Robo Taxi Revolution: Market to Skyrocket from USD 1.03B to USD 38.61B by 2030 at 67.8% CAGR

Increase in need for efficient traffic control & road safety and surge in demand for fuel-efficient vehicles fuel the growth of the global robo taxi market. Based on component, the camera segment is estimated to maintain the highest share in 2023. However, Asia-Pacific would grow at the highest CAGR by 2030.

According to a recent report published by Allied Market Research, titled, " Robo Taxi Market by Application, Component, Propulsion, and Level of Autonomy: Global Opportunity Analysis and Industry Forecast, 2023-2030," 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%.

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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.

Surge in requirement for road safety & efficient traffic control and rise in demand for emission free & fuel-efficient vehicles fuel the growth of the global robo taxi market. On the other hand, several cyber security threats and expensive R&D costs required for proper implementation restrain the growth to some extent. However, supportive government strategies and smart city development programs are expected to usher in lucrative opportunities in the near future.

Leading players in the industry-

The leading market players analyzed in the global robo taxi market report include Cruise LLC (subsidiary of General Motor Company), Tesla, Nissan Motor Corporation, Volvo Group Lyft, Inc., Waymo LLC (subsidiary of Alphabet Inc.), Daimler AG, Uber Technologies, Ford Motor Company, and Volkswagen AG. These market players have adopted different strategies including partnership, expansion, collaboration, joint ventures, and others to strengthen their stand in the industry.

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The goods transportation segment to dominate by 2030-

By application, the goods transportation segment is expected to peg at nearly three-fifths of the total market revenue in 2023, and would continue to rule the roost throughout the forecast period. The passenger transportation segment, on the other hand, would grow at the fastest CAGR of 74.2% during the study period.

The camera segment to maintain the lion's share by 2030-

By component, the camera segment is expected to account for more than one-fourth of the total market share in 2023, and would retain its dominance by the end of 2030. At the same time, the ultrasonic sensor segment would cite largest CAGR of 75.5% throughout the forecast period.

North America would bring in the highest share in 2023-

By geography, North America would hold the major market share in 2023, generating more than two-fifths of the global market. Simultaneously, Europe is projected to manifest the fastest CAGR of 75.6% during the estimated period. The other two regions analyzed in the report include LAMEA and Europe.

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.

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Key Findings of the Study:

Based on application, the goods transportation will generate the highest revenue in 2023.

Based on components, camera segment will be the highest revenue contributor in 2023.

Based on North America region, U.S. is anticipated to exhibit the highest CAGR during the forecast period.

Based on region, North America contributed the highest market revenue in 2023, followed by Europe, LAMEA Asia-Pacific.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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