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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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The impact of COVID-19 on Robo Taxi Market Growth Sales and Opportunity, Volkswagen AG, Toyota Motor Corporation, Ford, Mahindra & Mahindra, Sono Motors

Autonomous vehicles have proved worth in various other sectors. Involving them for public transportation may also come out as a deal of profit for us as well as nature. Moreover, the initiatives taken by the automobile manufacturing companies as well as taxi service providers to bring robo taxies as a way of public transportation has propel the market to expand further.

The robo taxis market has witnessed an augmented growth. As a report by Allied Market Research reveals that the global robo taxi market is anticipated to reach $38.61 billion, supported with a CAGR of 67.8%, by 2030. The growing demand for fuel-efficient and emission-free vehicles and an increase in the need for better road safety and traffic control are the two major factors propelling growth. Moreover, the rise in government regulations and an increase in the trend of smart cities are expected to hail the market with several opportunities, in the future.

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

Reduced rates of accidents:

Road traffic injuries due to human errors have already become a key cause of death. In addition, public transport including taxies can greatly contribute to decrease the rate of accidents. However, with semi-automation in vehicles, the number has been decreased, as the sensors and advanced systems alert the driver during danger. In addition, robo taxis can also be a much better solution to reduce the rate of road accidents.

Reduce traffic congestion:

The highly automated technology can be helpful to reduce traffic congestion, as autonomous cars are equipped with connected car technology. With this technology, the cars can communicate with each other, based on which it can improve their routes for an individual vehicle. This information can help to distribute a proper traffic flow. This could help robo taxies to offer a more convenient ride and reduce the time consumption as well.

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Lower Co2 emission:

No denial, transportation has augmented global warming. Regardless of the environmental consequences, vehicles are arrayed regularly owing to consumer demands and needs. On the other hand, traffic congestion, speeding up, and re-accelerating results in nothing but increased pollution. However, the robo taxies can contribute to reducing the pollution emitted by other vehicles. These autonomous vehicles are programmed to maintain consistent driving speed and keep a measured distance between vehicles. This can reduce excess braking and re-acceleration. Moreover, the electronic models of robo taxies with the electronic or hybrid engine can reduce the use of fuel.

Easier parking:

Robo taxies would be able to park themselves without much space, as it does not require to open the doors. This can enhance the parking system along with reducing the parking space. This would lead to parking the taxies next to each other. A much better and systematic arrangement to park taxies.

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Effective and affordable taxies:

As mentioned earlier the autonomous taxies would contribute to lessening the traffic congestion. Which would make the cab to come down faster. The riding cost would also decrease as robo taxies don’t require much fuel and time.

The benefits offered by robo taxis, have attracted the fancy of various manufacturers as well as transport providers. Various automobile companies have come out with innovative launches to enhance the convenience of public transportation. On the other hand, several taxi service providers are taking initiative to involve robo taxis for enhanced services. Innumerable activities are hitting the market with innovative launches.

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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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About Us

Allied Market Research (AMR) is a market research and business-consulting firm of Allied Analytics LLP, based in Portland, Oregon. AMR offers market research reports, business solutions, consulting services, and insights on markets across 11 industry verticals. Adopting extensive research methodologies, AMR is instrumental in helping its clients to make strategic business decisions and achieve sustainable growth in their market domains. We are equipped with skilled analysts and experts, and have a wide experience of working with many Fortune 500 companies and small & medium enterprises.

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Robo Taxi Market Will Reflect Significant Growth Prospects till 2030 | Waymo, Cruise, Tesla, Nissan Motor, Lyft, Uber Technologies, Daimler AG, Ford Motor Company, Volkswagen AG and Volvo

Robo-taxis or self-driving taxis are a form of autonomous vehicles thatoperatethrough an on-demand mobility service. They are the self-driving vehicles that do not require any human involvement for the operation of the vehicle. This involves a better and efficient system for the propulsion of vehicle. The increasing trend of autonomous vehicles across the globe has supplemented the growth of robo-taxi thereby fueling the robo-taxi market during the forecast period.

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Also with the introduction of robo-taxis, the human involvement to drive the vehicle will be reduced to a much larger extent as well as increasing the passenger capacity,which boosts the robo-taxi market.

Various government have made investments for the development and introduction of robo- taxi in their region, which supplements the growth of the market. Also various companies such as WAYMO, Tesla, General Motors, and others, have carried out various developments and innovations related to robo-taxi, which boosts the growth of the robo-taxi market during the forecast period.

The factors such as demand for fuel-efficient and emission-free vehicles and need for better road safety and traffic control are driving the growth of the market. However, high R&D cost for implementation and cybersecurity threats is expected to hamper the growth of the robo-taxi market. Further, government regulations and development of smart cities are expected to create numerous opportunities for the expansion of the market.

The List of companies covered in this Reports are:

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 and Volvo Group.

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The global robo-taxi market is segmented based on application, component used, propulsion, level of automation and region. Based on application, the robo-taxi market is categorized into goods transportation and passenger transportation. Based on the component used, the robo-taxi market report has been categorized into camera, RADAR, LiDAR and ultrasonic sensor. Based on the propulsion system, the robo-taxi market report has been categorized into electric, fuel cell and hybrid propulsion system. Level 4 (L4) and level 5 (L5) are the level of automations that have been categorized in the robo-taxi market report. Based on the region, the robo-taxi market report has been categorized into North America, Europe, Asia-Pacific and LAMEA.

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