Pune, India, April 08, 2021 (GLOBE NEWSWIRE) -- The global robotaxi market size is expected to gain momentum by reaching USD 11.10 billion by 2027 while exhibiting an exceptional CAGR of 61.2% between 2020 and 2027. This information is published by Fortune Business Insights in its latest report, titled, "Robotaxi Market, 2020-2027" The report further mentions that the market stood at USD 0.40 billion in 2019 and is projected to showcase exponential growth in the forthcoming years.
The increasing demand for autonomy in the automotive sector is propelling the demand for advanced robotaxis worldwide. These autonomous taxis are equipped with technologically advanced LiDAR, RADAR, and other types of sensors to ensure smooth and driverless experience. Moreover, the growing focus on developing electric charging infrastructures is expected to boost the demand for the market in the forthcoming years. For instance, in November 2020, Tesla announced that it will be setting up about 20,000 charging stations across the U.S.
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Market Segmentation:
We have categorized the market on the basis of application type, component type, propulsion type, and region. Based on application type, the market is divided into goods, passenger, infotainment, and driver assistance. Additionally, based on application type, the passenger segment held a market share of about 65.0% in 2019 and is expected to experience exponential growth during the forecast period. This is attributed to the increasing adoption of passenger vehicles due to their safety and reliability.
On the basis of component, the market is bifurcated into LiDAR, RADAR, camera, and sensor. Moreover, based on propulsion type, the market is segregated into electric vehicles, hybrid vehicles, and fuel cells. Lastly, on the basis of region, the market is segmented into Asia-Pacific, Rest of the World, Europe, and North America.
The effect of the global pandemic, COVID-19, has been felt across several economies that are facing unprecedented loss. Owing to the lockdown announced by the government agencies, several industries have been on a standstill with limited operational activities. However, a collective effort from the government as well as the industries is likely to bring the economy back on track and aid in resumption of industrial activities.
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What does the Report Include?
The global market for robotaxi report includes qualitative and quantitative analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, which are contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to announce partnerships, introduce new products, and collaboration that will further contribute to the growth of the market between 2020 and 2027. Moreover, the research analyst has adopted several research methodologies such as SWOT and PESTEL analysis to extract information about the current trends and industry developments that will drive the market growth during the forecast period.
DRIVING FACTORS
Increasing Incidence of Road Fatalities to Augment Growth
According to the World Health Organization, around 1.35 million people die in road accidents every year globally. The increasing cases of road accidents is driving the demand for advanced technologies that can help to reduce road congestions and save several lives across the globe.
This is expected to boost the adoption of robotaxis that do not require any human intervention and can efficiently ply on roads with the help of advanced sensors. Therefore, the growing demand for advanced driverless cars to reduce the road fatalities is expected to contribute to the global robotaxi market growth in the forthcoming years.
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REGIONAL INSIGHTS
Asia-Pacific – The region is expected to hold the largest global robotaxi market share in terms of revenue in the forthcoming years. This is ascribable to the factors such as the increasing incidence of road accidents and the growing demand for advanced autonomous technologies that will propel the adoption of this type of taxis in the region. Asia-Pacific stood at USD 0.14 billion in 2019.
North America – The region is expected to hold the second-largest position in the market backed by the presence of established players in countries such as the U.S. that are focusing on developing advanced automotive systems to promote the adoption of driverless-vehicles between 2020 and 2027.
COMPETITIVE LANDSCAPE
Product Innovation by Major Companies to Intensify Robotaxi Industry Competition
The global market is fragmented by the presence of major companies trying to maintain a stronghold by developing innovative technologies to cater to the growing demand for autonomy globally. Moreover, adoption of organic and inorganic strategies by other key players is expected to bode well for the market growth during the forecast period.
Industry Development:
- June 2020 - DiDi Chuxing announced the launch of self-driving service in Shanghai. The company further plans to deploy more than 1 million robotaxis through its platform.
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List of the Companies Profiled in the Global Robotaxi Market:
- Tesla Inc., (California, United States)
- Waymo LLC (California, United States)
- Aptiv (Dublin, Ireland)
- Uber Technologies (California, United States)
- Daimler AG (Stuttgart, Germany)
- Lyft Inc., (California, United States)
- Baidu (Beijing, China)
- Didi Chuxing (Beijing, China)
- Amazon (Washington, United States)
Table of Content
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Porter's Five Forces Analysis
- SWOT Analysis
- Technological Developments
- Distribution of Robotaxi Market - By Component Type
- Impact of COVID-19
- Global Robotaxi Market Analysis, Insights and Forecast, 2019-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Application Type
- Goods
- Passenger
- Market Analysis, Insights and Forecast – By Component Type
- Lidar
- Radar
- Camera
- Sensor
- Market Analysis, Insights and Forecast – By Propulsion Type
- Electric Vehicle
- Hybrid Vehicle
- Fuel Cell
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Rest of the World
- North America Robotaxi Market Analysis, Insights and Forecast, 2019-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Application Type
- Goods
- Passenger
- Market Analysis, Insights and Forecast – By Component Type
- Lidar
- Radar
- Camera
- Sensor
- Market Analysis, Insights and Forecast – By Propulsion Type
- Electric Vehicle
- Hybrid Vehicle
- Fuel Cell
- Market Analysis – By Country
- U.S.
- Canada
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