Robo-Taxi Market: Anticipated To Grow At An Exponential Rate In The Near Future

Industry Insights Technology

Transparency Market Research has published a new report on the robo-taxi market for the forecast period of 2019–2030. According to the report, the global robo-taxi market is projected to reach a value of ~US$ 15 Bn by 2030, expanding at a CAGR of ~58% during the forecast period of 2019 to 2030.

Global Robo-Taxi Market: Overview

  • According to the report, the global robo-taxi market is likely to be driven by the demand for reduction in the total cost of ownership by ride-hailing companies.
  • The emergence of new business models, such as ‘mobility as a service’, are offering significant opportunities to automakers instead of one-time vehicle sales. Automakers are trying to introduce autonomous vehicles in taxi services to improve consumer service, offer ride-service at lower costs, and lower the operating cost of the service.
  • Key players such as Uber Inc., Waymo, Baidu, and Easy Mile are successfully conducting pilot projects on robo-taxis, and are expected to lead the global robo-taxi market.

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Expansion of Global Robo-Taxi Market

  • Robo-taxis reduce the cost of ownership of a fleet operator by 30% to 50%. Radical shift from private ownership of vehicles to shared mobility has evolved the mobility industry, making it imperative for ride-hailing companies to offer services at competitive costs.
  • The robo-taxi market is at the development stage, with expansion likely to occur post 2025.
  • The U.S. and China have favorable regulatory frameworks to test autonomous vehicles. Several pilot projects are being carried out in these countries, and are expected to lead the global robo-taxi market.

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