The global robotaxi market is expected to reach USD 68346.86 million by 2030, at a CAGR of 63.11% from 2022 to 2030. The need for robotaxi has grown fast in recent years, and it is expected to grow much more throughout the forecast period. Factors such as the increasing worries about road safety, pollutants, and expanding need for commute services are driving the global market for Robotaxi. Self-driving cars also aid in cost reduction for fleet operators. In the future, entirely new business models such as mobility services may provide another successful and sustainable income source.

Market Overview:

A self-driving taxi and automated vehicle managed by collaborative and on-demand mobility solutions are referred to as a robo taxi. The advantages of Robo taxis, such as improved fleet management and subordinate's cost of ownership, are driving their rise. The automated driving innovation of Robo taxis is the primary engine for lowering ownership costs to general levels. When compared to alternative ownership, robo taxis will be prepared to reduce a fleet driver's overall cost of maintenance by 30% to 50%. With the use of more substantial sensors, regulation techniques, increased machine learning, and durable sensors, first-stage robo taxis will gain new driving capabilities. Adverse weather navigation by Robo taxis will be conceivable with improved sensor technology and the capacity to interpret and acquire extra data for better judgment. Robo taxis will provide a convenient, cost-effective, and secure means of transportation. Producers of robo taxis are collaborating with fleet management and automated driving system suppliers to design, develop, and launch Robo-taxi solutions.

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Market Dynamics:

Drivers:

• Reducing the rate of traffic congestion and accidents

The worldwide robo taxi business is expanding due to various advantages, including reduced road congestion, lower CO2 emissions, more uncomplicated parking, and a lower number of fatalities. Because robo taxis are integrated with linked automobile technology, their largely automated innovation will aid in alleviating congestion problems. These taxis may talk and interface with one another using this technology, and as a result, they can enhance their itineraries for a particular car. In addition, the installation of sensors and intelligent technologies in robo taxis will contribute to the improvement solution for lowering the number of road accidents. Furthermore, the need for emission-free and petroleum cars is likely to boost the expansion of the robo taxi market throughout the forecast period.

Restraints:

• Lack of infrastructure

Automobile manufacturers are focusing on technology that focuses on self-driving and automated ideas. Many automakers have begun developing self-driving vehicles and commercializing the notion of self-driving cars for commuting operations. Furthermore, technology firms are aggressively investing in completely automated vehicles by utilizing their experience in novel communications technology. With the switch in automakers' attention, numerous self-driving car concepts being evaluated will enhance the worldwide Robo Taxi Market in the following years. However, inadequate infrastructure for the implementation of robo-taxis may function as a market restraint.

Opportunities:

• Growing demand for fuel-efficient and emission-free vehicles

The incorporation of different sensors such as RADAR, LiDAR, and many others in the robo-taxi to improve vehicle economy, as well as the rising demand for gas and combustion cars, all have an impact on the robo-taxi industry. Furthermore, growth in government initiatives, an increase in the market for improved road traffic management control, and growth in expenditures by important stakeholders all have a beneficial impact on the robo-taxi business. Moreover, technical advancements and developments, as well as innovative city initiatives, provide promising potential for robo-taxi industry participants.

Challenges:

• Increase in the practice of jaywalking

Robotaxis are intended to wait for pedestrians to cross pedestrian crossings before moving. In developing nations, however, jaywalking is frequent, with people going by zebra crossing at random. This technique offers a significant barrier to robotaxis in developing countries. Crowded places would also pose an issue for these vehicles, making robotaxis implementation a big task. Technological developments and stringent enforcement of pedestrian restrictions are likely to aid in the resolution of this issue. Some organizations are striving to fix the problem using real-time data.

Segmentation Analysis:

The global Robotaxi market has been segmented based on level of autonomy, application, vehicle type, and regions.

• The level of autonomy segment is divided into Level 5 and Level 4. In 2021, Level 4 Robotaxi dominated the market with a market share of 53.6%. The global Level 4 Robo taxi market is growing because of increased government initiatives and investments by the industry's major companies. Additionally, Alphabet's Waymo recently debuted a Level 4 self-driving taxi company in Arizona, where they've been operating driverless vehicles without the need for a safety driver in the seats for over a year and 10 million miles. With the rise in funding for the level 4 Robot taxi, the market is expected to develop significantly over the next projected period.
• The application segment is divided into passengers and goods. In 2021, the passengers sub-segment accounted for the largest share of the market, with 55.32%. Traditional taxis are more likely to be involved in traffic accidents than automated passenger taxis and also contribute significantly to air pollution. Furthermore, automated passenger taxis cut transit expenses from one location to another, resulting in considerable savings and driver costs. Different vehicle businesses have launched novel solutions in recent years to increase the accessibility of public transport services.
• The vehicle type segment is divided into van/shuttle and car. The car sub-segment accounted for the largest share of the market for Robotaxi, with 59.11% in 2021. Producers and providers of autonomous cars are spending extensively on the implementation and development of self-driving vehicles. Currently, vans, shuttles, and cars are undergoing research and refinement. However, because of the action in ride-sharing services, industry analysts predict that the autonomous car market will rule the whole market. In the battle to deploy autonomous fleets, businesses such as Uber, DiDi, and Baidu are partnering with Tier 1 businesses.

