Robo Taxi Market:
Growth opportunities in the Robo Taxi Market look promising over the next six years. This is mainly due to the growing need to curb the need for a human chauffeur and increasing concerns related to road safety and carbon emission.
Robo Taxi Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
The Robo Taxi market is forecasted to witness robust demand in the near future. This is primarily because of the augmenting apprehension about road safety, carbon discharge, and the vigorous demand for road-hailing services. The electric vehicles assist in optimizing the cost to the fleet operator. It also decreases the fuel consumption as these vehicles are accoutered with several sensors like RADAR, LiDAR, which are implemented by the vehicle depending on the traffic jam, thus switching off the vehicles during acute traffic. In accordance with the study performed by the University of Illinois, an autonomous car trapped in traffic blockage with 20 other human-driven cars can ease the crowding by restraining its speed and of all other cars stuck in a jam. The latest business models, including mobility as a service will propel the market growth.
The leading auto manufacturers are emphasizing on technologies that focus on self-driving and mechanized concepts. Several producers are introducing projects to launch self-driving cars and commercialized the concept of carpooling services. For example, Waymo LLC, the autonomous car unit of Google-parent Alphabet, 2020, launched its Robo Taxi project for the general public in the US city of Phoenix. Through this, the members of the public service will be capable of taking menaces and share their experiences with the world. Furthermore, the mounting focus to improve fuel efficiency has resulted in the initiation of electric and fuel cell-based vehicles to decrease their reliance on fossil fuels to a larger extend. In addition, the widespread outbreak of the COVID-19 pandemic had a negative impact on the economic activities, various industries, and businesses. This is because of the strict lockdown and the temporary halt of manufacturing plants. Nevertheless, the market is forecasted to get back on track by 2021 while increasing at a significant rate. The government of major economies is involved mainly in bringing out different initiatives and strategies to support the acquisition of the Taxi. For example, the US House of Representatives, in 2017, legalized a bill for Safety Ensuring lives Future Deployment and Research in Vehicle Evolution Act, or Self Drive Act, which will help to establish a federal framework for the regulation of self-driving cars.
However, the insufficient awareness regarding their exceptional features and the declining birth rate, primarily in the developed countries, are hindering the Robo Taxi market share.
Robo Taxi Market’s leading Manufacturers:
- NAVYA
- Ford Motor Company
- Uber
- Easy Ride (Nissan & Dena)
- Cruise LLC
- Nutonomy (Aptiv)
- Lyft
- Tesla
- Waymo
- Daimler AG
Robo Taxi Market Segmentation:
Segmentation by Application
- Goods Transportation
- Passenger Transportation
Segmentation by Level of Autonomy
- Level 4
- Level 5
Segmentation by Vehicle Type
- Car
- Shuttle/Van
Segmentation by Propulsion
- Electric
- Hybrid
- Fuel Cell
Segmentation by Service Type
- Car Rental
- Station Based
Segmentation by Component
- Camera
- Radar
- LiDAR
- Ultrasonic Sensors
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
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