Robo-taxi Market to Register Stellar Growth Rising at CAGR of 62.5% during Forecast Period: TMR Study

WILMINGTON, DE / ACCESSWIRE / August 29, 2022 / Transparency Market Research Inc. – According to a Transparency Market Research Study, in 2021, the value of global robo-taxi market stood at US$ 240 Mn. The robo-taxi market forecast estimate the market to progress at CAGR of 62.50% during the forecast period, from 2022 to 2031.The global robo-taxi revenue is anticipated to touch US$ 30.81 Bn by 2031. The development of level 4 automation for cars, expansion of electric vehicle manufacturing and sales, rising adoption of ridesharing are likely to drive to propel the global robo-taxi market.

Transparency Market Research inc., Monday, August 29, 2022, Press release picture

Globally, governments are enacting strict laws to limit the use of fossil fuel-powered cars. Key companies in the global robo-taxi industry are anticipated to benefit financially from the expansion of self-driving car testing and deployment as well as from the acceptance of cutting-edge technology for driver support. In order to increase their earnings, robo-taxi companies are delivering autonomous taxi services in more and more metropolises.

NVIDIA processors are heavily dependent on businesses in the autonomous transportation sector for the creation, implementation, and testing of robo-taxi. In order to create, train, validate, and test self-driving Deep Neural Networks in simulations, NVIDIA Corporation provides NVIDIA DRIVE, which is a unified, open, as well as high-performance computing architecture driven by GPU technology.

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Key Findings of Market Report

  • The use of automated taxi service is anticipated to increase as the number of traffic incidents rises, which is likely to expand robo-taxi market size. Road accidents caused by human mistake can be decreased by implementing telematics as well as other integrated technologies. Robo-taxis come with equipment that improves vehicle security and eases traffic congestion. Additionally, throughout the last decade, automakers and new businesses have been concentrating on the R&D of completely autonomous vehicles.
  • Fuel cells and rechargeable batteries are among the alternative options that can drive car engines have observed substantial acceptance owing to decline in fossil fuel resources. Besides, increase in attention toward environmental protection is also expected to drive market demand. Vehicles that support a sustainable environment include robo-taxis, which can be either hybrid or entirely electric. Governments are also providing tax advantages, incentives, and subsidies to promote the use of electric vehicles. Global robo-taxi market is being driven by an increase in efforts to encourage EV use.
  • The level 4 category commanded the majority of the global market in 2021 based on autonomy level. When the city infrastructure enables autonomous driving, Level 4 automation empowers self-driving robo-taxis to run on a limited number of routes and in a limited number of cities. A cockpit is available for manual vehicle control on Level 4 robot taxis. Level 4 robo-taxis are becoming more popular due to their ability to cut fleet operating expenses by 30% to 50%.

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Global Robot-taxi Market: Growth Drivers

  • In terms of propulsion, the category of hybrid vehicles is anticipated to account for a significant portion of the global market in the forthcoming years. The demand for electrification among consumers and producers is changing as a result of the strict application of emission standards.
  • As more EVs are being used in Europe, the region is anticipated to have a significant share of the global robo-taxi market over the projected period. The Europe market is also anticipated to be driven by the significant presence of autonomous car makers and adoption of governmental regulations to reduce vehicle emissions. Numerous regional fleet operators are now able to install and test autonomous cars owing to supportive network for them and technical improvements.

Global Robotic Taxi Market: Key Players

Some of the key market players are

  • Ford Motor Company
  • Beijing Xiaoju Technology Co.,Ltd.
  • Uber Technologies, Inc.
  • Cruise LLC
  • AutoX, Inc.
  • Aptiv PLC

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Global Robotic Taxi Market: Segmentation

Level of Autonomy

ServiceType

  • Rental based
  • Station based

Taxi guy

propulsion

  • Internal Combustion Engine Vehicles
  • Hybrid vehicles
  • Fully Electric Vehicles

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