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Robotic Taxi Market Size To Reach USD 38.61 Billion By 2030 At A CAGR Of 67.8%


BANGALORE from India, September 16, 2021 / PRNewswire / – The Robotic Taxi Market is segmented by application (Transport of Goods and Transport of Passengers), Making up (camera, RADAR, LiDAR, ultrasonic sensor and others), propulsion (electric vehicles, fuel cell vehicles and hybrid vehicles) and Automation level (Level 4 (L4) and Level 5 (L5)). The report covers the analysis of global opportunities and industry forecast from 2021 to 2027. It is published in Evaluate reports under Cars and vehicles Category.

The global robotic taxi market is expected to be $ 1.03 billion in 2023 and should reach $ 38.61 billion by 2030, registering a CAGR of 67.8% from 2023 to 2030.

The major factors driving the growth of the robotic taxi market are:

The growing demand for ridesharing services and the need to increase the profit margin of companies that provide ridesharing services are expected to drive the growth of the robotic taxi market.

The global robotic taxi market is growing thanks to the efforts of the government and the increased investments of the major players in the automotive automation industry. In addition, technological advancements due to the R&D carried out by several startups and prominent players are expected to further fuel the adoption of autonomous vehicles, which in turn is expected to increase the growth of the robotic taxi market.

The need to provide a better driving experience and increase driving safety is expected to propel the robotic taxi industry. With the emergence of vehicle automation, the need for a human driver has decreased, thereby reducing the risk of accidents caused by human errors. A robot taxi is also equipped with many sensors, including RADAR, LiDAR, and others, making the vehicle more efficient to use, leading to the global boom in the robotic taxi market.

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TRENDS AFFECTING THE GROWTH OF THE ROBO TAXI MARKET

During the COVID-19 pandemic, more than 5,000 independent contractors working for Lyft and Uber accounted for approximately $ 80 million in economic disaster lending, according to the Washington Post in May 2021. As a result of the pandemic, demand for carpooling / carpooling fell by 80%, demonstrating that these companies could not afford to have large numbers of drivers. As a result, companies have started to focus on adding robot taxis to their fleets, which is expected to significantly reduce operating costs and improve profit margins. This in turn should cause the growth of the robotic taxi market.

Need for Better Road Safety and Traffic Control is expected to fuel the growth of the robotic taxi market. In terms of safety and traffic congestion, robot taxis have various advantages over traditional vehicles. A number of sensors, including LiDAR, RADAR, camera and GPS, are installed in an autonomous vehicle. Short-range sensors (which provide details of moving objects near the vehicle) and long-range sensors (which provide details of oncoming vehicles at high speed) are used to help the vehicle detect any object or barrier in its path, reducing the risk of an accident.

In addition, the governments of several countries are implementing regulations in favor of autonomous vehicles which, in turn, is expected to fuel the growth of the Robo taxi market. For example, the Autonomous Driving Act provides an indispensable federal safety framework to support autonomous driving technology and its potential to save lives on the road, improve mobility and create new economic opportunities across the country. .

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ROBO TAXI MARKET SHARE ANALYSIS

The freight transport segment is expected to be the largest contributor to the market, with $ 0.61 billion in 2023, and is expected to reach $ 21.71 billion by 2030, at a CAGR of 70.5% over the forecast period. The passenger transport segment is expected to reach $ 16.89 billion by 2030 to a CAGR of 74.2%.

North America would have the highest CAGR of 29.6% in 2021-2030.

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Best players in the robotic taxi market

  • Cruise LLC (a subsidiary of General Motor Company)
  • Daimler AG
  • Ford Motor Company
  • Lyft, Inc.
  • Nissan Motor Corporation
  • You’re here
  • Uber Technologies
  • Volkswagen AG
  • WAYMO LLC (subsidiary of Alphabet Inc.)

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