According to the latest report by IMARC Group, titled "Robo Taxi Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026," the global robo taxi market size reached US$ 418.60 Million in 2020. Robo taxi is a self-driving autonomous automobile that requires minimal or no human intervention for driving. It includes the usage of mobility-as-a-service (MaaS) that is generally operated by on-demand mobility or e-taxi service providers. These services allow passengers to request a taxi through a smartphone application. As a result, they are safer, convenient and extremely cost-effective. These vehicles are also equipped with ultrasonic sensors, cameras, radio detection and ranging (RADAR), and light detection and ranging (LiDAR) systems. Their utilization also aids in improving vehicle management by preventing collisions and minimizing fatalities. Some of the commonly available robo taxis include electric, hybrid and fuel cell propulsion systems.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Robo Taxi Market Trends:
The global market is majorly driven by considerable growth in the automotive sector. There has been a significant increase in the demand for self-driving and autonomous vehicles across the globe, which is providing an impetus to the demand for robo taxis. Moreover, continual technological advancements across the automotive industry are also creating a positive outlook for the market. These vehicles are increasingly being equipped with innovative technologies to detect objects or obstacles in an efficient and precise manner while estimating the speed of nearby vehicles to ensure road safety and prevent mishaps. Furthermore, the growing environmental concerns among the masses and an enhanced focus on sustainable development are acting as major growth-inducing factors. Besides, the numerous government initiatives undertaken by several countries towards the development of smart cities is also favorably impacting the market growth. Some of the other factors contributing to the market growth include the inflating disposable income levels of individuals and extensive research and development (R&D) activities conducted by key players. On account of the aforementioned factors, the market is expected to witness moderate growth during 2021-2026.
- On the basis of the application, the market has been bifurcated into goods and passenger.
- Based on the level of autonomy, the market has been divided into level 4 and level 5.
- On the basis of the vehicle, the market has been classified into car and shuttle/van.
- Based on the service, the market has been categorized into rental and station-based.
- On the basis of the propulsion, the market has been segmented into electric, hybrid and fuel cell.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include Aptiv plc, Continental AG, Daimler AG, Ford Motor Company, NAVYA, NVIDIA Corporation, Ridecell Inc and Waymo LLC (Alphabet Inc.).
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