Global RoboTaxi Market Size, Share And Growth Analysis For 2024-2033

The Business Research Company's RoboTaxi Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033

LONDON, GREATER LONDON, UK, July 24, 2024 /EINPresswire.com/ -- The robotaxi market has experienced robust growth in recent years, expanding from $1.41 billion in 2023 to $2.22 billion in 2024 at a compound annual growth rate (CAGR) of 57.2%. The growth in the historic period can e attributed to a rising inclination toward eco-friendliness, increasing emphasis on sustainability, the need for reducing carbon emissions, rapid urbanization, and increasing penetration of autonomous technology.

Strong Future Growth Anticipated
The robotaxi market is projected to continue its strong growth, reaching $13.57 billion in 2028 at a compound annual growth rate (CAGR) of 57.3%. The growth in the forecast period can be attributed to primarily increased focus on sustainability and decarburization, adoption of ADAS in vehicles, growing issues of traffic congestion, and the need for improving overall functionality.

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Growth Driver Of The RoboTaxi Market
The growing issue of traffic congestion is expected to propel the growth of the robotaxi market going forward. Traffic congestion is a condition on road networks that occurs when traffic demand exceeds the available road capacity. Traffic congestion often arises due to a combination of factors such as high vehicle volumes, inadequate road infrastructure, inefficient traffic management, and disruptions like accidents or construction, leading to reduced roadway capacity and increased travel times for motorists. Robotaxis can alleviate traffic congestion by providing on-demand transportation services, optimizing routes, and reducing the number of privately owned vehicles on the road, thereby improving traffic flow and decreasing congestion.

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Major Players And Market Trends
Key players in the robotaxi market include Amazon.com Inc., Toyota Motor Corporation, Mercedes-Benz Group AG, Ford Motor Company, BMW AG, Hyundai Motor Group.
Major companies operating in robotaxi market are focusing on developing autonomous vehicles (AV) with a detachable steering wheel to gain a competitive advantage in the market. An autonomous vehicle (AV) with a detachable steering wheel is a self-driving car designed to operate without human intervention yet equipped with a removable steering wheel for manual control when needed.

Segments:
1) By Type: L4 Robo-Taxi, L5 Robo-Taxi
2) By Component Type: Light Detection And Ranging (LiDAR), Radio Detection And Ranging (RADAR), Camera, Sensor
3) By Service: Rental-Based, Station-Based
4) By Propulsion Type: Electric Vehicle, Hybrid Electric Vehicle, Fuel Cell Vehicle
5) By Application: Goods Transportation, Passenger Transportation

Geographical Insights: Europe Leading The Market
Europe was the largest region in the robotaxi market in 2023. Asia-Pacific is expected to be the fastest growing region in the market. The regions covered in the robotaxi market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

RoboTaxi Market Definition
A robotaxi is a driverless vehicle equipped with autonomous technology that can transport passengers from one location to another, functioning similarly to traditional taxis but without a human driver. RoboTaxis has the potential to revolutionize transportation by reducing congestion, lowering costs, and providing accessible mobility options.

RoboTaxi Global Market Report 2024 from The Business Research Company covers the following information:
• Market size data for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.
The RoboTaxi Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on robotaxi market size, robotaxi market drivers and trends, robotaxi market major players, robotaxi competitors' revenues, robotaxi market positioning, and robotaxi market growth across geographies. The robotaxi market report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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