Robo Taxi Market Size, Scope, Revenue, Opportunities and Growth by 2028

Robo Taxi Market is valued at USD 50.76 Million in 2017 and expected to reach USD 5598.37 Million by 2027 with a CAGR of 60.05% over the forecast period. Demand for Autonomous and Safety Vehicles are key driving factors for the growth of Robo Taxi Market.

Robo Taxi Top Companies:

Some major key players for Global Robo Taxi Market are Cisco, Waymo, Tesla Robo-Taxi, Uber, Google, Renault-Nissan-Mitsubishi, Volkswagen, General Motors, Ford Motors, Delphi, BMW, Fiat Chrysler Automobiles, Bosch, Daimler AG, Honda, Lyft, Aptiv, Hyundai and others.

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Robo Taxi or Driverless Taxi or Self-Driving Taxi operates at automation level of 4 or 5 as an autonomous vehicle in any ride sharing company. The driverless vehicles can accelerate the solutions like Transport-as-a-Service (TaaS) and eliminate the need of human drivers and make it affordable service for customers. These services are cost and time effective especially in urban cities due to the fast paced atmosphere. The first operational Robo Taxis introduced in the year 2016 by MIT NuTonomy to the public and later other prominent Automobile Industries step into the market with their services. The constant automation on the global level resulted in the positive growth towards autonomous vehicles by all countries and different organizations and governments are taking initiatives in modernization of transport systems towards automated cars and trucks.

Robo Taxi Market Segmentation:

By Type:

Light vehicles
Heavy Vehicles

By Component:

Radar
Lidar
Ultrasonic sensors
Camera

By Technology:

Electric
Fuel Cell
Hybrid

By Application:

Passenger Vehicles
Goods Vehicles

The COVID-19 Pandemic has affected all the industries as well as countries on a global level with changing scenarios. On the other hand, constant ups and downs in the industries have affected the market growth. The pandemic has affected the traveling behavior in urban cities as citizens are hesitant to use public transport due to social distancing reforms. Across the globe, the automobile industry has seen uncertainty in the market due to demand and supply chain and projects around Robo Taxis were on hold. Now companies are changing their policies and ready for a new future post COVID. Flexible features like disinfected vehicles & automated methods for passenger temperature checking, goods delivery and other hybrid safety features will grow the market and help to build trust among consumers.

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The regions covered in this Global Robo Taxi Market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, the market of Robo Taxi is subdivided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, Middle East Asia, Africa, etc.

News:

Driverless Robo Taxis are available publically in China

January 29, 2021; AutoX became the first company in China to provide autonomous vehicle rides without safety drivers. After several months of rigorous testing, the vehicle is able to handle real time situations. The vehicles have a combination of Radar, Lidar and blind spot sensors to get the feeling of a real environment.

Robo Taxis are coming, Aptiv is brain behind it

January 11, 2021; A new system architecture or brain was announced by Aptiv for next generation Advanced Driver Assistance Systems (ADAS), a step closer to intelligent vehicles. The company's system architecture includes improved sensors, software and computing tools along with a zone controller. All the sensors in the car will be one of the four zones and controlling will be done centrally.

Demand for Autonomous and Safety Vehicles are key driving factors for the growth of Robo Taxi Market

The major factors driving the growth of the Global Robo Taxi Market are demand for Autonomous and Safety Vehicles. Reduced number of accidents, time saving & stress free parking with easy accessibility to transportation are expected to drive the Robo Taxi Market. As per the report in February, 2020 by Aptiv, their partnership with Lyft was successful by providing 100,000 commercial robo taxi rides in Las Vegas and 98% customers were fully satisfied by the service. Another report stated that around 1400 self-driving cars were on roads of The U.S. and over 10 million Autonomous Vehicles were estimated globally by 2020.
Moreover, rising demand for fuel efficient vehicles as well as need for better road safety and traffic control features are also expected to contribute to the market growth. However, High cost of R&D and implementation of Robo taxi along with rising concerns for cyberattacks are likely to hamper the growth of Robo Taxi market. On the other hand, rapid urbanization with supportive government initiatives and technological advancement are expected to create ample opportunities in the robo taxi market.

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