Regional Segmentation Analysis:

The regions analyzed for the market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. Europe region emerged as the largest market for the global Robotaxi market with a 40.28% share of the market revenue in 2021.

• Europe's leading countries, including Germany, the United Kingdom, France, and Italy, are quickly altering their urban transportation network through the fast deployment of sophisticated autonomous driving technology. The European Union has made substantial pledges to develop sustainable transportation networks across the EU over the next generation, which is fuelling the region's deployment of Robo-Taxis. Furthermore, the presence of well-known automotive businesses will contribute to the region's leading position in the Robo-Taxi market share in the near future.

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Competitive Analysis:

The key players are now concentrating on implementing strategies such as adopting new technology, product innovations, mergers & acquisitions, joint venture, alliances, and partnerships to improve their market position in the global Robotaxi industry.

Argo AI, Ford Motor Company, and ride-hailing company Lyft Inc. established cooperation in July 2021 to provide robotaxi trips to Lyft consumers in Miami and Austin. The service, which included a safety driver inside Ford Escape hybrid vehicles, launched later this year in Miami and next year in Austin. During the next five years, the corporations intended to implement at least 1,000 robotaxis across numerous cities. Argo AI, which is sponsored by Ford and Volkswagen AG, got anonymized data on passenger rides and safety occurrences. This assisted Argo in optimizing its intelligence and guidance in order to avoid risky streets.

Waymo's LiDAR was unveiled in March 2019. The business is now offering these detectors to organizations for applications other than self-driving vehicles, such as robotics, surveillance, farming techniques, and others, in order for others to achieve technological improvements. It stated that one of its 3D LiDAR sensors, Laser Bear Honeycomb, will be made available to selected partners.

In January 2021, AutoX introduced their independent professional taxi company, robotaxi, in Shenzhen, China.

In November 2019, Tesla unveiled the EV Cybertruck, which has a load capacity of around 3,500 pounds. It has a robust carapace designed for strength and stamina.

For example, since March 2018, China has tested over 350 autonomous cars on public roads in 22 cities, such as Beijing, Shanghai, and Wuhan. By 2020, seven Chinese cities will have allowed autonomous vehicles to transport people in approved zones, with Guangzhou enabling payments for such operations. Over 150 robotaxis have been implemented in places including Beijing, Wuhan, and others by companies such as Baidu, Didi Chuxing, and Alibaba-backed AutoX Technologies.

List of Key Market Players:

• Daimler AG
• Tesla Inc.
• General Motors
• Waymo LLC
• Ford Motor Company
• NAVYA
• Volvo
• BMW AG
• Fiat Chrysler Automobiles (FCA)
• Nissan

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities
• Consulting And Research Firm

Report Description:

• Global Robotaxi Market, Industry Analysis, Trends, Analysis and Forecast, 2022 to 2030 is a forthcoming/imminent research report which is to be published by The Brainy Insights.
• 2021 is considered as the base year of the report. 2019 and 2020 are regarded as the historical years, and 2022 to 2030 are the forecast years. The global Robotaxi market is based on revenue (USD Million). The report incorporates the market study based on income. The study covers the market share revenue/market share/volume for each of the segments, regions, and countries catering to the global Robotaxi market. The areas analyzed for the market are Europe, Asia Pacific, North America, South America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level.
• The report encompasses the relative data & information, which have been validated by the leading industry professionals and experts across the globe. The research report also delivers an outline of the attractiveness of Robotaxi based on level of autonomy, application, vehicle type, and regions which are deduced and formulated based on their growth rate (CAGR), market size, and attractiveness by analyzing the present and prospects to fathom market growth and development in future.
• The report illustrates the detailed (both quantitative and qualitative) analysis of historical data, revenues, key developments, along with the crucial strategies adopted by critical organizations catering to the global Robotaxi market. This offers vital and in-depth insights to depict the overall market scenario.
• The report offers a detailed study for the company profiles of key organizations operating in the global Robotaxi market and a comparative assessment based on their product offering, business overviews, geographic presence, business strategies, segment market share, product development & innovations, recent developments, joint venture, partnerships, mergers & acquisitions, strategic alliances, SWOT analysis, and critical financial information. This helps in evaluating the overall competition present in the market scenario.
• The report provides an elaborative assessment of porter's five forces analysis coupled with SWOT analysis to offer business-related data and pieces of information. Porter's five forces model is analyzed to understand the overall competitive scenario that is prevailing in the market. Additionally, the SWOT analysis identifies both the positive and negative attributes of the market development, which influences the company's growth and development to sustain and survive in the long run.
• Along with that, the report also focuses on the market-related driving factors, growth limitations (restraints), potential industry opportunities, significant trends, and development which act as a critical potential for the investors.
• Potential growth prospects, along with the penetration rate analysis of the product (market-related, i.e., global Robotaxi market), are covered to comprehend the adoption rate and evaluate the market size.