Press release
Robo Taxis Global Market Report 2024 - By Size, Share, Demand, Growth, Outlook By 2033
Robo Taxis Market
The robo taxis market size is expected to see exponential growth in the next few years. It will grow to $25.23 billion in 2028 at a compound annual growth rate (CAGR) of 55.5%. The growth in the forecast period can be attributed to continued development of autonomous driving systems, regulatory support for autonomous vehicles, integration with smart city infrastructure, demand for cost-effective and convenient transportation, increasing population
. Major trends in the forecast period include partnership between automotive and tech companies, fleet-wide adoption of electric robo-taxis, improved user interfaces and customer experience, deployment of 5g networks for seamless connectivity, integration with public transportation systems.
Market Overview -
Robo-taxis are technologically advanced cars that use various advanced driver assistance technology such as front crash prevention system and rare crash prevention system, spotting different objects around them for smooth function of driving, lane departure prevention, and others that can drive safely. Robo-taxis are autonomous vehicles that are used for pickup and dropping off passengers or goods without the need for drivers, which can reduce the cost of transportation and make transport more affordable for day-to-day operations.
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Robo Taxis Revolutionizing Transportation Amid Rising Road Safety Concerns
Growing concerns about road safety are expected to propel the growth of the robo taxis market going forward. Self-driving and autonomous vehicles are equipped with various advanced driving technologies such as front crash prevention system and rare crash prevention system, spotting different objects around them for smooth function of driving, which can reduce the significant number of road accidents due to driver behavior or driver errors and can provide the safe and economical solution for transportation. For instance, in 2022, according to the U.S. Department of Transportation's Fatality Analysis Reporting System (FARS), a US-based government agency, in the United States, approximately 35,766 fatal motor vehicle crashes occurred, resulting in around 11.7 deaths per 100,000 people. Furthermore, in 2022, according to PolicyAdvice, a US-based car insurance company, Telsa, Inc., an American-based automotive company, claims that death caused by self-driving is very less compared to normally driven by approximately 1 fatality per 320 million miles driven. Therefore, the growing concerns about road safety are driving the growth of the robo taxis market.
Competitive Landscape -
Major companies operating in the robo taxis market report are Waymo LLC, AutoX Inc., Tesla Inc., Baidu Inc., General Motors Company, Lyft Inc., Nissan Motor Corporation, NAVYA Group, Ford Motor Company, Mercedes-Benz Group AG, Bayerische Motoren Werke AG, Volkswagen AG, EasyMile SAS, Ridecell Inc., Nvidia Corporation, AB Volvo, Uber Technologies Inc., Aptiv plc, Beijing Xiaoju Technology Co. Ltd., MOIA GmbH, Zoox Inc., Aurora Innovation Inc., May Mobility Inc., Optimus Ride Inc., Voyage Auto Inc., Pony ai Inc., Nuro Inc., Drive ai Inc., FiveAI Inc., Oxbotica Ltd.
Advancements In Geiger-Mode Lidar Technology Transforming The Robo Taxis Industry
Technological advancement has emerged as the key trend gaining popularity in robo taxis market. Major companies operating in the robo taxies sector are focused on developing technologically advanced products to strengthen their market position. For instance, in May 2021, Argo AI LLC, a US-based company operating in autonomous driving technology launched its new technologically advanced LiDAR sensor for autonomous vehicles working on Geiger-mode technology. Geiger-mode technology works on single photodetection, which is highly sensitive to detect light as less as one photon and enhances the detection capability of the self-driving systems to detect darker objects which illuminated very less light where the detection of objects is not easy. Argo AI LiDAR sensor claims that it is capable of detecting objects distant at 400 meters with high-resolution photorealistic quality in low reflectivity.
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Key Segments -
The robo taxis market covered in this report is segmented -
1) By Component Type: Camera, Radar, LiDAR, Ultrasonic Sensors, Other Component Types
2) By Service Type: Car Rental, Station Based
3) By Propulsion: Electric, Battery, Hybrid
4) By Application: Goods Transportation, Passenger Transportation
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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