Robotaxi Market Size worth USD 45.7 billion by 2030, at a CAGR of 91.8%

The global robotaxi market, by value, is estimated to be USD 0.4 billion in 2023 and is projected to reach USD 45.7 billion by 2030, at a CAGR of 91.8% from 2023 to 2030.

The growth of the robotaxi market is influenced by the rising demand for ride-hailing services, high R&D investments, and government focus on reducing emissions, infrastructure development, and growth of the electrification of vehicles.

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The growth of robotaxi in the future is expected to be driven by several key factors. Robotaxi platforms are being created on the basis of technological developments in autonomous vehicle technologies, such as AI, machine learning, and sensor capabilities. The cost reductions provided by robotaxis when compared to conventional taxi services or private automobile ownership, as well as the expansion of ride-sharing and Mobility-as-a-Service (MaaS) trends, are encouraging customer adoption. The need for robotaxis is also being fueled by the growing emphasis on sustainability, the requirement for effective urban transit, and increased safety as a result of the abolition of human mistake. This market is expanding as a result of regulatory backing, partnerships, and shifting views toward autonomous vehicles.

Countries such as China, US, Germany, France, and Singapoure are promoting the use of robotaxi to reduce emissions. India, Canada, South Korea, Japan and Brazil have increased their investments in the development of automotive industry due to the growing urban population and economy in these countries. Due to such investment demand for robotaxi will be more during the forecast period.

Robotic assistance in goods delivery

Increased technological advancements and related AI applications for autonomous vehicles are expected to help create an increasing number of supporting services. Robotic assistance could also be used for delivery, picking up supplies, and other routine tasks by small businesses. The utilization of these services for autonomous cars and robotaxis is expected to be one of the key attractions for consumers to accept their services. For instance, Nuro, Inc. is one of the companies offering autonomous vehicles which can be used for the delivery of goods. The company has also received approval from NHTSA. Amazon used such autonomous vehicles for its deliveries as it acquired the autonomous vehicle company, Zoox in June 2020. In May 2022, following a partnership announced in late 2021, Motional, Inc. began end-to-end food deliveries for Uber Eats in Southern California using its autonomous IONIQ 5 robotaxi EVs. The pilot program marks the first autonomous deliveries for Motional's robotaxis and the first autonomous vehicles used on the Uber Eats network.

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"Asia Pacific is expected to be the largest market during the forecast period."

The main drivers influencing the industry in China include the rapid testing of autonomous vehicles, the existence of several technology providers and ride-hailing companies, and ambitions to deploy robotaxi fleets for widespread use. The biggest market for automobiles is in the Asia Pacific area, which includes developed countries like Japan and China as well as growing economies like China and India. The growing concerns about pollution and the rise in the number of vehicles on the road, which has resulted in traffic congestion, are the main factors driving the robotaxi business in China. For the testing and use of robotaxis, the Chinese government has also established systematic rules. These regulations have inspired several businesses to conduct vehicle testing in China. In addition, the increasing demand for electric vehicles and availability of infrastructure are expected to lead to the increasing deployment of robotaxis.

Key Players

The robotaxi market is dominated by global players such as Waymo LLC (US), Baidu, Inc. (China), Beijing Didi Chuxing Technology Co., Ltd. (China), Cruise LLC (US), and EasyMile (France). These companies adopted new product launches, deals, and other strategies to gain traction in the robotaxi market.

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