Currently, the global automotive industry, originated in the 19th century, has recently been witnessing unprecedented technological advancements. The convergence of numerous emerging technologies, such as autonomy, electrification, connectivity, and shared mobility, within the automotive ecosystem have given rise to many prospects for the market growth. Transportation for people and goods has become significantly easy, with an increasing number of on-road vehicles providing numerous opportunities and traveling options. However, with the increasing number of on-road vehicles, the complications and concerns related to vehicle and passenger safety have also increased. Therefore, the automotive industry has been heavily focused to further advance the concept of vehicle safety on public roads over the past few years.
Read Report Overview: Robo Taxi Market
Robo taxi are autonomous vehicles that aim to provide on-demand ride-sharing services to autonomous vehicles. These vehicles usually belong to the 4 and 5 levels of autonomy. Both traditional OEMs and new vehicle developers are working in this ecosystem to improve and introduce fully autonomous robotaxis on the road. Although the robotaxis drive autonomously, a safety operator on-board monitors the driving systems in the current scenario. Robotaxis find their use in numerous locations. However, the initial deployment of the self-driving taxis is expected to be concentrated at airports, industrial parks, amusement parks, exhibition complexes, and pedestrian areas, among other locations.
The global robo taxi market is expected to grow at a CAGR of 168.29% throughout the forecast period, 2020-2025, to reach 535 thousand units by 2025. The North America region dominated the global robotaxi market in 2019, whereas the Europe region is expected to showcase the highest growth rate during the forecast period.
Car Segment Among Vehicle Types Generates Highest Demand
The robotaxi market is segregated, based on vehicle type, into car and shuttle/van segments. The car segment is expected to acquire the lion share of the market, owing to the ease of availability of cars over shuttles. In the current scenario, numerous automotive manufacturers are partnering with autonomous technology providers, in order to provide these companies with vehicles. For instance, in June 2018, Fiat Chrysler Automobiles partnered with Waymo to supply more than 60,000 vehicles to Waymo’s robotaxi fleet.
Passenger Transportation to Dominate the Global Robotaxi Market
The passenger transportation is expected to acquire the lion share of the robotaxi market in 2019 and is expected to hold on to the dominance by 2025, owing to the high penetration of robotaxis in the passenger segment. Only a handful of companies such as EasyMile, Navya, Optimus Ride, Waymo and AutoX provide goods transportation. However, all the companies in the robotaxi space are providing passenger transportation, thereby attributing to the largest market share of passenger transportation in the robotaxi market.
North America to Witness Maximum Market Share in Global Robotaxi Market
North America is expected to acquire the lion share of the robotaxi market in 2019 and is expected to hold on to the dominance by 2025, owing to the large number of pilot projects and testing undergoing in the region. Additionally, the region, especially the U.S., has high disposable income and high per capita income that favor for a nourishing environment for the growth of robotaxis.
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Competitive Landscape
To gain market share, major robo taxi technology providers, automotive manufacturers, and mobility-as-a-Service (MaaS) providers, are making various kinds of strategic moves. A majority of the companies preferred business expansion and product launches as a strategy to further increase their sales. Business expansion has been a leading strategy adopted by the companies, as it not only increases their revenue but also enhances their product portfolio and increases their product application base. Several companies, including Easymile, Fiat Chrysler Automobiles, Local Motors, May Mobility, Navya, Ridecell Inc., Uber, and Voyage among others, have been involved in product launches and enhancements.
Key Questions Answered in this Report:
- What are the key drivers and challenges in the robotaxi market? What will be the potential impact of COVID-19 on the market?
- Which product segment is estimated to witness the maximum demand growth in the global robotaxi market during 2019-2025?
- For which key application areas may robotaxis experience high demand during the forecast period, 2020-2025?
- Which companies are the frontrunners in the robotaxi market?
- What are the business and corporate strategies being adopted by the service providers in the global robotaxi market?
- Which regions and countries are leading in the robotaxi adoption, and which of them are estimated to witness high demand growth from 2019 to 2025?
- What are the key consumer attributes in various regions for the robotaxi market?
