Robotaxi Market 2024 – Segments Analysis, Industry Trends, Manufacturers Analysis, Opportunities and Market Size & Forecast 2034
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The robotaxi is also known as autonomous taxi or
self-driving taxi, a car that operates autonomously as a taxi in a ride
sharing service. These vehicles are equipped with components like camera,
radar, LiDAR, ultrasonic sensors and other technologies. It utilizes advanced
technologies like artificial intelligence, machine learning and various sensors
to navigate and process data, so that they can operate and navigate without a
driver and transport goods or passengers safely and efficiently.
MARKET
OVERVIEW
The market valuation of robotaxi market was valued at approximately USD 4.4 billion in 2023 and is projected to reach USD 401.2 billion in 2034 exhibiting a CAGR of 80.5% during the forecast period of 2024-2034. Robotaxi is a significant technological advancement in transportation being safer and greener. The market is aligned with automotive sectors, which makes it a sustainable and growing market.
GROWTH
DRIVERS
The significant advancement in the AI and sensor technology drives the development of autonomous vehicles which wide spreads the adoption of the market. According to Statista, it is estimated that 1.4 million vehicles with at least Level 3 autonomy were sold worldwide and by 2030, the global sales of these vehicles are projected to reach a value of around 58 million units. The increase in investment in R&D, where companies like Tesla, General Motors and Uber are heavily investing in research and development to perfect their autonomous driving system, which accelerates the availability and reliability of robotaxis, which is one of the significant drivers of the market.
According to McKinsey, the autonomous driving could create around USD 300 billion to USD 400 billion in revenue, by 2035. According to CNBC, tech giants, automakers, and start-ups including GM’s Cruise, Waymo, Baidu and others have invested billions of dollars and years of R&D in this emerging market poised to reach 12% of new car registrations globally by 2030. The urbanization and traffic congestion are one of the key drivers for innovative transport solutions including robotaxis which can help alleviate traffic congestions in densely populated cities. The robotaxi can reduce transportation costs for consumers by eliminating the need for car ownership maintenance and fuel cost, contributing towards market growth.
According to BCG, the widespread
urban adoption of SDVs and “robo-taxis” could result in a 60% drop in the
number of cars on city streets, an 80% or greater decrease in tailpipe
emissions, and 90% fewer road accidents. The robot. The robotic assistance in
the robotaxis is helpful for delivery, picking supplies, and other routine
tasks by small businesses, the utilization of the services for autonomous cars
and robot expected to be one of the key reasons for the adoption of the market.
For instance, Uber Eats in South California began end to end food deliveries
with partnership IONIQ 5 robotaxi, in May 2022.
MARKET
SEGMENTATION:
·
By Level of Autonomy – Level
5, Level 4
·
By Application-
Passengers, Goods
·
By Vehicle Type -
Van/Shuttle and Car
·
By Propulsion- Electric,
Hybrid, Fuel Cell
·
By Service- Car Rental and
Station Based
·
By Component Type-
Camera, Radar, LiDAR, Ultrasonic Sensors
·
By Region- North America,
Europe, Asia Pacific, The Middle East and Africa, South America
Robotaxi
Market Segment By Level of Autonomy Review:
The level 4 autonomous vehicles can operate without human intervention within certain conditions or predefined areas. These vehicles are capable of handling most driving tasks but may require human intervention in specific situations or outside of their operational design domain. These vehicles are ideal for urban areas with well mapped and controlled environments. These are deployed in fixed route like campuses, airports and business parks where the operational environment is predictable. They are easier to deploy as compared to level 5 autonomous vehicles as they operate in a very controlled environment.
The level 5 autonomous vehicles are capable of performing all driving tasks under all conditions without any human intervention. These vehicles do not require a steering wheel or pedals as they are fully autonomous in every situation. They can operate anywhere, anytime providing ultimate flexibility. They can operate in diverse environments including rural areas with less infrastructure, unlike Level 4 autonomous vehicles. They are suitable for inter-city travel and long-distance service without any driver fatigue issues. It eliminates the need for human drivers, which reduces labor cost and increases the efficiency.
