Robotaxi Market Analysis by Level of Autonomy, Vehicle, Service, Propulsion - Global Forecast to 2030 with Markets Set to grow at a CAGR of a Staggering 91.8%

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Jul 25, 2023, 14:45 ET

DUBLIN, July 25, 2023 /PRNewswire/ -- The "Robotaxi Market by Application (Goods and Passenger), Level of Autonomy (L4 and L5), Vehicle (Cars and Vans/Shuttles), Service (Rental and Station Based), Propulsion (Electric and Fuel Cell), Component and Region - Global Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.

The global robotaxi market is poised for substantial growth, projected to surge from $400 million in 2023 to a staggering USD 45.7 Billion by 2030, with a remarkable CAGR of 91.8%.

This projected growth is fueled by various factors, including the increasing demand for shared transportation, advancements in vehicle technology, growing interest in fuel-efficient public transportation, and improved infrastructure.

However, while self-driving taxis offer seamless navigation in congested areas and potential safety benefits, significant innovation costs and technological barriers may pose challenges to market expansion.

On the positive side, the widespread use of loT devices and data-driven fleet optimization will contribute to increased safety and encourage more passengers to embrace autonomous vehicles, ultimately reducing traffic incidents.

Additionally, the adoption of emission-free alternatives by governments in developing countries presents an opportunity for electric self-driving cars to further reduce pollution and alleviate traffic congestion caused by private vehicles on the road.

By Application, Passenger transport Segment is projected to be the largest market in the application segment in the forecast

Due to global initiatives to employ technology to minimize auto ownership, traffic congestion, and accidents, the passenger segment for robotaxis is increasing. Future revenue streams for different automotive and mobility business models should become available with the introduction of robotaxis as a form of transportation.

The main drivers anticipated to propel the passenger transportation market for robotaxis are the desire for emission-free vehicles, growth in ride-hailing services, and decreased transportation costs. In October 2022, EasyMile provided a commercial fleet of autonomous shuttles for a fully driverless service worth USD 3.9 million at the Belgian tourist site Terhills.

The shuttles will run 7 days a week for up to 10 years. In May 2023, Waymo LLC and Uber partnered to bring Waymo's autonomous driving technology to the Uber platform. The significant demand for ridesharing/ride-hailing services is expected to primarily drive the robotaxi market for passenger transport.

Van/shuttle segment is anticipated to witness significant growth during the forecast period

The shuttle/van segment is expected to grow at a significant rate, as these are already commercialized in various parts across the world. Companies are investing significantly in robotaxis for the development of autonomous driving, connectivity, electrification, and shared mobility, which is expected to drive the market.

Robotic assistance used for the delivery, supply pick-up, and other routine tasks by autonomous cars for small businesses is expected to be one of the key factors for the increasing adoption of robotaxis. Testing and implementation of robotaxis are underway across the globe. In May 2023, Waymo LLC doubled its commercial robotaxi service in the Phoenix metro area (US). In December 2022, Uber is testing robotaxis in several cities to launch a for-profit service in 2023.

The shuttles/vans segment is expected to grow at a significant rate, as they are already commercialized in various parts globally. Navya, EasyMile, and 2getthere (Netherlands) have developed self-driving shuttles. Successful pilot programs for autonomous shuttles worldwide indicate that shuttles could be a practical solution to meet the demands of traditional public transport.

Regional analysis

The Asia Pacific region is anticipated to be a technological adopter by quickly accepting new technologies. It is one of the regions with the highest ridesharing usage. Road safety concerns are anticipated to significantly fuel the expansion of the robotaxi market. In China, a few ride-hailing businesses have set up fleets of robotaxis for use in commerce.

The market in Europe is anticipated to expand as a result of rising safety concerns and the presence of technologically cutting-edge automobile and shuttle manufacturers, such as EasyMile, 2getthere, and Navya. These companies are the top suppliers of autonomous shuttles globally.

