The global Robotaxi Market size is projected to grow from 617 units in 2021 to 1,445,822 units by 2030, at a CAGR of 136.8%. Factors such as The rising concerns over road safety, emissions, and the increasing demand for ride-hailing services have led to the growth of the market. Autonomous vehicles also help in optimizing cost to the fleet operator. Newer business models like mobility as a service would provide another sustainable and profitable revenue stream in the future.
Level 4 segment is estimated to account for the largest market size during the forecast period
Ease of deployment and operation of level 4 autonomous robo-taxis are the main reasons for growth. Lack of technological advancements and safety issues are the hurdle for level 5 autonomous vehicles for mass deployment. As per industry experts, the first few deployments would be on level 4. Post that, with technological advancements in the robo-taxi market in countries such as the US, Germany, and China, more vehicles are projected to move to level 5 autonomy.
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Car rental segment is estimated to account for the largest and the fastest market during the forecast period
The demand for wider transportation services and reduction in traffic congestion on prominent roads is expected to drive the market for car rentals. Various ride-hailing companies along with OEMs have planned to introduce autonomous vehicles for car rentals. For instance, Tesla claims to convert its existing vehicles into robotaxis, which owners can utilize for robotaxi commercial operations resulting in extra income for owners. The majority of the countries across the globe are taking initiatives to improve their transport infrastructure and reduce carbon emissions, which are further driving the car rental segment for robotaxis. In early 2021, Baidu and AutoX deployed robotaxi services which can be used through ride-hailing mobile apps in China. Such ride-sharing-related developments are expected to drive the car rental segment.
COVID-19 Impact On the Robotaxi Market
The production and sales of new vehicles had come to a halt across the globe as the whole ecosystem had been disrupted in the initial outbreak of COVID 19. OEMs had to wait until lockdowns were lifted to resume production, which affected their businesses. Hence, vehicle manufacturers had to adjust the production volume. Also, component manufacturing was suspended, and small Tier II and Tier III manufacturers faced liquidity issues. The automotive industry is highly capital-intensive and relies on frequent financing to continue operations. Thus, the production suspension during the initial months of the outbreak and lower demand had an unprecedented impact on EV manufacturers in the initial months of the pandemic.
Key Market Players:
The global Robotaxi Market is dominated by major players Waymo (US), Cruise LLC (US), Baidu (China), AutoX (China), EasyMile (France), Navya (France), Optimus Ride (US), Didi Chuxing (China), and Tesla (US).
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