Robotaxi
Market Segment By Application Review:
The passenger robotaxis are autonomous vehicles that are designed to transport people. These services are typically on demand and function similarly to traditional ride hailing services, but with any drivers. It requires advanced sensors and AI systems to navigate through complex urban environments and ensure passenger safety. It provides on demand mobility services within cities. It offers convenient and efficient transportation between major hubs and accommodations. The goods robotaxis are autonomous vehicles that are designed to transport goods and packages.
These
services cater to businesses like logistics, ecommerce, and delivery, enhancing
the supply chain. These are utilized for autonomous delivery of packages from
distribution centres to customers doorstep. It efficiently moves goods from warehouses
to retail stores, handling deliveries that require specific conditions like
refrigerated goods or sensitive electronics.
Robotaxi
Market Segment By Vehicle Type Review:
The van/shuttle robotaxis are larger autonomous vehicles that are designed to transport multiple passengers at once. These vehicles are typically used for sharing rides, shuttle services, and mass transit solutions within urban and suburban areas. It is used as a public transportation system to provide last mile connectivity in urban areas. It is used in airport shuttles to transport passengers between airport terminals, parking areas and more.
The car robotaxis are smaller autonomous vehicles, that are mainly
designed to transport one or few passengers. These vehicles are used for individual
or small group transportation, resembling traditional ride hailing services but
without human drivers. It can easily navigate through urban traffic and provide
door to door service and offers more privacy as compared to van/shuttle
services.
Robotaxi
Market Segment By Propulsion Review:
The electric robotaxis are powered entirely by electricity, using batteries as their energy source. They are charged through electric charging stations and offers zero tailpipe emissions. It contributes to reduced air pollution and greenhouse emissions, aligning with the environmental regulation and sustainability goals, coupled with very less noise pollution. It is ideal for city environments where short distances and frequent stops are common. It is suitable for routes with established charging infrastructure.
The hybrid robotaxis combines an internal combustion system
with an electric propulsion system. They can switch between or simultaneously
use both power sources to optimize performance and efficiency. They are
suitable for longer routes and areas with even less developed charging
infrastructure. They have a greater operational range as compared to electric
vehicles, reducing the need for frequent refueling or charging. The fuel cell
robotaxis uses hydrogen fuel cells to generate electricity through a chemical
reaction between hydrogen and oxygen by producing only water as a byproduct.
They are suitable for long distance routes due to their high energy density of
hydrogen. They find applications as larger vehicles like shuttles and vans that
require more power and longer range.
Robotaxi
Market Segment By Service Review:
The car rental robotaxi services allows the users to rent autonomous vehicles on a temporary basis, the user can also book it through mobile application. These services offers the flexibility and convenience, as the users can pick up and drop off the vehicles at any location within the service area. It provides convenient transportation options for users needing flexible and short-term vehicle access. It is ideal for tourists and business travelers who need a vehicle for a limited time, without the hassle of traditional car rentals. It eliminates the need for car ownership, maintenance and parking cost.
The station based robotaxi services operate from fixed
locations or stations, where the users can pick up and drop off autonomous
vehicles. These stations are strategically placed across the service area to
maximize coverage and convenience. They are located at key points like transit
station, shopping centers or business districts to facilitate a seamless
multimodal transportation.
Robotaxi
Market Segment By Component Type Review:
The camera integrated in the autonomous vehicles for visual perception in the autonomous vehicle, provides detailed images of the environment. It helps the vehicle to recognize and interpret visual information like traffic lights, road signs, pedestrians and other vehicles. It reads and interprets traffic signals or signs to inform driving decisions. It identifies and detects lane markings for lane keeping and pedestrians on or near the road to avoid collision or potential accidents.
