RoboTaxi Market Growth to be Driven by Emerging Trends | $16.24 Billion by 2029

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What is the Projected Market Size of the RoboTaxi Industry?
The market size for robotaxis has witnessed a formidable growth in the past few years. The market is projected to increase from $1.19 billion USD in 2024 to a whopping $2 billion USD in 2025, reflecting a compound annual growth rate (CAGR) of 68.1%. Factors contributing to the historic growth include an increasing preference for environmentally friendly options, a growing focus on sustainability, the pressing need to cut carbon emissions, the swift pace of urbanization, and the widespread integration of autonomous technology.

What Will Be the Size of the RoboTaxi Market by 2029?
The size of the robotaxi market is anticipated to experience a significant surge in the next few years, escalating to a staggering $16.24 billion USD by 2029, maintaining an impressive Compound Annual Growth Rate (CAGR) of 68.9%. The expansion predicted for the forecast period can be chiefly ascribed to an enhanced emphasis on sustainability and decarbonization, the application of ADAS in automobiles, aggravating concerns of traffic gridlock, and the insistence on advancing comprehensive functionality. Key tendencies in the forecast period include advancements in sensor technologies, revolutionary enhancements in autonomous driving technology, state-of-the-art transportation facilities, automated and pilotless transportation alternatives, and product innovation.

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What Are the Key Drivers Accelerating Growth in the RoboTaxi Market?
The escalation of traffic jams is predicted to boost the expansion of the robotaxi market. The scenario of traffic congestion arises when the demand for road use exceeds its capacity. The inevitability of traffic congestions majorly stems from factors such as high vehicle densities, poor road infrastructure, inefficient traffic control, and disruptions like accidents or construction work, which limit road capacity and stretch travel times. Robotaxis can help mitigate traffic congestion, offering on-demand transport services, streamlining routes, and bringing down the count of privately owned vehicles on the roads, thereby bettering traffic flow and curbing congestion. In January 2023, according to the Federal Highway Administration, a government agency from the US, travel across all roads and streets saw an escalation of 5.6% (+13.2 billion vehicle miles), giving a total estimated 247.3 billion vehicle miles for the month, showing an uptick compared to January 2022. The seasonally adjusted vehicular miles covered for January 2023 was 272.5 billion miles, a 4.5% increase (+11.6 billion vehicle miles) from January 2022 and a 3.1% change (+8.1 billion vehicle miles) from December 2022. Consequently, the escalating issue of traffic congestion is propelling the growth of the robotaxi market.

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How Is the RoboTaxi Market Segmented by Type, Application, and Region?
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

Subsegments:
1) By L4 Robo-Taxi (Level 4 Autonomous): Fully Autonomous Robo-Taxis (Operational Within Specific Geofenced Areas), Geo-Fenced Urban Robo-Taxi Services, Urban And Suburban Robo-Taxi Operations, Robo-Taxis With Remote Assistance (Human Intervention Possible In Limited Scenarios)
2) By L5 Robo-Taxi (Level 5 Autonomous): Fully Autonomous Robo-Taxis (No Human Intervention Required), Fully Autonomous For All Environmental Conditions, All-weather, All-Terrain Robo-Taxis, Passenger-Only Robo-Taxi Service (No Steering Wheel Or Pedals)

What Are the Key Trends Driving Growth in the RoboTaxi Market?
Key players in the robotaxi market are concentrating their efforts on the production of autonomous vehicles (AVs) that include a detachable steering wheel, in an attempt to establish a competitive edge in the industry. This entails creating a self-navigating car that can function independently, but also incorporates a removable steering wheel for instances where manual operation is required. For example, Baidu Inc., a tech firm based in China, introduced an autonomous vehicle (AV) with a detachable steering wheel in July 2022. The introduction of a detachable steering wheel allows for additional interior space for extra seating, vending machines, desktops, or gaming consoles. The firm plans to utilize this vehicle for its robotaxi service in China in the following year.

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Who Are the Leading Companies Driving Growth in the RoboTaxi Market?
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

Which Is the Leading Region in the Global RoboTaxi Market?
Europe was the largest region in the robotaxi market in 2024. Asia-Pacific is expected to be the fastest growing region in the market. The regions covered in the robotaxi market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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This release was published on openPR.