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Robo Taxi Market Size is expected to reach $1.03 Billion in 2023

09-06-2021 08:36 AM CET | Logistics & Transport

Press release from: Valuates Reports

Robo Taxi Market Size is expected to reach $1.03 Billion in 2023

The global robo taxi market size is expected to be $1.03 billion in 2023, and is projected to reach $38.61 billion by 2030, registering a CAGR of 67.8%. The goods transportation segment is projected to be the highest contributor to the market, with $0.61 billion in 2023, and is estimated to reach $21.71 billion by 2030, at a CAGR of 70.5% during the forecast period. The passenger transportation segment is estimated to reach $16.89 billion by 2030 at a CAGR of 74.2%.

Inquire for Sample Report:https://reports.valuates.com/request/sample/ALLI-Manu-2S8/Robo_Taxi_Market

Robo-Taxi is an autonomous car, operated for an e-hailing service. A Robo-Taxi, also known as a Robo-Cab, is a driverless taxi or a self-driving taxi. Its primary purpose is to eliminate the need for human chauffeur, which is a significant part of the operating costs of these types of services. With the use of Robo taxi, maximum fuel efficiency is obtained. It also reduces chances of accident. The rising emission concerns, increasing issues over road safety, and surging demand for ride-hailing services are the major factors fueling the robo taxi market. Robo-taxi requires a better and efficient artificial intelligence network to operate the vehicle which supplements the growth of the market across the globe. The increased automation in vehicles has led to the growth of autonomous vehicles across the globe, which has also fueled the robo taxi market.

Increase in government initiatives and rise in investments by the top players in the vehicle industry boost the growth of the global robo taxi market. Moreover, continuous development and innovations further fuels the market growth. In addition, positive impact of developments carried out by numerous startups and top players increase the adoption and growth of the robo-taxis across the globe.

A safer ride provides comfort to the passengers, minimizes the chances of accidents that occur due to human errors and increases the passenger capacity and increasing the robo-taxi outlook among customers through its features and efficient driving. Robo-taxis are responsible for quality of rides and is efficient in travelling to a specific distance by reducing the road traffics. With increased demand for alternative means of transport across the globe, the demand for robo-taxis has increased, which in turn boost the growth of the global robo taxi market.

Robo-taxi will be more effective and powerful than other transportation systems as it is a new technology and with wider upgradation in the transportation industry, the robo taxi market is expected to see a significant growth in the near future.

View Full Report: https://reports.valuates.com/reports/ALLI-Manu-2S8/robo-taxi

Robo-taxis have a wider application in goods as well as passenger transportation as this will reduce the human effort to a much larger extent thereby supplementing the growth of the robo taxi market. Different components such as camera, RADAR, LiDAR and others, have a wider application in robo taxi for effective operations of the taxi in all situations, thereby, leading to the growth of the market during the forecast period.

The factors such as demand for fuel-efficient and emission-free vehicles and need for better road safety and traffic control are driving the growth of the market. However, high R&D cost for implementation and cybersecurity threats are expected to hamper the growth of the robo taxi market. Further, government regulations and development of smart cities are expected to create numerous opportunities for the expansion of the market.

North America is expected to dominate the market in terms of growth, followed by Europe, LAMEA ,and Asia-Pacific. U.S. is expected to dominate the global robo taxi market share in 2021, and is projected to grow at a significant rate during the forecast period.

Based on application, the goods transportation segment is expected to dominate the global robo-taxi market in 2023, in terms of revenue. In addition, based on components, camera is expected to lead the market. At present, North America is the highest revenue contributor, and is expected to garner the highest revenue in the global market during the forecast period, followed by Europe, LAMEA and Asia-Pacific.

Key players including Waymo LLC (subsidiary of Alphabet Inc.), Cruise LLC (subsidiary of General Motor Company), Tesla, Nissan Motor Corporation, Lyft, Inc., Uber Technologies, Daimler AG, Ford Motor Company, Volkswagen AG and Volvo Group hold major market share.

Inquire for Regional Report: https://reports.valuates.com/request/regional/ALLI-Manu-2S8/Robo_Taxi_Market

Robo Taxi Market by Application

o Goods transportation
o Passenger transportation

Robo Taxi Market by Component

o CAMERA
o RADAR
o LIDAR
o ULTRASONIC SENSOR
o OTHERS

Robo Taxi Market by Propulsion

o Electric
o Fuel cell
o Hybrid

Robo Taxi Market by Level Automation

o Level 4 (L4)
o Level 5 (L5)

Robo Taxi Market by Region

o NORTH AMERICA
o U.S.
o Canada
o Mexico
o Europe
o Germany
o France
o UK
o Italy
o Rest of Europe
o Asia-Pacific
o Japan
o China
o Australia
o South Korea
o Rest of Asia-Pacific
o LAMEA
o Latin America
o Middle East
o Africa 

Major Players in the Robo Taxi Market

o Cruise LLC (subsidiary of General Motor Company)
o Daimler AG
o Ford Motor Company
o Lyft, Inc.
o Nissan Motor Corporation
o Tesla
o Uber Technologies
o Volkswagen AG
o WAYMO LLC (subsidiary of Alphabet Inc.)

Similar Reports :

Ride Sharing Market: https://reports.valuates.com/market-reports/QYRE-Auto-28R2152/global-ride-sharing

Mobility as a Service (MaaS) Market: https://reports.valuates.com/market-reports/QYRE-Auto-33X48/global-mobility-as-a-service-maas

Smart Mobility Market: https://reports.valuates.com/market-reports/ALLI-Manu-2B32/smart-mobility

Electric Scooter and Motorcycle Market: https://reports.valuates.com/market-reports/QYRE-Auto-1Z1154/global-electric-scooter-and-motorcycle

Automotive V2X Market: https://reports.valuates.com/reports/ALLI-Auto-2P442/automotive-v2x

Pickup Truck Market: https://reports.valuates.com/market-reports/QYRE-Auto-1753/global-pickup-truck

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