A robotaxi or driverless taxi is an autonomous car designed exclusively for ride-hailing. It allows passengers to summon a ride without a human driver behind the wheel using their smartphone apps. Robotaxis have environment detection sensors like cameras, radars, and LiDAR to perceive the vehicle's surroundings and navigate roads. The technology provides accessibility for people unable to drive or own personal vehicles. Major robotaxi operators are developing the technology for both personal and shared mobility applications. The global robotaxi market is estimated to be valued at US$ 2532.62 Bn in 2023 and is expected to exhibit a CAGR of 10.% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:
Increasing demand for autonomous vehicles is a major driver fueling the robotaxi market growth. With advancements in technologies such as artificial intelligence and vehicle sensors, autonomous driving is becoming a reality. Many consumers find driverless vehicles appealing for reasons of safety, accessibility, and mobility. Robotaxis can provide door-to-door transportation service 24/7 without human errors associated with driving. Additionally, a number of tech companies and automakers are heavily investing in developing autonomous driving technologies and commercializing robotaxis. For instance, in 2022 Waymo partnered with AutoNation to launch a robotaxi service in major cities across the U.S. Such initiatives are enhancing the adoption of robotaxis among common consumers.

SWOT Analysis
Strength: Robotaxis provide driverless transportation that increases mobility access for those unable to drive. This enables passengers to use their travel time more productively without the burden of driving. The automated driving removes human error in driving which boosts road safety. Additionally, shifting to robotaxis reduces transportation costs significantly compared to human-driven taxis or personal vehicles.
Weakness: Developing fully autonomous vehicles without any human intervention is a major technical challenge that requires further advancements in AI, sensors, and other technologies. Additionally, issues around cybersecurity and hacking of robotaxis remain a concern that needs to be addressed adequately.
Opportunity: The increasing traffic congestion in major cities provides a large market opportunity for robotaxis to alleviate road traffic. Additionally, the growing mobility demands of an aging population without driving abilities opens new customer segments. Countries are also exploring robotaxis as a sustainable transportation solution to reduce dependence on private vehicles.
Threats: Regulations around deployment and operation of robotaxis differ widely globally. Unclear or restrictive policies can delay large-scale commercialization. System failures or accidents involving robotaxis can significantly hurt public acceptance. Additionally, entrenched interests of traditional transportation sectors may resist wide adoption of robotaxis.

Key Takeaways
The global robotaxi market size is expected to witness high growth over the forecast period of 2024 to 2031.

Regional analysis –

The North American region dominates the global robotaxi market currently owing to supportive regulations and high technology adoption rates. However, Asia Pacific region is expected to witness the fastest growth over the forecast period with China and Japan emerging as major markets.

Key players

operating in the robotaxi market are Pfizer Inc., Novartis AG, Merck & Co. Inc., GSK PLC, AstraZeneca, Eli Lilly and Company, and Bristol-Myers Squibb Company (Celgene Corporation), among others. These key players are focusing on developing advanced autonomous driving technologies and partnering with cities for pilot programs to expand into commercial operations.

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