Robo Taxi Market Size, Growth, Share, Statistics, Opportunities & Global Forecast Report, 2020-2027
Robo Taxi Market:
The GMI Research forecasts that the Robo taxi market is witnessing an upsurge in demand during the forecast period. This is mainly due to rising concerns regarding carbon emission, road safety, and the emerging demand for ride-hailing services.
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Top Manufacturers in the Robo Taxi Market:
- Waymo
- Cruise LLC
- Tesla
- Easy Ride (Nissan & Dena)
- Lyft
- Uber
- Daimler AG
- Ford Motor Company
- Nutonomy (Aptiv)
- NAVYA
Robo Taxi Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
The major factors that are responsible for the growth of the Robo taxi market include the rising concerns regarding carbon emission, road safety, and the emerging demand for ride-hailing services. The autonomous vehicles enhance the cost of the fleet operator. All these vehicles are fitted with several sensors that reduce fuel consumption, such as LiDAR, RADAR, and other sensors, which are utilized by the vehicle as per the traffic congestion, thus switching off the vehicles during the severe jam. According to the University of Illinois study, one autonomous car gets stuck in traffic congestion with 20 other human-driven cars will help ease traffic congestion by managing its speed and all other cars stuck in traffic. Newer business models like mobility as a service will fuel the growth of the Robo taxi market size during the forecast period.
Various leading players are aiming at technologies that focus on autonomous concepts and self-driving. They are also starting new projects to introduce self-driving cars and commercialize the idea of self-driving cars for carpooling services. For instance, in 2020, the autonomous car unit of Google-parent Alphabet, Waymo LLC, has launched its Robo Taxi project to the public in the US city of Phoenix. By the launch of project, the member of the public service can take the ride and share their experiences worldwide. Moreover, increasing focus on enhancing fuel efficiency has resulted in the launch of electric and fuel cell-based vehicles to reduce their requirement for fossil fuels in the long run. The emergence of the COVID-19 pandemic has negatively impacted several industries, businesses, and economic activities globally. Temporary shutdown and strict lockdown of manufacturing plants have an adverse influence on the rising demand of the market.
However, the market is expected to bounce back in 2021 while growing at a substantial rate from 2021 onwards. Various strategies and initiatives are launched by the government of leading economies to increase the adoption of Robo Taxi in the upcoming years. For instance, in 2017, the US House of Representatives approved a bill Safety Ensuring lives Future Deployment and Research in Vehicle Evolution Act, or Self Drive Act, which helped in building the federal framework for setting the regulations of autonomous cars. On the other hand, the factors hampering the growth of the market include limited awareness associated with the remarkable benefits provided by Robo Taxi and the reducing birth rate, particularly in the developed countries.
Robo Taxi Market Segmentation:
Segmentation by Application:
- Goods Transportation
- Passenger Transportation
Segmentation by Level of Autonomy:
- Level 4
- Level 5
Segmentation by Vehicle Type:
- Car
- Shuttle/Van
Segmentation by Propulsion:
- Electric
- Hybrid
- Fuel Cell
Segmentation by Service Type:
- Car Rental
- Station Based
Segmentation by Component:
- Camera
- Radar
- LiDAR
- Ultrasonic Sensors
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
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