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RoboTaxi Global Market Report 2024 - Business Growth, Top Companies, Industry Analysis And Forecast 2033
RoboTaxi Market Size
As per the report, the robotaxi market size has grown exponentially in recent years. It will grow from $1.41 billion in 2023 to $2.22 billion in 2024 at a compound annual growth rate (CAGR) of 57.2%. The robotaxi market size is expected to see exponential growth in the next few years. It will grow to $13.57 billion in 2028 at a compound annual growth rate (CAGR) of 57.3%.
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Traffic Congestion Fuels Growth In The Robotaxi Market
The growing issue of traffic congestion is expected to propel the growth of the robotaxi market going forward. Traffic congestion is a condition on road networks that occurs when traffic demand exceeds the available road capacity. Traffic congestion often arises due to a combination of factors such as high vehicle volumes, inadequate road infrastructure, inefficient traffic management, and disruptions like accidents or construction, leading to reduced roadway capacity and increased travel times for motorists. Robotaxis can alleviate traffic congestion by providing on-demand transportation services, optimizing routes, and reducing the number of privately owned vehicles on the road, thereby improving traffic flow and decreasing congestion. For instance, in January 2023, as per the Federal Highway Administration, a US-based government agency, there was a 5.6% increase (+13.2 billion vehicle miles) in travel on all roads and streets compared to January 2022, totaling an estimated 247.3 billion vehicle miles for the month. The seasonally adjusted vehicle miles traveled for January 2023 amounted to 272.5 billion miles, reflecting a 4.5% increase (+11.6 billion vehicle miles) over January 2022 and a 3.1% change (+8.1 billion vehicle miles) from December 2022. Therefore, the growing issue of traffic congestion is driving growth in the robotaxi market.
Autonomous Vehicle (AV) With A Detachable Steering Wheel Is Gaining Popularity
Major companies operating in robotaxi market are focusing on developing autonomous vehicles (AV) with a detachable steering wheel to gain a competitive advantage in the market. An autonomous vehicle (AV) with a detachable steering wheel is a self-driving car designed to operate without human intervention yet equipped with a removable steering wheel for manual control when needed. For instance, in July 2022, Baidu Inc., a China-based technology company, launched an autonomous vehicle (AV) featuring a detachable steering wheel. The detachable steering wheel allows more interior space and features like extra seating, vending machines, desktops, or gaming consoles. The company intends to deploy this vehicle for its robotaxi service in China next year.
The robotaxi market covered in this report is segmented -
1) By Type: L4 Robo-Taxi, L5 Robo-Taxi
2) By Component Type: Light Detection And Ranging (LiDAR), Radio Detection And Ranging (RADAR), Camera, Sensor
3) By Service: Rental-Based, Station-Based
4) By Propulsion Type: Electric Vehicle, Hybrid Electric Vehicle, Fuel Cell Vehicle
5) By Application: Goods Transportation, Passenger Transportation
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Major companies operating in the robotaxi market are Amazon.com Inc., Toyota Motor Corporation, Mercedes-Benz Group AG, Ford Motor Company, BMW AG, Hyundai Motor Group, Tesla Inc., ZF Friedrichshafen AG, Volvo Personvagnar AB, Uber Technologies Inc., Zhejiang Geely Holding Group Co. Ltd., Baidu Inc., Aptiv PLC, Lyft Inc., Cruise LLC, Waymo LLC, Motional Inc., Pony.AI, EasyMile, MOIA, AutoX Inc., Navya, Didi Chuxing Technology Co. Ltd., GAC Aion New Energy Automobile Co. Ltd., Argo AI LLC
Contents of the report:
1. Executive Summary
2. RoboTaxi Market Report Structure
3. RoboTaxi Market Trends And Strategies
4. RoboTaxi Market - Macro Economic Scenario
5. RoboTaxi Market Size And Growth
…..
27. RoboTaxi Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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