Robotaxis provide an advanced mobility solution with autonomous driving capabilities. Robotaxis can operate without a human driver and transport passengers between destinations. They offer advantages like more efficient transportation, reduced traffic congestions, and increased road safety by eliminating human errors. The global Robotaxi Market is estimated to be valued at US$ 2198.45 Mn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Significant increase in investments from major technology companies and automakers in the development of robotaxi technologies is a key trend accelerating the growth of the global robotaxi market. Large technology companies like Uber, Google, GM and Tesla are extensively investing in autonomous driving and transportation startups to strengthen their position in the emerging robotaxi market. For instance, GM acquired Cruise, an autonomous vehicle technology development company, for $1 billion in 2016 and continued to invest over $1 billion annually. Similarly, Uber invested $335 million in Otto, an autonomous trucking startup acquired by Anthropic in 2021. Such substantial investments from prominent industry players validate the huge market potential of robotaxis and are propelling research activities, resulting in continuous technology advancements in the field of autonomous vehicles and robotaxis.
Segment Analysis
The global robotaxi market comprises segments such as type and application. Based on type, the passenger transportation segment is expected to dominate the market during the forecast period. Passenger transportation robotaxis are designed to transport people from one place to another without the need for a human driver. These autonomous vehicles eliminate the risks associated with human errors during driving. Some key advantages of passenger transportation robotaxis include reduced traffic congestion, zero emission, enhanced safety, and reduced transportation costs.
Key Takeaways
The Global Robotaxi Market Size is expected to witness high growth during 2023-2030. The market is projected to reach a value of US$ 8,764.65 Mn by 2030 from US$ 2,198.45 Mn in 2024, growing at a CAGR of 18.2% during the forecast period.
Regional analysis: Asia Pacific region is expected to dominate the global robotaxi market during the forecast period. The large population, rising adoption of advanced technologies, supportive government policies for autonomous vehicles are some key factors supplementing the growth of the robotaxi market in the region. China is anticipated to be the fastest growing country market in Asia Pacific.
Key players analysis: 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. These players are focusing on expanding their footprint in different regions by adopting both organic and inorganic growth strategies such as new product launches, partnerships, and acquisitions.
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