Robotaxis are self-driving taxis or vehicles that use automation and sensors for driving without the presence of a human driver onboard. Robotaxis would operate like regular taxis but will not have a driver seated behind the steering wheel. They utilize technologies like lidar, radar, and cameras for navigation while traveling to destinations without intervention from passengers.
The global Robotaxi Market is estimated to be valued at US$ 2198.45 Mn in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
The advantages of robotaxis include increased safety from human errors involved in driving as they rely on advanced sensors and software for navigation. They are more environment-friendly with the potential for shared rides reducing traffic congestion and pollution. Robotaxis help in expanding mobility access for senior citizens and differently-abled individuals who currently face difficulties using regular transportation services. The need for robotaxi services is growing due to rapid urbanization and the rising aging population globally requiring reliable transportation on-demand.
Market key trends:
One of the key trends in the robotaxi market is the ongoing technological advancements in autonomous vehicle technologies. Companies are investing heavily in improving self-driving capabilities through machine learning, computer vision, improved sensor fusion, and high-definition mapping technologies. This is allowing robotaxis to navigate increasingly complex urban environments safely. Another trend is the forming of strategic partnerships between robotaxi companies and ride-hailing giants like Uber and Lyft. Such collaborations help in expanding testing and commercial deployment of autonomous vehicles globally. Regulatory approvals are also increasing for on-road testing and operation of driverless vehicles without safety drivers, indicating growing acceptance of this technology.
Porter's Analysis
Threat of new entrants: The robotaxi market requires huge R&D investments in developing autonomous driving technologies, making it difficult for new companies to enter.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of alternatives like traditional taxi services.
Bargaining power of suppliers: A few prominent players operate in the autonomous vehicle technology space, giving them stronger bargaining power.
Threat of new substitutes: New modes of transportation like hyperloop are emerging but have limited commercial availability currently.
Competitive rivalry: The market sees intense competition among major players to develop advanced technologies and offer differentiated services.
Key Takeaways
The Global Robotaxi Market Demand is expected to witness high growth over the forecast period driven by rising investments in self-driving technologies. The global Robotaxi Market is estimated to be valued at US$ 2198.45 Mn in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2023 to 2030.
Regional analysis: North America dominates the robotaxi market currently due to large trials of autonomous vehicles being conducted in the US and Canada. However, Asia Pacific is expected to emerge as the fastest growing market led by government initiatives in countries like China, Japan and South Korea to develop future mobility solutions.
Key players: Key players operating in the robotaxi market are AKVA group, Aquafine Corporation, Aquamaof Aquaculture Technologies Ltd, AquaOptima AS, Artec Aqua AS, ATG UV Technology, Billund Aquaculture, BioFishency Ltd., Clewer Aquaculture Oy, Global RAS Fishery & Co., Hesy Aquaculture B.V., MAT LSS - Aquarium Filtration Systems, Pentair PLC. (Pentair Aquatic Eco-Systems, Inc.), RADAQUA, Senect Gmbh & Co. KG, Sterner AS, The Indian Aqua, Veolia Group, Water Management Technologies, Inc., and Xylem Inc.
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