Press release
Key Trends in the Robo-Taxi Market from 2022-2031
Robo-taxi is a self-driving vehicle operated through an e-hailing service via a smartphone application for short distances or on a rental basis for long-distance travel. Robo-taxis or autonomous taxi fleets are able to drive millions of miles, with more efficiency, safety, and cost effectiveness. A high-fidelity platform in robo-taxi servers gathers ground-truth data using different sensors for future development while driving. Companies operating in the autonomous transport industry extensively rely on NVIDIA chips for development, deployment, and testing of robo-taxi. NVIDIA Corporation offers NVIDIA DRIVE, an open, unified, and high-performance computing infrastructure powered by the GPU technology, for development, training, validation, and testing in simulation for self-driving Deep Neural Networks (DNNs).View Our Report @ https://www.transparencymarketresearch.com/robo-taxi-market.html
Several companies offer an extensive testing fleet of robo-taxis. Cruise Automation's fleet includes 46 Chevrolet Bolt EVs, Uber has 14 vehicles, NuTonomy possesses six Mitsubishi i-MiEVs and modified Renault Zoe in Singapore, and Baidu Inc. has a fleet of 30 sedans in Guangzhou, China.
Vehicle manufacturers and startup companies have been focusing on R&D of fully autonomous vehicles since the last decade. Most of these companies are still in the testing phase, as the process is time-consuming and requires the integration of complex supercomputers, sensors, cameras, and other advanced technologies. These technologies ensure the safety of autonomous vehicles. Robo-taxis are equipped with Advanced Driver Assist System (ADAS), airbags, health monitoring, and other safety and comfort-related solutions. These systems record behavioral patterns of drivers and automatically assess traffic-related data from servers to help in traffic control.
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Rise in cases of road accidents is expected to boost the demand for robo-taxis. According to a 2020 report by Waymo LLC, an autonomous driving technology company, about 1.4 million deaths occur annually across the globe due to road accidents. As per the National Highway Traffic Safety Administration (NHTSA), around 94% of car accidents occur due to human error. Additionally, MIT Energy Initiative Mobility 2020 stated that approximately 40,000 people lost their lives in the U.S. in 2019 due to road accidents. Adoption of telematics and other integrated technologies can help reduce human errors in road accidents. Robo-taxis are equipped with features that enhance vehicle safety and reduce traffic congestion.
Decline in fossil fuel deposits and increase in focus on environmental protection have led to significant adoption of alternative solutions that can power vehicle engines including rechargeable batteries and fuel cells. Robo-taxis are hybrid or fully electric vehicles that contribute to sustainable environment. Additionally, governments across the globe are offering tax benefits, subsidies, and incentives to increase the usage of electric vehicles.
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The Ministry of Transport and Communications in Finland has prepared a lawful structure for autonomous vehicle development and testing in the country. Furthermore, several countries across Europe and North America, including the U.K., France, Austria, the Netherlands, and the U.S., are supporting the development, testing, and deployment of robo cab services. The California Public Utilities Commission (CPUC) introduced commercial programs in 2020 that enable autonomous car manufacturers to test their robotaxi services for different commercial applications.
In terms of level of autonomy, the global robo-taxi market has been bifurcated into level 4 and level 5. The level 4 segment held dominant share of the market in 2021. Level 4 automation allows self-driving robo-taxis to operate without any human intervention on some selected routes and cities, where the city infrastructure supports autonomous driving. Level 4 robo-taxi has a cockpit for manual vehicle control. Adoption of level 4 robo-taxis is rising across the globe, as it helps reduce fleet operational costs by 30% to 50%.
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The level 5 segment is expected to witness the fastest growth during the forecast period, as level 5 robo-taxis are fully automated and can operate in traffic congestion, bad weather, and even during interference with radar sensors.
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