North America to be the fastest-growing region during the forecast period

The country's enormous customer base and high levels of disposable money have spurred demand for autonomous vehicles, leading companies like Waymo LLC, Cruise, Inc., Lyft, Inc., Optimus Ride, and others to ramp up production and testing efforts. The US has let numerous OEMs to test robotaxis in Boston and California.

The North American market would be driven by favorable rules combined with a strong EV infrastructure. OEMs and start-ups are now looking to offer robotaxis and shuttles. The US has been a pioneer in the development of autonomous driving technologies. OEMs have been able to test autonomous vehicles because to a strong infrastructure, an enhanced power grid, and government encouragement and backing. Established ride-hailing businesses like Uber and Lyft have also invested in developing autonomous vehicles.

Competitive landscape

The robotaxi market is dominated by global players such as Waymo LLC (US), Baidu, Inc. (China), Beijing Didi Chuxing Technology Co., Ltd. (China), Cruise LLC (US), and EasyMile (France). These companies adopted new product launches, deals, and other strategies to gain traction in the robotaxi market.

Premium Insights

Growth of Ride-Hailing Services and Increasing Focus on Road Safety to Boost Robotaxi Market
Asia-Pacific to Account for Largest Market Share in 2023
Cars Segment to Lead Market During Forecast Period
Level 4 Segment to Dominate Market During Forecast Period
Electric Segment to Have Higher Market Share (2023-2030)
Ar Rental Segment to Register Highest Market Share (2023-2030)
Passenger Transport Segment to Account for Largest Market Share

Market Dynamics

Drivers

Robotaxis to Reduce Operating Costs and Increase Profit Margins for Ridesharing Companies
Need for Enhanced Road Safety and Traffic Control
Ridesharing and Mobility-As-A-Service (Maas)
Rise in Urbanization and Congestion

Restraints

Disruption of Traditional Jobs
High R&D Expenditure and Complexity in Adoption of Robotaxis
Cybersecurity Threats

Opportunities

Government Support
Robotic Assistance in Goods Delivery
Increasing Demand for Autonomous Vehicles
Increasing Investments in Lidar Startups

Challenges

Navigation in Crowded Spaces
Gaining Public and Individual Trust
Lack of Required Infrastructure in Emerging Countries

Pricing Analysis

Robotaxi Market Ecosystem
Component Suppliers
Software and Platform Providers
Autonomous Vehicle Technology Providers
Autonomous Shuttle Manufacturers

Supply Chain Analysis

Planning and Revising Funds
R&D
Manufacturing
Assembly and Integration
Delivery/Distribution
After-Sales Services

Case Study

Case Study 1: Rideflux Expanded Operations and Increased Odd Coverage by 5X
Case Study 2: Simulation to Drive Toyota's Automated Driving System

Technology Analysis

IoT and 5G in Robotaxi Market
4D Lidar
Sensors and Their Importance in Autonomous Vehicles
Connected Vehicles for Autonomous Driving
Artificial Intelligence and Machine Learning in Robotaxi Market
Cybersecurity and Data Privacy
Cellular Vehicle-To-Everything (C-V2X)
Lte-V2X
5G-V2X
Development of Robotrucks

Company Profiles

Key Players

Waymo LLC
Baidu, Inc.
Beijing Didi Chuxing Technology Co. Ltd.
Cruise LLC
Easymile
Autox, Inc.
Zoox, Inc.
Navya
Motional, Inc.
2Getthere
Pony.Ai
Tesla

Other Key Players

Nissan
Mobileye
Nvidia Corporation
Woven Planet (Lyft)
Aptiv plc
Zf Friedrichshafen
May Mobility
Optimus Ride
Yandex
Aurora Innovation
Qualcomm Technologies, Inc.
Luminar Technologies, Inc.
Leddartech Inc.
Arbe Robotics
Nuro, Inc.
Weride
Robosense
Innoviz Technologies Ltd.
Oculii
Argo Ai
Uber Technologies Inc.
Lyft, Inc.

For more information about this report visit https://www.researchandmarkets.com/r/mtev2c

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