Robotaxi: Market Size. From $682. 47 million in 2020, the global Robotaxi market is projected to reach $29,020. 20 million by 2028. Based on our analysis the market is expected to grow at a CAGR of 59.
New York, Aug. 25, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Robotaxi Market Analysis & Trends - Industry Forecast to 2028" - https://www.reportlinker.com/p06127624/?utm_source=GNW
8% from 2020 - 2028 timeframe.
Some of the prominent trends that the market is witnessing include, high investments in LiDAR startups by automotive giants, rapid urbanization requiring the development of infrastructure in emerging countries and increasing robotic assistance in the delivery of goods.
Global Robotaxi Market: Market Dynamics
The growth of the global robotaxi 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. The factors driving the market growth are need for enhanced road safety and traffic control, rising demand for ride-hailing services, high R&D investments, and government focus on reducing emissions.
On the other hand, the cybersecurity threats and high R&D cost for implementation is likely to obstruct the profit boundaries. In addition, government regulations and development of smart cities providing numerous opportunities will further boost for the Robotaxi market.
Impact of COVID-19 on Robotaxi
The production and sales of new vehicles had come to a halt across the globe as the whole ecosystem had been disturbed in the initial outbreak of COVID 19. OEMs needed to delay until lockdowns were lifted to continue production, which affected their organizations. Hence, vehicle manufacturers needed to change the production volume. Additionally, component manufacturing was suspended, and small Tier II and Tier III manufacturers faced liquidity issues. The automotive industry is highly capital-intensive and relies on frequent financing to continue operations. Thus, the production suspension during the initial months of the outbreak and lower demand had an unprecedented impact on EV manufacturers in the initial months of the pandemic. However, the majority of the automakers resumed vehicle production with limited production and necessary measures.
By Vehicle Type
Car Segment Dominate the Market in 2020
The car segment made huge revenue in 2020 and growing its prominence during the forecast period as autonomous vehicle manufacturers and operators are investing heavily in the deployment and testing of self-driving vehicles. . The highly automated technology of robo taxis will be cooperative in reducing traffic congestion, as these autonomous taxis are equipped with connected car technology.
Europe Region is Leading in the Global Market Place
Europe is likely to have a huge demand in the forecast period owing to technological advancements and developed & supportive infrastructure helping the fleet operators to test and deploy easily, growing technological trends for autonomous vehicles and increasing demand for self-driving taxis in the region.
List of the Key Players Profiled in the Market Include:
• Uber Technologies Inc.
• NAVYA Ridecell Inc.
• Lyft Inc.
• Ford Motor Company
• Daimler AG
• Cruise Automation
List of the Regions/Countries Profiled in the Market Include:
• Rest of Europe
• New Zealand
• Rest of Asia Pacific
• Saudi Arabia
• Rest of Middle East
• Rest of Latin America
Rest of the World (RoW)
• South Africa
Read the full report: https://www.reportlinker.com/p06127624/?utm_source=GNW
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