by Robotaxis or autonomous taxis are self-driving taxis capable of fulfilling transportation demands of people without any human intervention in vehicle navigation and operation. Robotaxis offer numerous advantages like enabling mobility for all, reducing traffic congestion and fuel consumption. Rapid urbanization has led to a rise in transportation needs of growing urban populations which are currently unmet. The global Robotaxi Market is estimated to be valued at US$ 2198.45 Mn in 2024 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Rapid urbanization has been a major driver for the robotaxi market over the past few years. With more people migrating to urban areas, the transportation needs are exponentially rising. However, the current transportation infrastructure is unable to keep up with such massive demand. Robotaxis can effectively bridge this gap by providing autonomous mobility services. Their 24/7 availability and flexible route planning make them an ideal solution to tackle urban transportation woes arising due to urbanization. This is expected to significantly fuel the growth of robotaxi market over the coming years.
SWOT Analysis
Strength: Robotaxis offer a reliable, affordable and efficient form of transportation. They can operate 24/7 without rest, reducing downtime costs.
Weakness: The upfront costs of developing autonomous vehicles are very high. Sensor and control systems require extensive testing and validation before commercial deployment.
Opportunity: Growing preference for mobility-as-a-service offers a massive potential market for robotaxi services. Cities are exploring regulations to permit robotaxis which can expand their use cases.
Threats: Traditional taxi operators may oppose robotaxis, creating regulatory hurdles. Technology companies face challenges of developing systems that can handle all traffic scenarios safely.
Key Takeaways
The Global Robotaxi Market Size is expected to witness high growth.
Regional analysis: North America dominates the global robotaxi market currently due to presence of major OEMs and technology companies actively working on autonomous vehicles. The US government also actively supports research on self-driving technologies. Asia Pacific is projected to witness the fastest growth during the forecast period with emerging economies like China and India emerging as hotspots. Both countries are making large investments in autonomous driving to address the growing mobility needs of their vast populations.
Key players operating in the robotaxi market are Pfizer Inc., Novartis AG, Merck & Co. Inc., GSK PLC, AstraZeneca, Eli Lilly and Company, and Bristol-Myers Squibb Company (Celgene Corporation), among others. Traditional automakers like GM, Ford, Toyota etc are partnering with leading autonomous driving technology companies like Waymo, Cruise, Argo AI etc to develop their own fleet of robotaxis. These players are investing heavily in research, testing and commercial initiatives to launch widespread robotaxi services within this decade.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
