Robo Taxi Market

Global Robo Taxi Market include Tesla Inc., Waymo LLC,Aptiv, Uber Technologies Service, Daimler AG,Lyft Inc., ,Baidu ,Didi Chuxing ,Amazon and others.

LUTON, BEDFORDSHIRE, UNITED KINGDOM, November 16, 2023 /EINPresswire.com/ -- According to a Comprehensive Research Report by Exactitude Consultancy, “Robo Taxi Market by Type (Car, Shuttle/Van) Application (Goods Transportation, Passenger Transportation) Propulsion (Electric, Hybrid, Fuel Cell) Service (Car Rental, Station Based) Region (North America, Asia Pacific, Europe, South America, Middle East & Africa), Global Trends and Forecast from 2020 To 2029”, The market for Robo Taxi to anticipate a rise from USD 12.4 billion in 2021 to USD 24.3 billion by 2029, at 62.8% CAGR over the appraisal period (from 2023 to 2029).

Robotaxi is a concept for autonomous, self-driving taxis that run on ride-sharing services without the need for human intervention. For shared autonomous mobility to work properly, it needs components like LiDAR, RADAR, high-density sensors, and several other software algorithms.

Additionally, in order to obtain real-time updates and lower the number of fatalities, autonomous taxis are connected to both the internal and external V2X environments via robust internet connections. Major corporations are also utilizing this technology to produce driverless taxis in developing nations, which will support the market's expansion in the upcoming years.

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• Exactitude Consultancy Research methodology

Recent Developments

• In May 2023, Beijing Didi Chuxing Technology Co., Ltd. Partnered with GAC AION for mass production of fully self-driving electric robotaxi. The first mass-produced model is expected to be on its shared mobility network and integrated into a large-scale mixed dispatching system by 2025.

• In May 2023, Waymo LLC and Uber Technologies Inc. partnered to bring Waymo’s autonomous driving technology to the Uber platform.

• In January 2023, EasyMile and multinational public transport operator Keolis (France) has taken a further step in completely automated mobility by remotely supervising two fully driverless shuttles, without any human supervisor on board, at the National Sports Shooting Centre. The objective of this new phase is to verify the financial and operational models of autonomous shuttles.

• In January 2023, The German Federal Ministry of Economics and Climate Protection (BMWK) has awarded a consortium of German experts in the field of autonomous driving USD 9.6 million for the SAFESTREAM project. The project aims to accelerate autonomous driving to SAE Level 4 in public transport in Germany.

Robo Taxi Market Competitive Landscape:

The major vendors in the Robo Taxi industry are

• Tesla Inc.
• Waymo LLC
• Aptiv
• Uber Technologies Service
• Daimler AG
• Lyft Inc.,
• Baidu
• Didi Chuxing
• Amazon

Some Points On How the Report Benefits Stakeholders:

• The Robo Taxi Market reports include historical (2018–2020) and forecast (2022–2028) data points, revenues, and CAGR in table, figure, and chart formats, with detailed and qualitative, supporting written information for each.

• The report contains insights regarding growth drivers, restraints, opportunities, trends, company profiles, strategic developments, expansion details, product launches, and various other aspects related to the market.

• Revenue break-up is provided for each segment in these formats for global, regional, and for each country in the respective region for each year between 2018 and 2028.

• The Robo Taxi Industry report contains data and information on customers, competitors, vendors/distributors, and other players and in the global marketplace.

• The report contains company profiles of the top companies operating in the Robo Taxi market along with their respective revenue and operating segments, geographical reach, market footprint, headquarters, growth rates, recent developments, product /services, expansion strategies, investments in expansion, and more.

• Robo Taxi Market research analysis is vital for all crucial business strategies and can aid in numerous ways and to provide a clearer understanding about strategies being deployed by competitors, product launches, competitive analysis, technological advancements and various other factors that enhance sales of a firm or perhaps provide insights to focus on merger and acquisition as a strategy or enter into strategic agreements or joint ventures etc.

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DRIVING FACTORS

Increasing Adoption of Advanced Driver Assistance System (ADAS) to Fuel Market Growth

Over the course of the forecast period, the growing use of Advanced Driver Assistance Systems (ADAS) in autonomous vehicles is anticipated to propel market expansion. In road obstacle mapping systems, sophisticated ultrasonic sensors, cameras, and software are frequently utilized. This enhances the ADAS's suitability across all car segments. Governments in developing nations have tightened safety regulations forcing automakers to provide vehicles with ADAS features due to growing concerns about passenger safety. 1.35 million people died on roads worldwide in 2018, according to the World Health Organization's report on road safety.

For example, the Union Ministry of India declared in September 2018 that the goal of the Indian government is to increase road safety by 2022 by integrating ADAS features into all vehicle segments. By 2022, all vehicle segments will be required to have blind-spot detection systems and electronic stability control, according to the Ministry.

Thus, the increasing adoption of ADAS features in vehicles set the positive prospectus for the growth of market during the forecast period.

RESTRAINTING FACTORS

High Cost of R&D and Complexity in Adoption of Autonomous Vehicles to Restrain Growth

Over forty sensors are included in a shared autonomous mobility, such as LiDAR, cameras, and RADAR, which contribute to the smooth operation of the vehicle. These sophisticated sensors are costly, and how well they function depends on the hardware and software that are employed in daily operations. For example, the cost of automotive LiDAR can reach USD 50,000, which is added to the vehicle's overall cost.

Because of this, significant investments are required for the full implementation of driverless taxi services because the components are expensive. Additionally, because level-4 and level-5 autonomous vehicles are still in the development stage and are therefore scarce, the implementation and integration of robotaxis is a laborious and challenging process. Furthermore, the widespread use of level 5 autonomous vehicles is capital-intensive and subject to regulatory compliance, and the design and development of software for such vehicles is a difficult problem.

Massive amounts of sensor data—nearly 100 times more than what the most sophisticated vehicles on the market today require—need to be analyzed by a robotaxi. Software is becoming exponentially more complex as multiple Deep Neural Networks (DNNs) are used in tandem as a component of a software stack. In order to operate these vehicles globally in a multitude of environments, a large amount of data and rigorous DNN training are required. The amount of data pertaining to autonomous driving is expected to increase significantly due to the growing number of vehicles on the road.

For example, 1.6 petabytes of data could be produced daily by a fleet of 50 robotaxi vehicles that travel six hours a day, according to Nvidia. Cars can carry out a multitude of tasks in a range of environments thanks to this volume of data, which is challenging to store and understand.

Key Market Segments: Robo Taxi Market

Robo Taxi Market by Type, 2020-2029, (USD Million)

• Car
• Shuttle/Van

Robo Taxi Market by Application, 2020-2029, (USD Million)

• Goods Transportation
• Passenger Transportation

Robo Taxi Market by Propulsion, 2020-2029, (USD Million)

• ELECTRIC
• HYBRID
• FUEL CELL

Robo Taxi Market by Service, 2020-2029, (USD Million)

• Car Rental
• Station-Based

Robo Taxi Market by Region, 2020-2029, (USD Million)

• North America
• Europe
• Asia Pacific
• South America
• Middle East and Africa

Frequently Asked Questions

• What was the impact of covid-19 on Robo Taxi Market?
• What was the market value in 2022?
• Which region is a high share of the Robo Taxi Market?
• What are the opportunities in Robo Taxi Market?
• What is the forecast period of the Robo Taxi Market?

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