Robotaxi Market Size Worth USD 108.0 Billion, Globally, by 2029 at 80.8% CAGR
Fortune Business Insights
5 min read
Fortune Business Insights
The Robotaxi Market size is expected to grow from USD 1.71 Billion in 2022 to USD 108.0 Billion by 2029; it is estimated to grow at a CAGR of 80.8% from 2022 to 2029. Lyft, Ford Motor Company, and Argo AI Form Collaboration to Spur Growth.
Pune, India, July 26, 2022 (GLOBE NEWSWIRE) -- The global robotaxi market size was valued at USD 1.23 billion in 2021. The market is projected to grow from USD 1.71 billion in 2022 to USD 108.0 billion by 2029, exhibiting a CAGR of 80.8 % during the forecast period.This information is presented by Fortune Business Insights, in its report titled, “Robotaxi Market, 2022-2029.” Increasing Implementation of ADAS to Surge Growth: Fortune Business Insights
COVID-19 Impacts:
COVID-19 Briefly Ceased & Deferred Development of Robotaxi Due to Lack of Semiconductor Chip
Government-deployed lockdowns and financial disaster continued owing to the COVID-19 pandemic thar brutally swayed the prime players in the autonomous taxi market. Practically all the driverless autonomous vehicle development firms were either scheduling to announce their under development vehicles or going through a challenging phase. The COVID-19 pandemic brought an economic drop, and limitations momentarily adjourned the testing of these autonomous vehicles or robotaxis.
By Propulsion Type Electric Vehicle, Hybrid Vehicle, and Fuel Cell Vehicle, By Application Goods and Passenger
Growth Drivers
Growing Adoption of Advanced Driver Assistance System (ADAS) to Drive Market Growth
Asia Pacific to Lead Stoked by Increasing Adoption of High-End Technologies
Market Drivers-
Growing Adoption of Advanced Driver Assistance System (ADAS) to Drive Market Growth
The surging adoption of Advanced Driver Assistance Systems (ADAS) in an autonomous vehicle is predicted to fuel the robotaxi market growth during the forecast period. Progressive ultrasonic sensors, cameras, and software are expansively utilized in road obstacle mapping systems. This aids to enhance the applicability of ADAS in all automobile segments. Backed by the surging worries about passenger security, governments in emerging nations have inflicted stringent safety norms on automakers to develop vehicles installed with ADAS functions.
The report offers valuable insights obtained by thorough study done by our researchers. An extensive research was conducted to provide the estimated size of the market. The data used to project the shares for multiple segments at the country, regional, and global levels is obtained from in-depth interviews with numerous stakeholders. Furthermore, we have gained access to several global and regional paid databases to deliver precise information to make business investment decisions easy for you.
Regional Segmentation-
Asia Pacific to Lead Stoked by Increasing Adoption of High-End Technologies
Asia Pacific led the robotaxi market share in 2021. Macroeconomic aspects such as an elevation in buying power and rising implementation of high-end technologies will drive the growth of the market in this region.
Europe is anticipated to display considerable growth in the market owing to the great demand for comfort driving and consumers' fondness for luxury & in-vehicle driving safety properties. Furthermore, recognized guidelines on occupant safety and the greater flexible income of customers are accountable for the huge demand for autonomous taxis in this region.
North America is also predicted to exhibit good growth in the market, owing to the several development ventures commenced by the government across the region.
Collaborations among Companies to Safeguard Their Brand Values in Global Market
Important players are incessantly rooting for proficient strategies to endorse their products and establish their positions in the market. One such strategy is to launch new products by partnering with other companies to extend their reach to end-users.
List of Players Operating in the Robotaxi Market are as follows:
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