Pune, India, Nov. 24, 2021 (GLOBE NEWSWIRE) — The global robotaxi market size was USD 0.40 billion in 2019. The global impact of COVID-19 pandemic has been unprecedented and staggering, with robotaxi witnessing a positive demand across all regions amid the pandemic. Based on our analysis, the global market exhibited a stellar growth rate of 24.3% in 2020. The market is projected to grow from USD 0.50 billion in 2020 to USD 11.10 billion in 2027 at a CAGR of 61.2% during the 2020-2027 period.
The global Robo-Taxi market size is set to expand at an impressive rate in the forthcoming years as autonomous have been proven to be significantly less polluting than regular vehicles, finds Fortune Business Insights™ in its report, titled “Robo-Taxi Market Size, Share & Industry Analysis, By Propulsion Type (Fuel Cell, Hybrid, Electric), By Autonomy Level Type (Level 4, Level 5), By Application Type (Passenger Transportation, Goods Transportation) and Regional Forecast 2020-2027”.
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Promising Robo-Taxi Deployment Plans to Animate Market Spirits
Prominent among the factors driving the Robo-Taxi market growth is the announcement of plans to deploy self-driving taxis on public road by major companies and taxi services. For example, Uber partnered with Volvo and unveiled the Volvo XC90 SUV, Uber’s newest autonomous car, in June 2019, and the company is currently testing its self-driving vehicles in Pittsburgh. Similarly, in 2018, Volvo introduced a fully-electric Robo-Taxi called the 360c to meet the consumer demand for inter-city travel.
Another interesting example is Aurora Innovation, a self-driving start-up based in the US, which has been expanding its testing operations across the state of Texas and has now added California and Pennsylvania as well. These innovations are receiving positive research support from academia as well as the industry. For example, in June 2020, the Massachusetts Institute of Technology (MIT) and Toyota launched a novel dataset called DriveSeg to promote research in autonomous driving. DriveSeg consists of pixel-level depictions of common road objects in the form of a continuous video driving scene. Together, these developments are likely to aid the proliferation of Robo-Taxis across the globe.
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Strong Commitment to Sustainable Mobility to Drive the Market in Europe
Leading economies of Europe such as Germany, UK, France, and Italy are rapidly transforming their urban mobility infrastructure through the speedy adoption of advanced autonomous driving technologies. The European Union in generally has made strong commitments to establish sustainable mobility systems across the EU in the next decade, which is fueling the deployment of Robo-Taxis in the region. Additionally, presence of well-established automotive companies such as Daimler and Aptiv will further aid the region’s dominant position in the Robo-Taxi market share in the foreseeable future.
Similar trends are expected to be witnessed in North America, where companies such as Tesla and Waymo are aggressively rolling out autonomous cars and electric vehicles as well as building an efficient charging infrastructure in the region.
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February 2020: Lyft and Aptiv announced that their partnership has led to the successful delivery of 100,000 Robo-Taxi rides on a commercial scale in Las Vegas. The taxis are managed through Aptiv’s Command Center, where employees are given real-time data such as vehicle health, with the aim to keep vehicles on the road for long time periods.
July 2019: US-based autonomous driving start-up AutoX announced collaboration with NEVS, a Swedish electric vehicle maker, to deploy robo-taxis in Europe by the end of 2020. Under the partnership, AutoX will provide NEVS the necessary artificial intelligence tools to create AI drivers tailored to the specific geo-location they operate in.
List of Key Companies Profiled in the Robo-Taxi Market Report:
- Tesla Inc., (California, United States)
- Waymo LLC (California, United States)
- Aptiv (Dublin, Ireland)
- Uber Technologies (California, United States)
- Daimler AG (Stuttgart, Germany)
- Lyft Inc., (California, United States)
- Baidu (Beijing, China)
- Didi Chuxing (Beijing, China)
- Amazon (Washington, United States)
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