Robotaxis are autonomous vehicles that provide on-demand transportation services. They are equipped with advanced sensors and software that allow them to operate without a human driver. Robotaxis are useful for various purposes such as transportation of senior citizens, disabled people and children. They help reduce traffic congestion and emissions by improving vehicle occupancy. Robotic vehicles are easier to maintain compared to traditional vehicles as they have fewer mechanical parts. The growing interest in self-driving vehicles and need for safer transportation options is expected to boost demand for robotaxis.
The Global Robotaxi Market Share is estimated to be valued at US$ 2532.62 Bn in 2024 and is expected to exhibit a CAGR of 10% over the forecast period 2024 to 2030.
Key Takeaways
Key players operating in the Robotaxi market are Pfizer Inc., Novartis AG, Merck & Co. Inc., GSK PLC, AstraZeneca, Eli Lilly and Company, and Bristol-Myers Squibb Company (Celgene Corporation), among others. The self-driving car companies are investing heavily in technology development and partnerships to gain a competitive edge. For instance, General Motors partnered with Cruise Automation to commercialize robotaxis.
There is significant scope for robotaxis in densely populated cities around the world due to growing urbanization and traffic congestion issues. Countries like China, Japan and Singapore are investing in autonomous driving infrastructure which will help large-scale adoption of robotaxis. Robotaxi services can help bridge the gaps in existing public transportation systems and offer an alternative to car ownership.
North America is a major market for robotaxis currently. However, Asian countries like China, Japan and South Korea are anticipated to offer high growth opportunities owing to supportive government policies. Collaborations between tech giants and automakers in Asia will help accelerate robotaxi commercialization. Europe is also exploring opportunities for autonomous shuttles and vans for intra-city mobility services.
Market drivers: Growing investments by leading companies in robotaxi technology and pilot projects will boost market prospects. Rising demand for self-driving vehicles for shared mobility due to benefits like zero emission, low cost and traffic decongestion will drive the robotaxi market.
Market restraints: High research and development costs associated with development of autonomous driving technology is a major challenge. Issues regarding cybersecurity, safety and regulatory approvals are other restraining factors for the robotaxi market. Public perception related to sharing rides with driverless cars needs to improve to ensure large scale adoption of robotaxis.
Segment Analysis
The robotaxi market can be segmented as vehicle type, application, service type, component and vehicle level of autonomy. By vehicle type, sedan/hatchback holds the dominating sub-segment currently as it can accommodate more passengers as compared to other vehicle types. By service type, rental is the dominating sub-segment currently due to increasing ride-sharing business models from OEMs and ride-hailing companies. By component, camera holds the major sub-segment currently due to its wide application in sensors required for monitoring surroundings and localization of the vehicle. By level of autonomy, autonomous vehicle holds major share currently due to ongoing development and testing of different prototype models.
Global Analysis
North America region is expected to hold the major market share during the forecast period due to ongoing testing and development of robotaxi services in the US by major OEMs and tech companies. The region has dominated autonomous vehicle development and deployment till date. However, Asia Pacific region is anticipated to grow at the fastest rate during the forecast period due rising investment and supportive government policies by countries like China, Singapore and South Korea to develop autonomous vehicle technologies and pilot projects for robotaxi services. Developing countries in the region offer growth opportunities such as requirement for transportation facilities and improving road infrastructure.
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