- Rise in requirement for road safety and efficient traffic control along with demand for emission free & fuel-efficient vehicles drive the growth of the global robo taxi market
PORTLAND, Oregon, March 17, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Robo Taxi Market by Application (Goods Transportation and Passenger Transportation), Component (Camera, RADAR, LiDAR, Ultrasonic Sensor and Others), Propulsion (Electric Vehicles, Fuel Cell Vehicles, and Hybrid Vehicles) and Level of Automation (Level 4 (L4) and Level 5 (L5)): Global Opportunity Analysis and Industry Forecast, 2023–2030." According to the report, the global robo taxi market is estimated to contribute nearly $1.03 billionin 2023, and is expected to reach $38.61 billion by 2030, growing at a CAGR of 67.8% from 2023 to 2030.
Prime determinants of growth
Rise in requirement for road safety and efficient traffic control along with demand for emission free & fuel-efficient vehicles drive the growth of the global robo taxi market. However, cybersecurity threats and expensive R&D costs required for proper implementation hinder the market growth. Contrarily, supportive government policies and smart city development create new opportunities for the next decade.
The goods transportation segment to maintain its leadership status by 2026
Based on application, the goods transportation segment is estimated to account for nearly three-fifths of the total share of the global robo taxi market in 2023, and is expected to maintain its leadership status during the forecast period. This is attributed to rise in demand for autonomous vehicles in goods transportation for preventing accidents from human errors. However, the passenger transportation segment is estimated to register the highest CAGR of 74.2% from 2023 to 2030.
The camera segment to possess its lead position by 2030
Based on component, the camera segment is estimated to account for the highest market share of the global robo taxi market, contributing to more than one-fourth of the total market share in 2023, and is expected to possess its lead position by 2030. This is due to need for enhanced and long-range camera for installation in vehicles for keeping track of the surrounding. However, the ultrasonic sensor segment is estimated to grow at the largest CAGR of 75.5% from 2023 to 2030, owing to its ability to measure accurate distance and avoid accidents.
North America to maintain its dominant position during the forecast period
Based on region, North America is estimated to account for the largest market share based on revenue, accounting for more than two-fifths of the global solar vehicle market in 2023, and is estimated to maintain its dominant position during the forecast period. This is due to wide adoption of latest technologies in the region, supported by continuous development. However, Europe is expected to portray the largest CAGR of 75.6% from 2023 to 2030, owing to continuous development activities carried out by auto manufacturers in the field of autonomous vehicles.
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