CHICAGO, April 25, 2019 /PRNewswire/ -- According to the new market research report "Robo-Taxi Market by Application (Goods and Passenger), Level of Autonomy (L4 and L5), Vehicle (Car and Shuttle/Van), Service (Rental and Station Based), Propulsion (Electric, Hybrid, and Fuel Cell), Component, and Region - Global Forecast to 2030", published by MarketsandMarkets™, the global Robo-Taxi Market is projected to grow from 2,024 units in 2020 to reach 3,830,912 units by 2030, at a CAGR of 112.67%. The growth of the Robo-Taxi 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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Car is expected to grow at the fastest CAGR
The car segment is expected to be the largest and the fastest market. This is due to the testing of robo-taxis more for cars rather than big transport vehicles. Waymo recently became the first company to charge regular people for rides in self-driving "Waymo One", which though had human backup drivers. Another example is Chrysler, which has ordered thousands of Chrysler Pacifica Hybrid minivans to Waymo. The collaboration will open a new business model for companies developing or working on robo-taxi. Uber placed an order for 24,000 Volvo XC90 SUVs for autonomous ridesharing services to scale its market share in autonomous vehicle. Additionally, the rising demand for shared mobility will also fuel the overall market demand for self-driving cars.
Passenger Transportation is expected to lead the Robo-Taxi Market
Although, countries worldwide have already started operations for goods transportation, but passenger transportation is estimated to be the fastest and the largest growing market. This is due to the developments, testing, and deployments being more for passenger transportation compared to goods. Companies such as Uber, Lyft, DiDi, and Baidu are the major ride-hailing service providers which will boost the market demand for passenger transportation. Also, most companies are concentrating on Mobility As A Service (MAAS). For instance, the venture by e.GO Mobile AG and ZF Friedrichshafen planned to start series production of e.GO People Mover by the end of 2019 in Germany. This vehicle will be deployed as robo-taxis by transportation operator Transdev in Germany. Oxbotica, an autonomous vehicle software company and Addison Lee, a London-based private hire taxi company, partnered to launch self-driving taxis by 2021.
Asia Pacific is expected to lead the market during the forecast period
The Asia Pacific market is the largest because of the growth in China, Japan, South Korea, and Singapore. Rising emission concerns, increasing shared mobility, focus on public transport, and high technological development in the region are driving the Robo-Taxi Market in Asia Pacific. Companies such as DiDi, Aptiv, Baidu, Nissan, ZMP, and Hyundai are the major players present in the region. The growth is also driven by the developments in Singapore, South Korea, China, and Japan. For instance, Singapore was the first country to test robo-taxis in 2016 publicly. nuTonomy started testing robo-taxis with Renault Zoes and Mitsubishi i-MiEv vehicle. South Korean auto giant Hyundai has partnered with the US startup Aurora Tech to develop robo-taxis in South Korea. Hyundai is expected to test the service by 2021. The company will deploy fuel cell electric vehicle Nexo and compact SUV Kona electric in Sejong for driverless taxi service. The vehicles would have level 4 automation.
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Some of the key players in the Robo-Taxi Market are Waymo LLC (US), Aptiv (Ireland), GM Cruise (US), Ridecell, Inc (US), Uber Technologies Inc. (US), NAVYA (France), and EasyMile (France).
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