Robo taxi market size to grow by USD 568.65 million between 2021 and 2026; Growth driven by increased focus of OEMs on the development of robo taxis - Technavio
NEW YORK, March 30, 2023 /PRNewswire/ -- The global robo taxi market size is estimated to grow by USD 568.65 million from 2021 to 2026, according to Technavio. The market is estimated to grow at a CAGR of 8.21% during the forecast period. The market is driven by the increased focus of OEMs on the development of robo taxis. Increasing traffic congestion has led many consumers to shift to new car ownership models, such as carpooling, cab services, and car rentals. To capitalize on this opportunity, automotive OEMs are developing technologies that focus on driverless, autonomous vehicle concepts. Although these technologies are still in a nascent stage for commercialization, numerous experts are expecting this concept to drive the future of the automotive industry. With many automobile manufacturers increasing their efforts to develop autonomous vehicles, the market growth will accelerate during the forecast period. For more insights on the market size (2022 to 2026) - Request a sample report
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Global Robo Taxi Market - Segmentation Assessment
Technavio has segmented the market based on application (goods transportation and passenger transportation) and geography (North America, Europe, APAC, South America, and the Middle East and Africa).
The market growth in the goods transportation segment will be significant during the forecast period. The increasing demand for last-mile delivery solutions and increasing initiatives to promote robo taxi transportation and logistics are driving the growth of the segment.
By geography, the global robo taxi market is segmented into North America, Europe, APAC, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global robo taxi market.
APAC will account for 32% of the market growth during the forecast period. North America is another major region providing significant growth opportunities in the market. The presence of well-developed road infrastructure and connectivity solutions is a major factor driving the growth of the robo taxi market in North America.
Insights on the market contribution of various segments including country and region wise and forecast market size (2022 to 2026) - Download a Sample Report
Global Robo Taxi Market ? VendorAnalysis
The global robo taxi market is fragmented. The market consists of some well-established players that are into the design and development of transmission systems and components for electric vehicles. Vendors are focused on the development of level 4 and level 5 robo taxis, using artificial intelligence, radio detection and ranging (RADAR), and light detection and ranging (LIDAR) technologies to make them highly automated. Prominent vendors are focusing on improving the reliability, durability, and safety of autonomous taxis. There are numerous projects and initiatives under process in the global robo taxi market, which is playing a crucial role in driving the adoption of driverless taxis in designated places or areas. Owing to these factors, the robo taxi market is expected to intensify in competition during the forecast period. Some of the key vendors covered in the report include:
Argo AI LLC - The company offers robo taxi services such as argo autonomy platform that includes the software, hardware, HD maps, and backend support needed to power full-service self-driving operations.
AutoX Inc. - The company offers robo taxi services such as Robo Taxi and Robo Delivery.
Baidu Inc - The company offers robo taxi services such as radish run which is an autonomous driving travel service platform.
Easymile SAS - The company offers robo taxi services such as EZ10 passenger shuttle.
Global Robo Taxi Market ? Market Dynamics
Leading trends influencing growth
Internet of Things integration powered by AI technology in automobiles is identified as the key trend in the market.
Automobile manufacturers are partnering with hardware and software companies to incorporate automation technologies such as AI and IoT in their vehicles.
This is beneficial for autonomous vehicles because more individuals prefer smart devices to control various electronic devices.
IoT allows automotive AI in a vehicle to read information stored within the cloud and alter drive patterns accordingly.
It aids in reducing traffic and reducing the potentiality of an accident as vehicles communicate to each other about speed and braking distance.
This trend will have a positive impact on the growth of the market during the forecast period.
Major challenges hindering growth
Less system reliability is the major challenge affecting the growth of the market.
Autonomous technologies such as advanced driver assistance system (ADAS) are designed to prevent accidents. However, the safety aspects are still not clear.
Any occasional faults in the system could lead to driver discarding the use of such technologies.
Also, improper tuning of the autonomous vehicle technology system may create unwanted stoppages of the vehicle.
Many such challenges are expected to remain as obstacles to the growth of the global robo taxi market during the forecast period.
The autonomous delivery robots market size is expected to increase by USD 24.78 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 19.85%. The market is segmented by type (semi-autonomous and fully autonomous) and geography (North America, Europe, APAC, MEA, and South America).
The autonomous mobile robots market is estimated to grow at a CAGR of 21.94% between 2022 and 2027. The size of the market is forecast to increase by USD 5,116.37 million. The market is segmented by end-user (aerospace and defense, oil and gas, logistics transportation and manufacturing, agriculture and mining, and others), component (hardware, software, and services), and geography (North America, Europe, APAC, Middle East and Africa, and South America).
Robo Taxi Market Scope
Growth momentum & CAGR
Accelerate at a CAGR of 8.21%
Market growth 2022-2026
USD 568.65 million
YoY growth 2022-2023 (%)
North America, Europe, APAC, South America, and Middle East and Africa
Performing market contribution
APAC at 32%
US, Canada, China, Germany, and UK
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks
Key companies profiled
Aptiv Plc, Argo AI LLC, Aurora Operations Inc., AutoX Inc., Baidu Inc, Beijing Xiaoju Technology Co. Ltd., Cruise LLC, Easymile SAS, LeddarTech Inc., Lyft Inc, May Mobility, Mobileye Technologies Ltd., Navya SA, Nissan Motor Co. Ltd., Nuro Inc., NVIDIA Corp., Tesla Inc., Waymo LLC, WeRide, ZF Friedrichshafen AG, and Zoox
Parent market analysis, market growth inducers and obstacles, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period.
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.
Exhibit 120: ZF Friedrichshafen AG - Business segments
Exhibit 121: ZF Friedrichshafen AG - Key news
Exhibit 122: ZF Friedrichshafen AG - Key offerings
Exhibit 123: ZF Friedrichshafen AG - Segment focus
11.1 Scope of the report
11.2 Inclusions and exclusions checklist
Exhibit 124: Inclusions checklist
Exhibit 125: Exclusions checklist
11.3 Currency conversion rates for US$
Exhibit 126: Currency conversion rates for US$
11.4 Research methodology
Exhibit 127: Research methodology
Exhibit 128: Validation techniques employed for market sizing
Exhibit 129: Information sources
11.5 List of abbreviations
Exhibit 130: List of abbreviations
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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