The Robotaxi Market Is Expected To Be Flourished By The Growing...

The Robotaxi Market Is Expected To Be Flourished By The Growing Demand For Autonomous Transportation

Posted 2023-12-27 13:38:04

Robotaxis offer a driverless transportation platform using autonomous vehicles. They provide services at affordable costs and allow passengers to easily book rides through mobile apps.

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.

Market key trends:

The demand for driverless mobility solutions is increasing rapidly owing to benefits such as safety, convenience, and cost-effectiveness. Autonomous vehicles eliminate human errors during driving and reduce road accidents substantially. In addition, robotaxis provide flexibility to passengers as they can book rides anytime without worrying about traffic or fuel costs. Various technology companies and ride-hailing giants are investing heavily in developing robotaxis to capitalize on the growing demand. For instance, Waymo has partnered with ride-hailing app Lyft to pilot its autonomous ride-hailing service in Phoenix metro area. This increasing investment in robotaxi technology is expected to fuel the market growth over the forecast period.

SWOT Analysis

Strength: The robotaxi market offers self-driving capabilities that can improve safety on roads by reducing human errors. It allows mobility for non-drivers and the elderly.

Weakness: High research and development costs involved in building self-driving technologies. Issues related to cybersecurity and privacy of user data. Dependence on advancement of technologies like AI, sensors and 5G networks.

Opportunity: Potential to reduce transportation costs and traffic congestion. Growing demand for autonomous vehicles from various industries. Investments from technology companies and car manufacturers.

Threats: Legal and regulatory challenges around autonomous vehicles. Slow adoption due to lack of trust in self-driving systems. Competition from other autonomous transportation solutions like drones.

Key Takeaways

The Global Robotaxi Market Demand is expected to witness high growth over the forecast period of 2023 to 2030. The market size is projected to reach US$ 2198.45 Mn by 2030, expanding at a CAGR of 12%.

Regional analysis: North America dominates the current robotaxi market owing to large-scale testing of autonomous vehicles in the US and Canada. Several states have passed regulations to allow robotaxis to operate on public roads. China and Europe are also expected to emerge as lucrative markets for robotaxis supported by strong government funding for R&D in self-driving technologies.

Key players analysis: 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. Major players are focusing on collaborations and partnerships to expand testing of robotaxis globally.

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