Robo Taxi Market

Introduction of the Robo Taxi Market Report

Robo taxi, also known as a self-driving taxi or driverless taxi, is the autonomous car that is mostly operated for a ridesharing company. The growing need to eliminate the requirement for a human chauffeur, which represented an important part of the operating costs of that type of service, has led to the development of Robo taxi. This type of vehicle is equipped with numerous sensors such as RADAR, LiDAR, and other sensors, which helps in the vehicles’ effective operation.

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Market Dynamic

Key Drivers and Emerging Trends

The Robo Taxi market is projected to experience strong demand over the coming years. This is mainly due to the increasing concerns related to road safety, carbon emission, and the strong demand for ride-hailing services. The autonomous vehicles help in optimizing the cost to the fleet operator. It also decreases the fuel consumption as these vehicles are equipped with different sensors such as RADAR, LiDAR, and other sensors which are used by the vehicle according to the traffic congestion, thus switching off the vehicles during extreme traffic congestion. As per a study conducted by the University of Illinois, one autonomous car stuck in traffic congestion with 20 other human-driven cars can ease the congestion by controlling its speed and of all other cars stuck in a jam. Newer business models, such as mobility as a service will support the growth of the market in the next few years.

The top global auto manufacturers are focusing on technologies that concentrate on self-driving and autonomous concepts. Various auto manufacturers are initiating projects to develop self-driving cars and commercialize the concept of self-driving cars for carpooling services. For example, in 2020, Waymo LLC, the autonomous car unit of Google-parent Alphabet, opened its Robo Taxi project to the general public in the US city of Phoenix. Through this launch, the members of the public service will be able to take rise and share their experiences with the world. Furthermore, the rising emphasis on improving fuel efficiency has led to the introduction of electric and fuel cell-based vehicles in order to decrease their dependency on fossil fuels to a larger extend. With the outbreak of the COVID-19 pandemic, the economic activities, various industries, and businesses across the globe are adversely affected. Strict lockdown and the temporary shutdown of manufacturing plants have a negative impact on the growing demand of the market. However, the market is projected to bounce back in 2021 while increasing at a significant rate. The government of major economies is focusing on introducing different initiatives and strategies to support the adoption of Robo Taxi in the near future. For example, in 2017, the US House of Representatives passed a bill for Safety Ensuring lives Future Deployment and Research in Vehicle Evolution Act, or Self Drive Act, which will help in establishing a federal framework for the regulation of self-driving cars.

Restraint in the Robo Taxi Market

On the other edge of the spectrum, the lack of awareness regarding the exceptional benefits offered by Robo Taxi and the declining birth rate, especially in the developed economies, are the two major factors that are likely to hinder the growing demand of the market.

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Vehicle Type – Segment Analysis

Based on the Vehicle Type, the car segment is projected to dominate the global Robo Taxi market during the forecast period. The increasing investment by the leading companies in Robo Taxi to develop autonomous driving, connectivity, electrification, and share mobility, is a major factor that is driving the segment growth. Furthermore, the robotic assistance used for delivery, supplies pick-up, and other routine tasks done by autonomous vehicles for small businesses is further surging the demand for Robo Taxi.

Application – Segment Analysis

On the basis of the application, the passenger transportation segment is expected to grow at a faster CAGR during the forecast period. The passenger transportation by Robo Taxi will help in reducing the cost of car ownership, provide greater convenience and decrease the number of road accidents. Waymo, one of the leading companies in the market, is developing a building business model with the help of self-driving car technology. Various other companies are focusing on decreasing the taxi cost or delivery services.

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Regional – Segment Analysis:

Based on the region, Asia-Pacific is anticipated to lead the market over the forecast period. The automotive industry is one of the leading sector in major economies such as China, India, and Japan. The increasing concerns related to pollution, along with the growing number of vehicles on the roads which have led to traffic congestion are the two significant factors that are surging the growth of the market in this region. Moreover, the Chinese government has introduced guidelines for the testing and implementation of the Robo-Taxi. These guidelines are supporting various companies to test their vehicles in China. The combination of these factors will surge the market growth in the region.

