April 20, 2024

The Global Robotaxi Market Growth Accelerated By Surging Demand In Shared Mobility Services

Robotaxis provide automated driverless transportation services to consumers on-demand. Key advantages of robotaxis include convenience, reduced traffic congestion and emission levels. The growing need for efficient personalized transportation across urban areas without the hassle of owning a private vehicle is driving the demand for robotaxi services.

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:

  Major technology companies are investing heavily in developing autonomous vehicles to capitalize on the growing demand for Transportation-as-a-Service (TaaS). The trend of driverless ridesharing is gaining significant traction especially among the younger population who prefer alternative modes of transportation over owning a private vehicle. The availability of affordable on-demand mobility through robotaxis is likely to further propel the demand among urban populations globally. The market is expected to witness rapid growth over the forecast period driven by technological advancements and increasing consumer adoption of shared autonomous vehicles.

Segment Analysis
The global robotaxi market is dominated by the ride-hailing segment. This segment currently holds around 60% of the total market share as major companies like Waymo, Cruise, AutoX are focusing on providing autonomous ride-hailing services using robotaxis. The ride-hailing segment is dominating as it allows these companies to generate revenue and also collect real-world driving data which helps in further improving their self-driving technologies.

Key Takeaways
The Global Robotaxi Market Demand  is expected to witness high growth in the coming years. 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.

North America is currently the fastest growing as well as the dominating regional market for robotaxis. This is majorly due to the presence of prominent players like Waymo, Cruise, Zoox in the US which are continuously testing and launching their robotaxi services.

Key players operating in the robotaxi market are Waymo, Cruise, AutoX, Zoox and Pony.ai. Waymo is currently leading the market with their extensive test mileage as well as launching the first commercial robotaxi services in Arizona and California. Cruise also has wide testing experience and has recently received approval to charge fares for their driverless rides in San Francisco without human safety attendants. AutoX is focusing on China and has deployed their robotaxis for food delivery purpose to generate revenue. Zoox received $1 billion in funding to develop purpose built vehicle design for robotaxis while Pony.ai is carrying out tests across different geographies including China, US and Japan.

1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it