Global Robo Taxis Market Drivers 2024, Forecast To 2033
23 Feb, 2024
The robo taxis market has experienced exponential growth, rising from $2.71 billion in 2023 to $4.32 billion in 2024, with a 59.5% CAGR. Historical growth is attributed to road safety concerns, commute service needs, pollution worries, cost-effective transportation demand, and ride-sharing service rise. The market is expected to see continued exponential growth, reaching $25.23 billion by 2028, driven by autonomous driving system development, regulatory support, smart city infrastructure integration, cost-effective transportation demand, and increasing population. Key trends include automotive-tech partnerships, electric robo-taxis adoption, user interface enhancements, 5G network deployment, and public transportation integration.
Global Robo Taxis Market Key Driver
Growing concerns about road safety are fostering the growth of the robo taxis market. Self-driving and autonomous vehicles equipped with advanced safety technologies aim to reduce road accidents. In 2022, the U.S. Department of Transportation reported approximately 35,766 fatal motor vehicle crashes, highlighting the need for safer transportation solutions. The robo taxis market is positioned to address these concerns by offering autonomous vehicles as a safer and more efficient mode of transportation.
Get A Free Sample Of The Global Robo Taxis Market ReportGlobal Robo Taxis Market Segments
The robo taxis market covered in this report is segmented –
1)By Component Type: Camera, Radar, LiDAR, Ultrasonic Sensors, Other Component Types
2)By Service Type: Car Rental, Station Based
3)By Propulsion: Electric, Battery, Hybrid
4)By Application: Goods Transportation, Passenger Transportation
By Geography: The regions covered in the template market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa. Among these regions.
Europe was the largest region in the robo taxis market in 2023. Asia-Pacific is expected to be the fastest-growing region in the robo taxis market during the forecast period. The regions covered in the robo taxis market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Major Robo Taxis Industry Players
Waymo LLC; AutoX Inc.; Tesla Inc.; Baidu Inc.; General Motors Company; Lyft Inc.; Nissan Motor Corporation; NAVYA Group; Ford Motor Company; Mercedes-Benz Group AG; Bayerische Motoren Werke AG; Volkswagen AG; EasyMile SAS; Ridecell Inc.; Nvidia Corporation; AB Volvo; Uber Technologies Inc.; Aptiv plc; Beijing Xiaoju Technology Co. Ltd.; MOIA GmbH; Zoox Inc.; Aurora Innovation Inc.; May Mobility Inc.; Optimus Ride Inc.; Voyage Auto Inc.; Pony ai Inc.; Nuro Inc.; Drive ai Inc.; FiveAI Inc.; Oxbotica Ltd.
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Robo Taxis Market Overview
Robo-taxis are technologically advanced cars that use various advanced driver assistance technology such as front crash prevention system and rare crash prevention system, spotting different objects around them for smooth function of driving, lane departure prevention, and others that can drive safely. Robo-taxis are autonomous vehicles that are used for pickup and dropping off passengers or goods without the need for drivers, which can reduce the cost of transportation and make transport more affordable for day-to-day operations.
Robo Taxis Global Market Report 2023 provides data on the global robo taxis market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The robo taxis market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.