Top Market Players

Various notable players operating in the market include Waymo, Cruise LLC, Tesla, Easy Ride (Nissan & Dena), Lyft, Uber, Daimler AG, Ford Motor Company, Nutonomy (Aptiv), and NAVYA, among others. 

Key Developments:

• • In 2020, Waymo announced to relaunch and expand its fully automated robo-taxi ride hailing services in Phoenix, with an aim to transform years of autonomous vehicles research into a revenue-producing business.
  • In 2020, Lyft and Motional entered into a partnership to launch a multi-city US Robo Taxi services in 2023. The driverless vehicles will be offered by Motional and will be deployed in Lyft’s ride-sharing network in the United States.

Segments covered in the Report:

The global Robo Taxi market has been segmented on the basis of Application, Level of Autonomy, Vehicle, Propulsion, Component, Service Type and key regions. Based on Application, the market is segmented into Goods and Passenger. Based on Level of Autonomy, the market is segmented into L4 and L5. Based on Vehicle Type, the market is segmented into Car and Shuttle/Van. Based on Service Type, the market is segmented into Rental and Station-Based. Based on Propulsion, the market is segmented into Electric, Hybrid, and Fuel Cell. Based on Component, the market is segmented into Camera, Radar, LiDAR and Ultrasonic Sensors. 

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Key questions answered in this research report:

• • At what pace is global Robo Taxi market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in Robo Taxi market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global Robo Taxi market?
  • Which vehicle type generated maximum revenues in 2019 and identify the most promising vehicle type during the forecast period?
  • What are the various application areas of global Robo Taxi market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Report Coverage	Details
Market Base Year	2019
Market Forecast Period	2020-2027
Market Revenues Currency	USD Million
Base Year & Forecast Units	Revenues (USD Million)
Market Segment	By Application, By Level of Autonomy, By Vehicle, By Propulsion, By Component, By Service Type, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	Waymo, Cruise LLC, Tesla, Easy Ride (Nissan & Dena), Lyft, Uber, Daimler AG, Ford Motor Company, Nutonomy (Aptiv), and NAVYA, among others; a total of 10 companies covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Global Robo Taxi Market by Application

• • Goods Transportation
  • Passenger Transportation

Global Robo Taxi Market by Level of Autonomy

• • Level 4
  • Level 5

Global Robo Taxi Market by Vehicle Type

• • Car
  • Shuttle/Van

Global Robo Taxi Market by Propulsion

• • Electric
  • Hybrid
  • Fuel Cell

Global Robo Taxi Market by Service Type

• • Car Rental
  • Station Based

Global Robo Taxi Market by Component

• • Camera
  • Radar
  • LiDAR
  • Ultrasonic Sensors

Global Robo Taxi Market by Region

• • North America Robo Taxi Market (Option 1: As a part of the free 25% customization)
    • North America Market by Application
    • North America Market by Level of Autonomy
    • North America Market by Vehicle Type
    • North America Market by Propulsion
    • North America Market by Service Type
    • North America Market by Component
    • US Market All-Up
    • Canada Market All-Up
  • Europe Robo Taxi Market (Option 2: As a part of the free 25% customization)
    • Europe Market by Application
    • Europe Market by Level of Autonomy
    • Europe Market by Vehicle Type
    • Europe Market by Propulsion
    • Europe Market by Service Type
    • Europe Market by Component
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific Robo Taxi Market (Option 3: As a part of the free 25% customization)
    • Asia-Pacific Market by Application
    • Asia-Pacific Market by Level of Autonomy
    • Asia-Pacific Market by Vehicle Type
    • Asia-Pacific Market by Propulsion
    • Asia-Pacific Market by Service Type
    • Asia-Pacific Market by Component
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • RoW Robo Taxi Market (Option 4: As a part of the free 25% customization)
    • RoW Market by Application
    • RoW Market by Level of Autonomy
    • RoW Market by Vehicle Type
    • RoW Market by Propulsion
    • RoW Market by Service Type
    • RoW Market by Component
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating in the Robo Taxi (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Waymo, Cruise LLC
  • Tesla
  • Easy Ride (Nissan & Dena)
  • Lyft
  • Uber
  • Daimler AG
  • Ford Motor Company
  • Nutonomy (Aptiv)
  • NAVYA