Robo Taxi Market by Product (L4 robo-taxi and L5 robo-taxi), by Application (Passenger and Freight), by Geographic Scope and Forecast

Report Highlights

Robo Taxi Market Size And Forecast
The Global Robo Taxi Market was valued at USD 399.30 Million in 2019 and is projected to reach USD 29.08 Billion by 2027, growing at a CAGR of 61.88% from 2020 to 2027.

Global Robo Taxi Market Outlook

The growth of the global robo taxi market is caused by several benefits, such as reduce traffic congestion, lower CO2 emission, easier parking, and reduced rate of accidents. The highly automated technology of robo taxis will be cooperative in reducing traffic congestion, as these autonomous taxis are equipped with connected car technology. With this technology, these taxis are able to communicate and interconnect with each other, based on that; they can improve their routes for a particular vehicle. Furthermore, the incorporation of sensors and advanced systems in robo taxis will contribute to an improved solution for decreasing the rate of road accidents. In addition to this, the requirements for emission-free and fuel-efficient vehicles are also expected to contribute to the growth of the global robo taxi market over the forecast period.

Auto manufacturers are emphasizing on technologies that concentrate on self-driving and autonomous concepts. Many auto manufacturers have begun initiating projects to develop self-driving cars and commercialize the concept of self-driving cars for carpooling services. In addition to this, technology companies are actively engaged in investing in fully autonomous vehicles by leveraging their expertise in innovative communication platforms. With the shift in automakers focus, various prototypes of self-driving vehicles being tested will boost the global Robo Taxi Market in the upcoming years. However, lack of infrastructure for the deployment of robo-taxis may act as restraining factors of the market.