Market Research Report
Global Robo-Taxi Market Insights: Insights and Forecast 2019-2025: Emphasis on Component, Level of Autonomy, Propulsion, Vehicle Type, Application and Region/Country
|Published by||UnivDatos Market Insights Pvt Ltd||Product code||910182|
|Published||Content info||268 Pages
Delivery time: 1-2 business days
|Global Robo-Taxi Market Insights: Insights and Forecast 2019-2025: Emphasis on Component, Level of Autonomy, Propulsion, Vehicle Type, Application and Region/Country|
|Published: August 1, 2019||Content info: 268 Pages||
Automobile sector is facing unprecedented change, in technology, society and regulatory trends. Automotive is being re-shaped by shifts towards electrification, self-driving vehicles and shared mobility. The Robo-taxi (self-driving taxi) could ultimately take the global auto industry on a wild ride. Over the period of next two decades, the personal mobility has changed profoundly. Consumers, who increasingly view mobility as a service, want more choices for traveling between points A and B, including ride hailing, car sharing, and perhaps even self-driving "Robo-taxis." For automakers and such players, the proposed changes could replace the industry's traditional emphasis on "moving metal" with new schemes to capture greater profits per mile or per trip. This level of change is poised to have a significant effect on the vehicle and mobility market. Further, the change also influences market players in the industry and their profitability.
Robo-taxis provide door-to-door service while enabling significant reductions in transportation cost, enhancing mobility for millions saddled with limited access to private and public transportation, relieving congestion, and reducing the need for parking. Robo-taxis will increase the opportunity for shared mobility. By pooling rides, fleets can further decrease total-cost-of-ownership (TCO), making the service more accessible to users. Likewise, new technology enables new platform designs that make sharing a better user experience. However, questions remain as to whether people will adopt shared service to capture lower costs along with increases in time and inconvenience as Robo-taxis do not require any human intervention.
Indeed, a future with autonomous vehicles or Robo-taxi can have various outcomes depending on how they are to be regulated and used. Will these vehicles lead to even more cars on the road, more urban sprawl and more congestion? Or will they contribute to shaping sustainable and livable cities, the regaining of urban space, less vehicles on the road and a higher quality of life? Robo-taxis are capable of providing affordable, sustainable and convenient mobility options to all citizens including fewer mobile persons, the elderly, children and people living in suburban or rural areas. these mobility solutions opening the way for decarbonization, by reducing the city carbon footprint to regain valuable urban space to be reallocated to green zones, economic activities or cozy ride and to provide flexible, around the clock on-demand transport that is safe and cost-efficient. These taxis can help to build that future, where people can increase their productivity and manage their travel cost efficiently. Owing to the above-mentioned facts, it is expected that the Robo-taxi market will grow significantly in the years yet to come.
Among two types of Robo-taxi application, passenger type is expected to dominate the market, however, the market for goods type Robo-taxi is expected to grow at the highest CAGR of 127.73% over the forecast period owing to its increasing usage for delivering various products to the end consumer as several key companies like amazon and dominos are working on the Robo-taxi model of delivering their products. In terms of vehicle type; Robo-taxi market is bifurcated into passenger, shuttle and goods vehicle among these, shuttle and goods vehicle are expected to grow considerably, it is expected that shuttle and goods vehicle will grow at a CAGR of 126.39% and 127.73% respectively over the analyzed period owing to its increasing demand and nature of being cost-efficient.
On the basis of level of autonomy, the Robo-taxi market is segmented into Level 4 and Level 5 of automobile autonomy. The Level 4 holds the largest market share of Robo-taxi market due to the lack of required development for Level 5 autonomy, however with increasing technological advancement, it is believed that Level 5 will also gain momentum in the following years. Further, Robo-taxi market is also segmented by propulsion - plug-in hybrid, electric and fuel cell vehicle. Witnessing the high focus on electric vehicle by several automakers, it is anticipated that electric vehicle will grow affluently and will dominate the Robo-taxi market (more than 50 percent) during the forecast period.
Robo-taxi market comprises of automakers, technology providers and service providers. As the concept is innovative and emerging, each player is trying their best to dominate the marketplace. The success of Robo-taxis will likely change car-ownership and public-transportation dynamics at a fundamental level as it offers lower mobility costs, greater convenience and increased productivity as they free occupants from driving. Some of the key players operating in autonomous vehicle or Robo-taxi market include Waymo, BMW, Tesla, Daimler, General Motors Cruise, Nissan-Renault, Volkswagen, Navya, Aptiv, Nvidia, Valeo, Baidu, Uber, Lyft, eaymile are among others. These players are working endlessly to offer consumer a better and sustainable mobility service across the globe.
In terms of volume, the Global Robo-taxi market generated sales of 1,684 units in 2018 and is expected to witness CAGR of 124.6% during the analyzed period 2019-2025, to reach a sale figure of 238,856 units by 2025.
The preceding figure gives the forecast value of global Robo-taxi Service Market from 2020 to 2025. The Global Robo-taxi service market would generate revenue of US$ 140 billion in 2020 and is expected to witness CAGR growth of 60.69% during the analyzed period 2020-2025, to reach a market size of US$ 1,500 billion by 2025.