Latest Research Report to uncover key Factors of Robo-Taxi Market

Posted by Sakshi Mishra on January 17th, 2020

Transparency Market Research has published a new report on the robo-taxi market for the forecast period of 2019–2030. According to the report, the global robo-taxi market is projected to reach a value of ~US$ 15 Bn by 2030, expanding at a CAGR of ~58% during the forecast period of 2019 to 2030.

Global Robo-Taxi Market: Overview

• According to the report, the global robo-taxi market is likely to be driven by the demand for reduction in the total cost of ownership by ride-hailing companies.
• The emergence of new business models, such as ‘mobility as a service’, are offering significant opportunities to automakers instead of one-time vehicle sales. Automakers are trying to introduce autonomous vehicles in taxi services to improve consumer service, offer ride-service at lower costs, and lower the operating cost of the service.
• Key players such as Uber Inc., Waymo, Baidu, and Easy Mile are successfully conducting pilot projects on robo-taxis, and are expected to lead the global robo-taxi market.

Expansion of Global Robo-Taxi Market

• Robo-taxis reduce the cost of ownership of a fleet operator by 30% to 50%. Radical shift from private ownership of vehicles to shared mobility has evolved the mobility industry, making it imperative for ride-hailing companies to offer services at competitive costs.
• The robo-taxi market is at the development stage, with expansion likely to occur post 2025.
• The U.S. and China have favorable regulatory frameworks to test autonomous vehicles. Several pilot projects are being carried out in these countries, and are expected to lead the global robo-taxi market.

To Get a Bird’s Eye View of Robo-Taxi Market Forecast, Ask for a Custom Report

Based on application, the global robo-taxi market has been bifurcated into public transport and others. The rising adoption of autonomous vehicles in ride-hailing services and shared mobility is projected to drive the public transport segment, and subsequently, the robo-taxi market. Robo-taxis are also being utilized to commute shorter distance within business parks, universities, industrial sites, amusement parks, and residential townships.

Based on vehicle, the global robo-taxi market has been classified into cars and shuttles. The cars segment is anticipated to hold a dominant share of the global robo-taxi market, with companies such as Uber Inc., Waymo, Baidu, and Pony.ai launching robo-taxis for the markets in North America and Asia Pacific. The shuttles segment holds a significant share of the robo-taxi market, as autonomous vehicles are being adopted to serve geo-fenced areas such as industrial parks, airports, and universities.