RoboTaxi Market: Emerging Trends and Industry Insights

The Business Research Company recently released a comprehensive report on the Global RoboTaxi Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The robotaxi market size has grown exponentially in recent years. It will grow from $1.41 billion in 2023 to $2.22 billion in 2024 at a compound annual growth rate (CAGR) of 57.2%. The growth in the historic period can e attributed to a rising inclination toward eco-friendliness, increasing emphasis on sustainability, the need for reducing carbon emissions, rapid urbanization, and increasing penetration of autonomous technology.

The robotaxi market size is expected to see exponential growth in the next few years. It will grow to $13.57 billion in 2028 at a compound annual growth rate (CAGR) of 57.3%. The growth in the forecast period can be attributed to primarily increased focus on sustainability and decarburization, adoption of ADAS in vehicles, growing issues of traffic congestion, and the need for improving overall functionality. Major trends in the forecast period include innovations in sensor technologies, innovation in self-driving technology, cutting-edge transportation services, automated and driverless transportation options, and product Innovation.

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Market Drivers and Trends:

The growing issue of traffic congestion is expected to propel the growth of the robotaxi market going forward. Traffic congestion is a condition on road networks that occurs when traffic demand exceeds the available road capacity. Traffic congestion often arises due to a combination of factors such as high vehicle volumes, inadequate road infrastructure, inefficient traffic management, and disruptions like accidents or construction, leading to reduced roadway capacity and increased travel times for motorists. Robotaxis can alleviate traffic congestion by providing on-demand transportation services, optimizing routes, and reducing the number of privately owned vehicles on the road, thereby improving traffic flow and decreasing congestion. For instance, in January 2023, as per the Federal Highway Administration, a US-based government agency, there was a 5.6% increase (+13.2 billion vehicle miles) in travel on all roads and streets compared to January 2022, totaling an estimated 247.3 billion vehicle miles for the month. The seasonally adjusted vehicle miles traveled for January 2023 amounted to 272.5 billion miles, reflecting a 4.5% increase (+11.6 billion vehicle miles) over January 2022 and a 3.1% change (+8.1 billion vehicle miles) from December 2022. Therefore, the growing issue of traffic congestion is driving growth in the robotaxi market.

Major companies operating in robotaxi market are focusing on developing autonomous vehicles (AV) with a detachable steering wheel to gain a competitive advantage in the market. An autonomous vehicle (AV) with a detachable steering wheel is a self-driving car designed to operate without human intervention yet equipped with a removable steering wheel for manual control when needed. For instance, in July 2022, Baidu Inc., a China-based technology company, launched an autonomous vehicle (AV) featuring a detachable steering wheel. The detachable steering wheel allows more interior space and features like extra seating, vending machines, desktops, or gaming consoles. The company intends to deploy this vehicle for its robotaxi service in China next year.

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Major Key Players of the Market:

Amazon.com Inc., Toyota Motor Corporation, Mercedes-Benz Group AG, Ford Motor Company, BMW AG, Hyundai Motor Group, Tesla Inc., ZF Friedrichshafen AG, Volvo Personvagnar AB, Uber Technologies Inc., Zhejiang Geely Holding Group Co. Ltd., Baidu Inc., Aptiv PLC, Lyft Inc., Cruise LLC, Waymo LLC, Motional Inc., Pony.AI, EasyMile, MOIA, AutoX Inc., Navya, Didi Chuxing Technology Co. Ltd., GAC Aion New Energy Automobile Co. Ltd., Argo AI LLC

RoboTaxi Market 2024 Key Insights:

• The robotaxi market size is expected to see exponential growth in the next few years. It will grow to $13.57 billion in 2028 at a compound annual growth rate (CAGR) of 57.3%.
• Traffic Congestion Fuels Growth In The Robotaxi Market
• Autonomous Vehicle (AV) With A Detachable Steering Wheel Is Gaining Popularity
• Europe was the largest region in the robotaxi market in 2023

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This release was published on openPR.