Robo Taxis Global Market Report 2023

“Robo Taxis Global Market Report 2023 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on robo taxis market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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• Measure the impact of high global inflation on market growth.
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Where is the largest and fastest growing market for robo taxis? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The robo taxis market global report ” from The Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

Scope

Markets Covered:

1) By Component Type: Camera; Radar; LiDAR; Ultrasonic Sensors; Other Component Types

2) By Service Type: Car Rental; Station Based

3) By Propulsion: Electric; Battery; Hybrid

4) By Application: Goods Transportation; Passenger Transportation

Companies Mentioned: Waymo LLC; AutoX; Tesla Inc; Baidu Inc; General Motors

Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA

Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa

Time series: Five years historic and ten years forecast.

Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,

Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.

Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.

Delivery Format: PDF, Word and Excel Data Dashboard.

Executive Summary

Major players in the robo taxis market are: Waymo LLC, AutoX, Tesla Inc., Baidu Inc., General Motors, Lyft Inc., Nissan Motor Corporation, NAVYA, Ford Motor Company, Mercedes-Benz Group AG, BMW AG, Volkswagen AG, EasyMile SAS, Ridecell Inc., NVIDIA Corporation, AB Volvo, Continental AG, ZF Friedrichshafen, Robert Bosch GmbH, and Didi Chuxing Technology Co.

The global robo taxis market grew from $1.73 billion in 2022 to $2.82 billion in 2023 at a compound annual growth rate (CAGR) of 63.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The robo taxis market is expected to grow to $17.84 billion in 2027 at a CAGR of 58.6%.

The robo-taxis market consists of sales of self-driven or driverless cars. Values in this market are: 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

Robo-taxis are technologically advanced cars that use various advanced driver assistance technology such as front crash prevention system and rare crash prevention system, spotting different objects around them for smooth function of driving, lane departure prevention, and others that can drive safely. Robo-taxis are autonomous vehicles that are used for pickup and dropping off passengers or goods without the need for drivers, which can reduce the cost of transportation and make transport more affordable for day-to-day operations.

Europe was the largest region in the robo taxis market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the robo taxis market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The main types of components in robo-taxis are a camera, radar, Lidar, ultrasonic sensors, and others. The cameras are used to click images of their surrounding while driving to interpret the environmental details such as signboards, traffic lights, animals, and others for smooth driving and to avoid any type of road crash. The various services include car rental, and stations based which have different propulsion types such as electric, battery, and hybrid. The numerous applications are goods transportation, and passenger transportation.

Growing concerns about road safety are expected to propel the growth of the robo-taxis market going forward. Self-driving and autonomous vehicles are equipped with various advanced driving technologies such as front crash prevention system and rare crash prevention system, spotting different objects around them for smooth function of driving, which can reduce the significant number of road accidents due to driver behavior or driver errors and can provide the safe and economical solution for transportation. For instance, in 2022, according to the U.S. Department of Transportation's Fatality Analysis Reporting System (FARS), a US-based government agency, in the United States, approximately 35,766 fatal motor vehicle crashes occurred, resulting in around 11.7 deaths per 100,000 people. Furthermore, in 2022, according to PolicyAdvice, a US-based car insurance company, Telsa, Inc., an American-based automotive company, claims that death caused by self-driving is very less compared to normally driven by approximately 1 fatality per 320 million miles driven. Therefore, the growing concerns about road safety are driving the growth of the robot-taxi market.

Technological advancement has emerged as the key trend gaining popularity in robo-taxis market. Major companies operating in the robo taxies sector are focused on developing technologically advanced products to strengthen their market position. For instance, in May 2021, Argo AI LLC, a US-based company operating in autonomous driving technology launched its new technologically advanced LiDAR sensor for autonomous vehicles working on Geiger-mode technology. Geiger-mode technology works on single photodetection, which is highly sensitive to detect light as less as one photon and enhances the detection capability of the self-driving systems to detect darker objects which illuminated very less light where the detection of objects is not easy. Argo AI LiDAR sensor claims that it is capable of detecting objects distant at 400 meters with high-resolution photorealistic quality in low reflectivity.

In December 2020, Aurora Innovation Inc., a US-based company operating in self-driving vehicle technology acquired the Uber Advanced Technology Group for $4 billion. Through this acquisition, Aurora Innovation Inc aims to strengthen its product portfolio of self-driving vehicles for logistics by building safer and more accessible technology in self-driving, which would gain the leadership position in the autonomous or Robo-taxi market for goods transportation. Uber Advanced Technology Group is a US-based company operating in self-driving car businesses such as Robo-taxis.

The countries covered in the robo taxis market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

The robo-taxi market research report is one of a series of new reports from The Business Research Company that provides robo-taxi market statistics, including robo-taxi industry global market size, regional shares, competitors with a robo-taxi market share, detailed robo-taxi market segments, market trends and opportunities, and any further data you may need to thrive in the robo-taxi industry. This anomaly detection market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.