by The Robotaxi market covers self-driving vehicles that are used for ride-hailing. These vehicles use advanced technologies such as autonomous driving, navigation, 360 degree cameras and lidars for real-time environment perception. Major OEMs are focusing on developing driverless taxis which can operate without safety drivers and cater to the first and last mile transportation needs. Companies are testing robotaxis across different cities and working towards full commercialization.
The global Robotaxi Market is estimated to be valued at US$ 2198.45 Mn in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Deployment of autonomous taxis can further enhance the shared mobility model by enabling round-the-clock availability and reducing operational costs without safety drivers. Another major driver is the focus of OEMs on building driverless vehicle technology. Companies are investing heavily in developing self-driving systems, sensors and AI capabilities required for fully autonomous driving. Regular testing and pilot programs are helping advance the robotaxi technology towards commercial deployment. However, certain challenges still exist around cybersecurity, over-dependency on technology and public acceptance of driverless vehicles. OEMs need to address these challenges to build customer trust before widespread adoption of robotaxis.
SWOT Analysis
Strength: The Robotaxi market has high growth potential owing to rising focus on autonomous vehicles technology. Investment in R&D of self-driving vehicles is enabling development of advanced technology. Growing demand for robotaxis for last-mile connectivity will boost market revenue.
Weakness: High costs associated with development and deployment of autonomous driving technology poses major challenges. Limitations in sensing environment and obstacles independently can affect market growth adversely. Regulatory uncertainty regarding road safety and liability issues dampens investor confidence.
Opportunity: Partnerships between OEMs and tech firms are accelerating development of advanced driver-assistance systems. Proliferation of 5G networks will facilitate testing and commercialization of robotaxis. Development of smart infrastructure paves way for large-scale adoption of autonomous vehicles for transportation services.
Threats: Cyber security threats and technical glitches can impact commercial rollout plans of leading players negatively. Slow pace of legislative approvals regarding use of robotaxis on public roads poses challenges. Entry of electric vehicles with advanced driver-assistance features intensifies competition.
Key Takeaways
The Global Robotaxi Market Demand is expected to witness high growth during the forecast period. The global robotaxi market is estimated to be valued at US$ 2198.45 Mn in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2023 to 2030.
North America dominates the global Robotaxi market currently due to presence of major players and high R&D investments. Asia Pacific is expected to grow at the fastest pace during the forecast period supported by growing adoption of advanced mobility solutions and development of smart cities in countries like China and India. Europe ranks among the leading regional markets supported by strong automotive sector and initiatives for autonomous driving.
Key players
Key players operating in the Robotaxi market are AKVA group, Aquafine Corporation, Aquamaof Aquaculture Technologies Ltd, AquaOptima AS, Artec Aqua AS, ATG UV Technology, Billund Aquaculture, BioFishency Ltd., Clewer Aquaculture Oy, Global RAS Fishery & Co., Hesy Aquaculture B.V., MAT LSS – Aquarium Filtration Systems, Pentair PLC. (Pentair Aquatic Eco-Systems, Inc.), RADAQUA, Senect Gmbh & Co. KG, Sterner AS, The Indian Aqua, Veolia Group, Water Management Technologies, Inc., and Xylem Inc. The key players focus on adopting organic and inorganic growth strategies like partnerships, expansions, and new product launches to increase market share.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
