 79 Asia Pacific Robotaxi Market Outlook, By Passenger Transportation (2020-2028) ($MN)
- Table 80 Asia Pacific Robotaxi Market Outlook, By Goods Transportation (2020-2028) ($MN)
- Table 81 South America Robotaxi Market Outlook, By Country (2020-2028) ($MN)
- Table 82 South America Robotaxi Market Outlook, By Vehicle Type (2020-2028) ($MN)
- Table 83 South America Robotaxi Market Outlook, By Van/Shuttle (2020-2028) ($MN)
- Table 84 South America Robotaxi Market Outlook, By Car (2020-2028) ($MN)
- Table 85 South America Robotaxi Market Outlook, By Propulsion Type (2020-2028) ($MN)
- Table 86 South America Robotaxi Market Outlook, By Fuel Cell (2020-2028) ($MN)
- Table 87 South America Robotaxi Market Outlook, By Electric (2020-2028) ($MN)
- Table 88 South America Robotaxi Market Outlook, By Hybrid (2020-2028) ($MN)
- Table 89 South America Robotaxi Market Outlook, By Internal Combustion Engine Vehicles (2020-2028) ($MN)
- Table 90 South America Robotaxi Market Outlook, By Service Type (2020-2028) ($MN)
- Table 91 South America Robotaxi Market Outlook, By Station based (2020-2028) ($MN)
- Table 92 South America Robotaxi Market Outlook, By Car Rental (2020-2028) ($MN)
- Table 93 South America Robotaxi Market Outlook, By Component (2020-2028) ($MN)
- Table 94 South America Robotaxi Market Outlook, By Radar (2020-2028) ($MN)
- Table 95 South America Robotaxi Market Outlook, By Camera (2020-2028) ($MN)
- Table 96 South America Robotaxi Market Outlook, By Ultrasonic Sensors (2020-2028) ($MN)
- Table 97 South America Robotaxi Market Outlook, By Lidar (2020-2028) ($MN)
- Table 98 South America Robotaxi Market Outlook, By Application (2020-2028) ($MN)
- Table 99 South America Robotaxi Market Outlook, By Passenger Transportation (2020-2028) ($MN)
- Table 100 South America Robotaxi Market Outlook, By Goods Transportation (2020-2028) ($MN)
- Table 101 Middle East & Africa Robotaxi Market Outlook, By Country (2020-2028) ($MN)
- Table 102 Middle East & Africa Robotaxi Market Outlook, By Vehicle Type (2020-2028) ($MN)
- Table 103 Middle East & Africa Robotaxi Market Outlook, By Van/Shuttle (2020-2028) ($MN)
- Table 104 Middle East & Africa Robotaxi Market Outlook, By Car (2020-2028) ($MN)
- Table 105 Middle East & Africa Robotaxi Market Outlook, By Propulsion Type (2020-2028) ($MN)
- Table 106 Middle East & Africa Robotaxi Market Outlook, By Fuel Cell (2020-2028) ($MN)
- Table 107 Middle East & Africa Robotaxi Market Outlook, By Electric (2020-2028) ($MN)
- Table 108 Middle East & Africa Robotaxi Market Outlook, By Hybrid (2020-2028) ($MN)
- Table 109 Middle East & Africa Robotaxi Market Outlook, By Internal Combustion Engine Vehicles (2020-2028) ($MN)
- Table 110 Middle East & Africa Robotaxi Market Outlook, By Service Type (2020-2028) ($MN)
- Table 111 Middle East & Africa Robotaxi Market Outlook, By Station based (2020-2028) ($MN)
- Table 112 Middle East & Africa Robotaxi Market Outlook, By Car Rental (2020-2028) ($MN)
- Table 113 Middle East & Africa Robotaxi Market Outlook, By Component (2020-2028) ($MN)
- Table 114 Middle East & Africa Robotaxi Market Outlook, By Radar (2020-2028) ($MN)
- Table 115 Middle East & Africa Robotaxi Market Outlook, By Camera (2020-2028) ($MN)
- Table 116 Middle East & Africa Robotaxi Market Outlook, By Ultrasonic Sensors (2020-2028) ($MN)
- Table 117 Middle East & Africa Robotaxi Market Outlook, By Lidar (2020-2028) ($MN)
- Table 118 Middle East & Africa Robotaxi Market Outlook, By Application (2020-2028) ($MN)
- Table 119 Middle East & Africa Robotaxi Market Outlook, By Passenger Transportation (2020-2028) ($MN)
- Table 120 Middle East & Africa Robotaxi Market Outlook, By Goods Transportation (2020-2028) ($MN)
