The robo taxis global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Robo Taxis Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The robo taxis market size has grown exponentially in recent years. It will grow from $2.71 billion in 2023 to $4.32 billion in 2024 at a compound annual growth rate (CAGR) of 59.5%. The growth in the historic period can be attributed to increased worries about road safety, expanding need for commute services, rising concerns about pollutants, growing demand for cost-effective and secure means of transportation, rise of ride-sharing services.
The robo taxis market size is expected to see exponential growth in the next few years. It will grow to $25.23 billion in 2028 at a compound annual growth rate (CAGR) of 55.5%. The growth in the forecast period can be attributed to continued development of autonomous driving systems, regulatory support for autonomous vehicles, integration with smart city infrastructure, demand for cost-effective and convenient transportation, increasing population
. Major trends in the forecast period include partnership between automotive and tech companies, fleet-wide adoption of electric robo-taxis, improved user interfaces and customer experience, deployment of 5g networks for seamless connectivity, integration with public transportation systems.
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Scope Of Robo Taxis Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Market Drivers –
Growing concerns about road safety are expected to propel the growth of the robo taxis market going forward. Self-driving and autonomous vehicles are equipped with various advanced driving technologies such as front crash prevention system and rare crash prevention system, spotting different objects around them for smooth function of driving, which can reduce the significant number of road accidents due to driver behavior or driver errors and can provide the safe and economical solution for transportation. For instance, in 2022, according to the U.S. Department of Transportation’s Fatality Analysis Reporting System (FARS), a US-based government agency, in the United States, approximately 35,766 fatal motor vehicle crashes occurred, resulting in around 11.7 deaths per 100,000 people. Furthermore, in 2022, according to PolicyAdvice, a US-based car insurance company, Telsa, Inc., an American-based automotive company, claims that death caused by self-driving is very less compared to normally driven by approximately 1 fatality per 320 million miles driven. Therefore, the growing concerns about road safety are driving the growth of the robo taxis market.
Market Trends –
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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
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Regional Insights –
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
Key Companies –
Major companies operating in the robo taxis market report are 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.
Table of Contents
1. Executive Summary
2. Robo Taxis Market characterstics
3. Robo Taxis Market Trends And Strategies
4. Robo Taxis Market – Macro Economic Scenario
5. Global Robo Taxis Market Size And Growth
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31. Global Robo Taxis Market Competitive Benchmarking
32. Global Robo Taxis Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Robo Taxis Market
34. Robo Taxis Market Future Outlook and Potential Analysis
35. Appendix
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