Robotaxi Market Growth Accelerated By Autonomous Driving Technology

 
Robotaxi Market 

Robotaxis offer mobility solutions that are driverless, electric, and shared. They include sensors and auto-pilot capabilities to navigate autonomously. The widespread adoption of autonomous driving technologies is expected to accelerate the adoption of shared robotaxis. The technology allows robotaxis to identify obstacles, interpret visual information from the environment, and navigate safely without any human input. The global Robotaxi Market is estimated to be valued at US$ 2532.62 Bn in 2024 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 key trends:

One of the major trends driving the growth of the robotaxi market is the rising adoption of autonomous driving technologies. Autonomous driving technologies have witnessed significant advancements in the past few years. Major robotaxi operators are investing heavily in developing autonomous driving technologies for robotaxis. For instance, Cruise, a subsidiary of General Motors, is developing advanced autonomous driving technologies through continuous R&D and testing. The company has received permits to test driverless vehicles on public roads in California and recently became the first company to receive a driverless testing permit in San Francisco. Rapid technological advancements in AI, ML, computer vision, and other aspects of autonomous driving are expected to make robotaxis a commercially viable option in the coming years. Widespread deployment of 5G networks will also support the processing of large volumes of data generated by autonomous vehicles.

Segment Analysis
The global robotaxi market is dominated by autonomous vehicles segment. Autonomous vehicles accounted for the largest share of over 60% in 2024. Autonomous ride-hailing is gaining popularity owing to the low cost involved and increasing investments in R&D of autonomous driving technologies by major automakers and tech companies.

Key Takeaways
The global Robotaxi market analysis is expected to witness high growth.

North America is currently dominating the market and is expected to maintain its dominance during the forecast period. This can be attributed to growing funding for autonomous vehicles testing from state and central governments in the US and Canada. Major technology hubs in Silicon Valley and automotive clusters in Detroit are facilitating advancements in autonomous driving technologies.

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. Waymo dominates the market with over 15% market share in 2024 owing to its partnerships with automakers like Fiat Chrysler and Jaguar Land Rover to deploy its fleet of autonomous vehicles for commercial robotaxi services. Cruise, Tesla and GM are focusing on self-driving vehicles for both ride-hailing and personal transportation.

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