Global Robotaxi Market Gearing Up for Roaring Growth: Forecast to Grow at a CAGR of 69.4% by 2028
Published | 12 January 2022
Global robotaxi market is growing at a high CAGR because of the increasing concerns towards carbon emission and depleting levels of non-renewable fuel. Additionally, the increasing focus towards better traffic management is also propelling the market…
A recent study conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the global robotaxi market was worth USD 0.5 billion in 2021. The market is estimated to grow at a CAGR of 69.4%, earning revenue of around USD 20.3 billion by the end of 2028. The market for robotaxis is flourishing at a rapid rate as a result of technological advances made by robotaxi companies and increased trust in autonomous vehicles. Also, the rising concern regarding carbon emissions and the depletion of non-renewable fuel are driving the robotaxi market worldwide. Further, improvements in traffic management are expected to boost market growth during the forecast period. However, growing concerns about the security of robotaxi may act as a major hindrance to its market growth.
Increasing Demand for Electric Robotaxi Propelling the Global Robotaxi Market
Based on propulsion type, the robotaxi market is grouped into electric and fuel cell segments. The electric propulsion segment accounts for the largest market share. The growth of the segment can be ascribed to the various advantages electric vehicles offer over fuel cells, such as zero-emission, low maintenance and operating cost, as well as higher efficiency, which is propelling its market growth. Furthermore, increasing installations of charging points in various regions are anticipated to boost the penetration of electric robotaxis on roads during the forecast period.
Robotaxis for Car Rental Applications are Expected to Boost the Market's Growth
Based on service types, the robotaxi market is grouped into car rental and station-based segments. The car rental segment holds the largest market share. Certain countries, such as China, have already begun testing driverless taxis in their major cities. Moreover, cab companies, such as Uber, are investing in robotaxis for car rental to reduce their operating costs incurred by human drivers. Furthermore, the development of Transportation-as-a-Service (TaaS) is also providing lucrative growth opportunities for robotaxis in the car rental services sector.
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Global Robotaxi Market - By Component
Based on components, the robotaxi market is segmented into the camera, LiDAR, radar, and ultrasonic sensors. Among these, the LiDAR component segment accounts for the largest market share. LiDAR sensors radiate light particles called photons in order to identify objects nearby, including cars, pedestrians, and trees. LiDAR sensors allow robotaxi to operate without human drivers by communicating with its system and adjusting speed accordingly. Consequently, the demand for LiDAR components is rising rapidly.
Global Robotaxi Market - Regional Insights
Geographically, the robotaxi market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. Among these, the Asia-Pacific dominates the robotaxi market. However, North America is also estimated to witness substantial growth during the forecast period owing to the high concentration of major industry players, such as Tesla, Uber, Waymo, etc., that are investing significant amounts in the launch and development of robotaxis. Further, stringent government regulations regarding carbon emission and initiatives to boost the adoption of electric vehicles are projected to boost North America’s robotaxi market during the forecast period.
Impact of COVID-19 on the Global Robotaxi Market
The global robotaxi market experienced a significant blow due to the COID-19-induced pandemic. The automobile industry was among the worst-hit sectors during this period and had to undergo severe challenges. Robotaxi production and distribution were restricted, and testing and use of robotaxis for car rental were also prohibited due to mobility restrictions, causing severe losses for the market. However, due to the rising awareness regarding carbon emission and sustainability post-COVID-19, the global robotaxi market is expected to experience lucrative growth opportunities during the forecast period.
Global Robotaxi Market- Competitive Landscape
The leading players in the robotaxi market are Waymo LLC, Volvo Group, General Motor Company, Volkswagen AG, Tesla, Ford Motor Company, Nissan Motor Corporation, Daimler AG, Lyft, Inc., Uber Technologies, Cruise LLC, Baidu, AutoX, BMW AG, Toyota Motor Corporation, Denso Corporation, Robert Bosch GmbH, Continental AG, NVIDIA Corporation, and other prominent players.
The robotaxi market is highly competitive and consolidated due to the presence of leading multinational automobile manufacturers, such as Tesla, Toyota, BMW, etc. The companies significantly focus on offering a wide range of electric cars with battery capacity to suit the needs of end-users. They are also investing in research and development activities to bring innovations into their offerings. For instance, in December 2021, Waymo, an US-based autonomous driving technology development company, unveiled Robotaxi with no steering wheel. Furthermore, the adoption of competitive strategies, such as mergers, acquisitions, partnerships, and collaborations, etc., is very prominent in this market. For instance, in December 2021, self-driving developer WeRide entered into a partnership with GAC Group for commercializing robotaxis.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the robotaxi market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global robotaxi market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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