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Robo Taxi Market 2020-2030 : Comprehensive Analysis, Top Key Players Analysis , COVID-19 Impact Analysis

According to Allied Market Research, the global Robo taxi market is expected to reach $38.61 billion by 2030, growing at a CAGR of 67.8% from 2023 to 2030. That’s because of the demand for fuel-efficient and emission-free vehicles and the need for better road safety & traffic control.

The adoption of Robo taxis would replace ownership of the car to sharing among masses. The world will witness growth in ride-sharing and advancements in automation would nothing but help this cause. Silicon Valley is the first to experience this technological disruption. However, China and other developing economies are not so behind. For instance, while the people debate who would win the race China or the U.S., Asia’s most acknowledged AI startup, Momenta has declared that Robo taxis would be completely driverless and profitable business by 2024.

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Compared to tech giants such as Tesla and Uber, Momenta is much younger. However, in merely four years, it has specialized in software solutions for driverless vehicles and aims to launch the infrastructure for autonomous vehicles in 2024 and even boasted that some of the vehicles would be driverless as soon as 2022.

However, the outbreak of Covid-19 has hit the Robo taxi industry harder than ever. In fact, major market investors have delayed their projects due to the pandemic. For instance, Ford has announced to push back the launch of its upcoming Robo taxi project and driverless delivery services from 2021 to 2022. The company cleared that this delay is solely due to economic conditions caused because of the pandemic. In addition, the company spokesperson stated that this additional time would be used for research to determine change in customer behaviors and it would aid the company to develop a go-to-market strategy to meet the demand of customers.

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Ford said that this delay would enable it to make sure that the company offers consumer peace of mind in knowing that the packages are well protected and in a safe environment. In addition, it announced that the delay is the result of the financial situation for the first quarter of 2020, which is greatly affected by the pandemic and it has suffered around $2 billion loss in the quarter.

Such financial losses are not limited to Ford. Majority of the automobile companies are suffering such troubles, which is bound to delay the previous commitments that are made to launch driverless Robo taxis on the road. However, Robo taxis are beyond doubt is the next big thing in the transportation sector. Thus, it would soon regain its strength and the projects would soon resume bringing the most-awaited revolution in the sector.

Leading market players

  • Waymo LLC (subsidiary of Alphabet Inc.)
  • Cruise LLC (subsidiary of General Motor Company)
  • Tesla, Nissan Motor Corporation
  • Lyft, Inc.
  • Uber Technologies
  • Daimler AG
  • Ford Motor Company
  • Volkswagen AG
  • Volvo Group

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Robo Taxi Market Report 2020 Including COVID-19 Impact Analysis – Forecast 2030

Allied Market Research published a report, titled, “Robo Taxi Market by Application (Goods Transportation and Passenger Transportation), Component (Camera, RADAR, LiDAR, Ultrasonic Sensor and Others), Propulsion (Electric Vehicles, Fuel Cell Vehicles, and Hybrid Vehicles) and Level of Automation (Level 4 (L4) and Level 5 (L5)): Global Opportunity Analysis and Industry Forecast, 2023-2030.” According to the report, the global robo taxi market is estimated to contribute nearly $1.03 billion in 2023, and is expected to reach $38.61 billion by 2030, growing at a CAGR of 67.8% from 2023 to 2030.

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Prime determinants of growth

Rise in requirement for road safety and efficient traffic control along with demand for emission free & fuel-efficient vehicles drive the growth of the global robo taxi market. However, cybersecurity threats and expensive R&D costs required for proper implementation hinder the market growth. Contrarily, supportive government policies and smart city development create new opportunities for the next decade.

The goods transportation segment to maintain its leadership status by 2026

Based on application, the goods transportation segment is estimated to account for nearly three-fifths of the total share of the global robo taxi market in 2023, and is expected to maintain its leadership status during the forecast period. This is attributed to rise in demand for autonomous vehicles in goods transportation for preventing accidents from human errors. However, the passenger transportation segment is estimated to register the highest CAGR of 74.2% from 2023 to 2030.

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The camera segment to possess its lead position by 2030

Based on component, the camera segment is estimated to account for the highest market share of the global robo taxi market, contributing to more than one-fourth of the total market share in 2023, and is expected to possess its lead position by 2030. This is due to need for enhanced and long-range camera for installation in vehicles for keeping track of the surrounding. However, the ultrasonic sensor segment is estimated to grow at the largest CAGR of 75.5% from 2023 to 2030, owing to its ability to measure accurate distance and avoid accidents.

North America to maintain its dominant position during the forecast period

Based on region, North America is estimated to account for the largest market share based on revenue, accounting for more than two-fifths of the global solar vehicle market in 2023, and is estimated to maintain its dominant position during the forecast period. This is due to wide adoption of latest technologies in the region, supported by continuous development. However, Europe is expected to portray the largest CAGR of 75.6% from 2023 to 2030, owing to continuous development activities carried out by auto manufacturers in the field of autonomous vehicles.

Robo Taxi Market to Reach $38.61 Bn, Globally, by 2030 at 67.8% CAGR: Allied Market Research

Leading market players

  • Waymo LLC (subsidiary of Alphabet Inc.)
  • Cruise LLC (subsidiary of General Motor Company)
  • Tesla, Nissan Motor Corporation
  • Lyft, Inc.
  • Uber Technologies
  • Daimler AG
  • Ford Motor Company
  • Volkswagen AG
  • Volvo Group

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