PUBLISHER: The Business Research Company | PRODUCT CODE: 1754829
PUBLISHER: The Business Research Company | PRODUCT CODE: 1754829
Robo taxis, also known as autonomous taxis or self-driving taxis, are vehicles that provide transportation services without a human driver. These vehicles leverage advanced artificial intelligence (AI), sensors and connectivity technologies to navigate roads and transport passengers or goods safely and efficiently.
The robo taxis market consists of sales by entities (organizations, sole traders and partnerships) of robo taxis product and services that are designed to operate in urban environments, suburban areas and designated autonomous vehicle zones, offering an alternative to traditional ride-hailing and taxi services. They are primarily used by commuters, travelers, logistics companies and businesses looking for efficient and cost-effective transportation solutions.
The global robo taxis market grew from $147.02 million in 2020 to $1,188.03 million in 2024.
Rise In Adoption Of Electric Vehicles
The rise in adoption of electric vehicles fueled the growth of the robo taxis market during the historic period. Electric vehicles are automobiles powered by electric motors using energy stored in rechargeable batteries, offering a sustainable alternative to conventional fuel-powered vehicles. The rise in the adoption of electric vehicles is driven by factors such as environmental concerns, government incentives and advancements in battery technology, with environmental concerns being a key driver as they reduce carbon emissions and dependence on fossil fuels, contributing to a cleaner and greener future. Robo-taxis play a crucial role in this adoption by showcasing the efficiency, cost-effectiveness and convenience of autonomous electric mobility, further accelerating the transition towards sustainable transportation. For instance, in July 2023, according to the Internal Energy Agency, a France-based autonomous intergovernmental organization, over 2.3 million electric cars were sold in the first quarter of 2023, a 25% increase from the same period in 2022. By the end of 2023, sales are expected to reach 14 million, representing a 35% year-on-year increase, with growth accelerating in the second half of the year. Therefore, the rise in adoption of electric vehicles drove the growth of the robo taxis market.
Fully Autonomous Ride-Hailing Expands, Transforming Urban Mobility And Transportation Safety
Companies in the robo-taxi market are dedicated to developing cutting-edge solutions like fully autonomous ride-hailing services to advance self-driving transportation and enhance urban mobility. These services rely on self-driving vehicles that operate without human drivers, providing on-demand rides through mobile apps. Equipped with advanced sensors, AI, and navigation technologies, these vehicles ensure safe and efficient passenger transportation to their destinations. For instance, in November 2024, Waymo LLC, a US-based autonomous driving technology company, launched Waymo One, a fully autonomous ride-hailing service, marking its largest expansion to date. By removing the waitlist, Waymo made its self-driving taxis accessible to everyone across 80 square miles of Los Angeles, significantly enhancing urban mobility. With 150,000+ weekly paid rides and strong public trust, particularly among safety-conscious riders, the expansion accelerates the mainstream adoption of autonomous transportation.
The global robo taxis markets is concentrated, with large players operating in the market. The top 10 competitors in the market made up 44.29% of the total market in 2023.
Robo Taxis Global Market Opportunities And Strategies To 2034 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global robo taxis market as it emerges from the COVID-19 shut down.
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 history and forecasts market growth by geography. It places the market within the context of the wider robo taxis market; and compares it with other markets.
To take advantage of the opportunities, The Business Research Company recommends the robo taxis focus on developing next-generation autonomous technology to enhance urban mobility, focus on expanding access and enhancing public trust, focus on developing fully autonomous robotaxis, focus on expanding fully autonomous ride-hailing services, expand in emerging markets, continue to focus on developed markets, focus on expanding strategic collaborations to enhance distribution channels, focus on optimizing pricing strategies for robo-taxi companies, focus on targeting early adopters and tech-savvy consumers, focus on collaboration with transportation and urban mobility stakeholders, focus on targeting urban commuters and tech-savvy individuals.