The radar sensors uses radio waves
to detect objects and measure their distance and speeds. They're essential for
detecting light objects, detecting objects in various weather and lighting
conditions. It maintains the safe distance from the vehicle ahead by
adjusting the speed and monitors areas like blind spots. The LiDAR uses
laser pulses to create high resolution and 3D maps of the environment. The
detailed 3D images helps in navigation and path planning. It is highly valued
for its accuracy and ability to provide detailed spatial information. The
ultrasonic sensors uses sound waves to detect objects at close range. They are
commonly used for short distance applications like parking assistance.
Robotaxi
Market Regional Analysis:
North America is a valuable market driven by the factors like rapid technological advancements with presence of key global companies like Waymo, Tesla and Cruise. Europe is the significant market driven by the factors like presence of robust automotive manufacturing base. The region’s focus on sustainability and reducing emission with the European Green Deal, which promotes cleaner and greener transportation. The innovative automotive ecosystem where companies collaborate with automotive giants to develop autonomous vehicle technologies like Daimler’s partnership with Bosch to deploy robo taxis in Stuttgart.
Asia Pacific is the significant and rapidly growing market driven by factors like rapid urbanization in countries like China and India where China’s Made in China 2025 initiative The glutes autonomous vehicle technology one of the key areas to focus and rapid development of smart cities in China is one of the significant drivers of the market in the region. The technological advancements like Baidu's Apollo project which aims to provide an autonomous driving platform accelerates the market growth and development. The Middle East and Africa market is expected to grow driven by infrastructure development and smart city initiatives. South America is a promising market driven by industrialization and modernization.
Key
Challenges:
The ensuing of sensor and software reliability where the
sensors and AI software may not be able handle complex driving
environment in adverse conditions like heavy rain or snow, which may
impair the sensor performance and complicated navigations. The handling
rare and complex scenario that the AI has not encountered during training,
where unpredictable pedestrian behavior or unique road conditions may
cause significant challenge for the AI system, as it may lead to potential
risk and accidents. The significant investment that is associated with the
research and development initiative to enhance the technology, ensure the
safety and developing and maintaining the infrastructure required for robotaxi
operations. It includes high-definition maps, charging stations and more
require significant investments which hinder the market growth.
Competitive
Landscape:
In the highly competitive Robotaxi market, companies are
investing heavily in research and development to innovate and improve the
product and services. They are also collaborating, forming strategi
partnerships, or acquiring other companies to gain access to new market
segments, enhance distribution networks, and increase market share. Recent
developments includes – Motional, Lyft Inc launched all-electric robo-taxi
service in Las Vegas, Nevada, in August 2022. Waymo LLC and Uber formed
partnership for autonomous driving technology, in May 2023. Beijing Didi
Chuxing Technology partnered with GAC AOIN for mass production of electric
robotaxi, in May 2023. Google partnered with Waymo for robotaxi services for
its employees, in February 2023.
Global
Key Players:
·
Tesla
·
General Motors
·
Waymo LLC
·
NAVYA
·
Volvo
·
BMW AG
·
Fiat Chrysler Automobiles (FCA)
·
Nissan
· Other Players
Attributes |
Details |
Base Year |
2023 |
Trend Period |
2024 – 2034 |
Forecast Period |
2024 – 2034 |
Pages |
215 |
By Level of Autonomy |
Level 5, Level 4 |
By Application |
Passengers, Goods |
By Vehicle Type |
Van/Shuttle and Car |
By Propulsion |
Electric, Hybrid, Fuel
Cell |
By Service |
Car Rental and Station
Based |
By Component Type |
Camera, Radar, LiDAR,
Ultrasonic Sensors |
By region |
North America, Europe,
Asia Pacific, the Middle East and Africa, and South America |
Company Profiles |
Tesla, General Motors, Waymo
LLC, NAVYA, Volvo, BMW AG, Fiat Chrysler Automobiles (FCA), Nissan, Other
Players |
Edition |
1st edition |
Publication |
June 2024 |