Market Research Report
Robo-Taxi Market with COVID-19 Impact Analysis, By Propulsion, By Application Type, By Level of Autonomy, By Component, By Vehicle Type and By Region - Size, Share, & Forecast from 2021-2027
|Robo-Taxi Market with COVID-19 Impact Analysis, By Propulsion, By Application Type, By Level of Autonomy, By Component, By Vehicle Type and By Region - Size, Share, & Forecast from 2021-2027|
Published: December 1, 2021
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Content info: 344 Pages
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The global Robo-Taxi market was valued at USD 960.3 Million in 2020, growing with 29.4% CAGR during the forecast period, 2021-2027.
Self-driving cabs, often known as Robo-taxis, were automated cars typically controlled by an on-demand transportation business. These include self-driving cars that do not require human intervention to operate. The need for self-driving automobiles has risen as a result of the advent of robotics in automobiles, which has aided the global expansion of Robo-taxi.
The worldwide Robo taxi industry is growing as a result of increased regulatory efforts and increased expenditures by the major companies in the robotics sector. Furthermore, the Robo-taxi sector is being fueled by increased research and invention. Furthermore, the favorable influence of automated vehicle advances conducted out by multiple entrepreneurs and major companies feeds the industry globally, increasing the growth of the global Robo taxi business. The desire for fuel-efficient, combustion cars, as well as the necessity for improved roadway traffic management control, are driving the Robo taxi business forward.
The original pandemic of COVID 19 has brought the whole environment to a standstill, halting the development and distribution of new automobiles all across the world. OEMs would have to wait for the lockdowns to be released before they could begin manufacturing that had a negative impact on their operations. Equipment production was however halted, and tiny Tier II, as well as Tier III companies, encountered cash flow problems. The automobile sector is a high-capital-intensive business that requires periodic funding to stay afloat. As a result, the manufacturing halt throughout the early weeks of the breakout, along with weaker sales, had extraordinary damage on EV producers which has hampered the market growth.
The Robo-Taxi market is segmented on the basis of Propulsion, Application Type, Level of Autonomy, Component, Vehicle Type, and region.
The industry is segmented into three categories based on the propulsion segment: During the projected period, electrical propulsion is expected to contribute to the greatest industry share. The need for fuel-efficient automobiles has increased as environmental concerns have grown. Robo-taxis will not only provide robotic help, however, would also herald a new period of fuel economy and zero pollution. Volvo & Uber's cooperation is projected to bring self-driving vehicles towards the mid-size premium category by 2022, with half of them being entirely electric.
Furthermore, the vehicle type has been divided into automobile and shuttle van segments. Throughout the projected timeframe, the automotive car category is expected to be the broadest and fastest-growing. Automakers and providers of driverless driving are aggressively spending on the installation and development of self-driving automobiles. Currently, shuttles, vans, and automobiles are being researched and tested. However, according to industry analysts, the automated driving sector will lead the total market because of the development in ride-sharing companies.
The business is then segmented into radar, camera, ultrasonic sensors, and LiDAR-based on component type. Throughout the projected timeframe, the LiDAR sector is predicted to increase at the quickest rate. LiDAR is among the Robo-taxis most important elements since it uses pulse light to determine the range across two vehicles. It helps detect mirrored pulsed lighting and operates more accurately when combined with sophisticated detectors. LiDAR, in comparison to RADAR, can examine the roadway surface thousand times in minutes. This collected data is supplied to the vehicle's intelligent processor, which changes the vehicle's velocity autonomously.
The worldwide businesses including AutoX, Cruise LLC, Waymo, Baidu, AutoX, and Tesla lead the Robotaxi industry. To gain momentum in the elevated Robotaxi sector, these firms manufacture new technologies, implement expansion plans, and engage in partnerships, alliances, and consolidations.
Nations like France, Germany, Norway, as well as the Netherlands are seen to lead the European continent. Technological developments, as well as a well-developed and supported network, have made it easier for fleet managers to experiment and implement in this area. According to the European Union, the automotive industry has around 180 sites throughout the EU as well as is also the greatest contributor in R&D. Increasing technical advancements for self-driving cars will have a significant influence on the industry. This will increase the nation's total market for self-driving cabs.
The scope of this report covers the market by its major segments, which include as follows: