Robotaxis, also known as driverless or self-driving taxis, are autonomous cars that operate in e-hailing services. These taxis do not have an actual driver driving the vehicle, and passengers can book their ride through their smartphone application.
According to the MarkNtel Advisors' research report, "Global Robotaxi Market Analysis, 2021," the market is likely to grow at a CAGR of around 60% during 2021-26 due to the surging demand for e-hailing services and mounting concerns over road safety & emissions. Robotaxis can help reduce the cost of vehicle ownership, enhance fleet management, and provide a convenient & budget mode of transportation. Further, the rising trend of offering mobility as a service via Robotaxis shall present a sustainable revenue stream in the forecast period. In addition to this, burgeoning investments by industry leaders to enhance connectivity shall also actively drive market growth.
|Study Period||Historical Data: 2016-19|
|Base Year: 2020|
|Forecast Period: 2021-26|
|Regions Covered||North America: USA, Canada, Mexico|
|Europe: Germany, UK, France, Italy, Spain|
|Asia-Pacific: China, India, Japan, South Korea, Australia|
|South America: Brazil, Argentina|
|Middle East: UAE, Saudi Arabia, South Africa|
|Key Companies Profiled||Cruise LLC (a subsidiary of General Motor Company), Daimler AG, Ford Motor Company, Lyft, Inc., Nissan Motor Corporation, Tesla, Uber Technologies, Volkswagen AG, Volvo Group, WAYMO LLC (a subsidiary of Alphabet Inc.)|
|Unit Denominations||USD Million/Billion|
Impact of COVID-19
The sudden outbreak of the COVID-19 pandemic has adversely affected the overall automotive market. The Global Robotaxi market also witnessed unprecedented loss amid the pandemic owing to the lockdown imposed & strict restriction on cross-border trade laid by the government. Also, the temporary shutdown of manufacturing plants affected the production capacity of the market. However, as the market resumes, the collective efforts of the government and market players are likely to boost the market growth in the coming years.
Passenger Car Accounted for the Largest Market Share
Based on the Application, the market segments into Good Transportation, Passenger Transportation, Infotainment, and Driver Assistance. In the last two years, the Passenger Transportation segment acquired the largest share in the Global Robotaxi Market as passenger cars reduce the cost of car ownership, provide a convenient mode of transportation, and lower the number of road accidents. Autonomous passenger cars help reduce traveling costs and are much more efficient than conventional cars. Moreover, since conventional cars are the primary source of air pollution, it shall accelerate the demand for autonomous passenger taxis, reveals MarkNtel Advisors in their research report, "Global Robotaxi Market Analysis, 2021."
Car Segment Attained the Highest Market Share
Based on the Vehicle Type, the market bifurcates into Car and Shuttle/Van. The Car segment held the largest share in the Global Robotaxi Market in previous year. The top market players are investing in the development of Robotaxis to promote autonomous driving and enhance connectivity & electrification in the automotive industry. Additionally, the growing trend of shared mobility is driving the growth of the market.
Further, the use of the autonomous car for delivery and courier pick-up services by small businesses could be one of the crucial factors for the growth of the Robotaxi market.
Asia-Pacific Dominated the Market
Geographically, the Asia Pacific region dominated the Global Robotaxi Market in previous year and is likely to maintain its dominance in the market during the forecast period due to the rapidly expanding automotive industry and surging adoption of advanced technologies in developing countries, such as India, China, and Japan. Further, the increasing number of road accidents and rising traffic congestions in the region are the primary factors propelling the growth of the Robotaxi market. Moreover, the mounting government initiatives to promote the adoption of electric vehicles for emission & traffic control in the Asia Pacific countries also propel the market growth.
Mounting Need for Traffic Control Boosting the Market Growth
Robo-taxis have numerous advantages over conventional vehicles, including better safety and reduced traffic congestion & pollution. An autonomous vehicle consists of sensors that help cars sense any obstacle in their way, thereby eliminating the probabilities of accidents.
Moreover, Robotaxis move at a controlled pace; hence, they help reduce fuel usage. Therefore, the rising need for traffic control shall fuel the Robotaxi market growth across the world.
According to MarkNtel Advisors, the major leading players in the global Robotaxi market are Cruise LLC (a subsidiary of General Motor Company), Daimler AG, Ford Motor Company, Lyft, Inc., Nissan Motor Corporation, Tesla, Uber Technologies, Volkswagen AG, Volvo Group, and WAYMO LLC (a subsidiary of Alphabet Inc.)
Key Questions Answered in the Market Research Report:
Market Outlook, Segmentation and Statistics
Frequently Asked Questions
A. The historical data has been provided since 2016, while the base year is 2020, and the data forecast is up to 2026.
A. The measuring units of market size/industry size or the market value are USD Million and thousand units.
A. The Global Robotaxi Market is forecast to grow at a CAGR of 60% during 2021-26.
A. Cruise LLC (a subsidiary of General Motor Company), Daimler AG, Ford Motor Company, Lyft, Inc., Nissan Motor Corporation, Tesla, Uber Technologies, Volkswagen AG, Volvo Group, WAYMO LLC (a subsidiary of Alphabet Inc.) are a few of the leading players in the Global Robotaxi Market.
A. Car Segment is likely to attain the highest CAGR during the forecast period and maintain its significant market share.
A. Asia Pacific continues to grow at the highest CAGR during 2021-26, thereby offering immense opportunities for market leaders of the Global Robotaxi Market.