Latest Study on “Robotaxi Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2021-2027”.
The global Robotaxi market size is expected to be worth around US$ 1,449,300 units by 2027, according to a new report by nova one advisor.
The global Robotaxi market size was valued at US$ 610 units in 2020 and is anticipated to grow at a CAGR of 132.1% during forecast period 2021 to 2027. The rising concerns over road safety, emissions, and the increasing demand for ride-hailing services have led to the growth of the market. Autonomous vehicles also help in optimizing cost to the fleet operator. Newer business models like mobility as a service would provide another sustainable and profitable revenue stream in the future.
However, changes in technology require high innovation cost for self-driving taxis and smooth navigation in crowded places could create a hurdle for the growth.
Wide implementation of IoT devices and their collected data gives more control to fleet managers in optimizing operations. Better autonomous driving solutions such as level 4 and level 5 would reduce road accidents and more passengers would opt for autonomous vehicles as safety is tightened.
Moreover, governments in developing countries would be willing to adopt emission-free solutions to reduce pollution. In this scenario, self-driving vehicles are fit to be a viable option as they are electric vehicles.
It also reduces the number of personal vehicles on the roads, thus drastically reducing congestion and pollution.
However, COVID-19 pandemic had a impact on the market in the first few months. Both the demand for sales and services of robotaxis had come to a halt in the first few months of 2020 across the globe as the whole ecosystem had been disrupted. However, in the next two quarters, the use of robotaxis had been increasing. Ride hailing players have increased their demand during the later months of the pandemic along with the demand for travelling along with low human interaction.
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The market survey provides compelling insights into important drivers that enable growth. It highlights untapped potential in a variety of industries. For the purpose of the study, the market has been segmented in terms of Application Type, Vehicle Type, Service Type. Component Type, and regions. The report presents an incisive view of various factors impacting growth across these categories. Challenges posing threat also are studied in detail.
Apart from underscoring unexplored prospects, the report is intended to prepare businesses for unforeseen challenges in the future. It covers recommendations to help them navigate their businesses through obstacles to continue reporting growth at a sustainable pace.
COVID-19 Impact on Robotaxi Sales
Businesses today are operating in a dynamic environment. Earlier focus primarily concentrated on keeping pace with changing consumer preferences. COVID-19 outbreak was unprecedented and exposed vulnerabilities of various industries. Pandemic-induces obstacles also were registered in the Robotaxi market.
Sales plummeted as COVID-19 gradually tightened its noose worldwide. Supply-chain disruptions caused massive losses, while demand took nose-dive as consumers remained indoors with affected countries implementing either partial or complete lockdown.
Gradual recovery however is on the cards with the roll out of vaccinations. Nonetheless, consecutive waves of the virus compelled businesses to stay prepared for the worst. As government and healthcare organizations successfully implement steps to contain the spread of COVID-19, industries have begun operations, albeit at a slow and more cautious pace.
Against this backdrop, Nova one advisor’s study predicts gradual recovery for the Robotaxi market 2021 onwards. This trend will however continue through the course of the report’s assessment period
Challenge: Navigation in crowded spaces expected to be challenging for robotaxis market
Robotaxis are expected to wait for people to cross zebra crossings and move thereafter. However, in emerging countries, jaywalking is common practice with people passing by a zebra crossing randomly. This practice poses a major challenge for robotaxis in emerging countries. Crowded areas would also create a problem for these vehicles and would be a major challenge for implementing robotaxis. Technological advancements and strict implementation of regulations for pedestrians are expected to help resolve this issue. Some organizations are working to resolve the challenge with the help of real-time data. For instance, Mobileye crowdsources real-time road condition reports from vehicles equipped with intelligent fleet features and feeds the data for use in self-driving vehicles, making sure networked smart cars can navigate roads better.
A majority of robotaxis are expected to function initially on roads with marked lanes and vehicles moving in the same direction. Although the autonomous vehicle technology might correctly perform most of the time, it is expected to be challenging for the functioning of this technology in extreme conditions such as rain, snow, traffic signal failure, heavy traffic, and fog.
Emerging Nations to Continue Attracting Investments :
The expansion of various industries across India, China, Brazil, and other emerging countries will help the Robotaxi market flourish. Consistent investment towards industrialization and urbanization, as well as the implementation of policies favouring foreign investment, will continue to be major growth drivers.
Expansion initiatives undertaken by various countries will aid the growth of the Robotaxi market. Besides, the easy availability of raw materials and labours at a cheaper cost will attract an increasing number of companies within the Robotaxi market.
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List of key players: Waymo (US), Cruise LLC (US), Baidu (China), AutoX (China), and Tesla (US).
Unravelling the Critical Segments
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects including product type, application/end-user, and region. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for period 2017 to 2027 and covers subsequent region in its scope:
Based on Application Type:
- Goods Transportation
- Passenger Transportation
Based on Level of Autonomy:
- Level 4
- Level 5
Based on Vehicle Type:
- Car
- Shuttle/Van
Based on Propulsion:
- Electric
- Hybrid
- Fuel Cell
Based on Service Type:
- Car Rental
- Station Based
Based on Component Type:
- Camera
- Radar
- LiDAR
- Ultrasonic Sensors
The regional segmentation covers:
-North America Region (U.S., Canada, Mexico)
-Europe Region (Germany, UK, France, Russia, Italy, Rest of Europe)
-Asia-Pacific Region (China, Japan, South Korea, India, Southeast Asia, Rest of Asia-Pacific)
-South America Region (Brazil, Argentina, Columbia, Rest of South America)
-The Middle East & Africa Region (Saudi Arabia, UAE, Egypt, Nigeria, South Africa, Rest of MEA)
Key Findings of the Robotaxi Market Study
- Backed by the presence of well-established industrial infrastructure and willingness to spend on advanced technologies will strengthen North America’s hold in the global market.
- The Europe market will continue gaining from surging demand in Germany, U.K., Italy, France, and Spain.
- Investment towards industrialization and favourable policies intended at encouraging foreign investment will drive growth in India and China, sealing Asia Pacific’s position as a highly lucrative market for Robotaxi.
- In Latin America, the market will gain from surging focus on economic development.
Why Buy this Report?
The purpose of Nova one advisor’s Robotaxi market study is to provide stakeholders with a detailed picture of potential barriers and untapped opportunities. The report contains exclusive information to assist businesses in making informed decisions about how to maintain growth throughout the assessment period.
Some of the key highlights of the report are:
- Robotaxi Market Demand Outlook – The report offers refined forecasts on potential growth prospects for the market. Based on data derived after thorough research by a team of expert analysis, Nova one advisor presents the most precise rate of growth for the market for the assessment period starting from (start year) to (end year).
- Robotaxi Supply Chain Analysis – The purpose of the survey is to help companies identify potential scope for supply chain expansion. The study also presents analysis of unprecedented threats.
- Key Market Segments – To present an exhaustive overview, the global Robotaxi market is segmented in terms of Application Type, Vehicle Type, Service Type. Component Type, and region. Opportunities existing across each of these categories are reflected on to help businesses realize their true potential.
- Competitive Landscape Analysis – Some of the leading companies operating in the Robotaxi market are profiled in the market study. The report also underscores winning strategies adopted over the last few years and gauges impact of the same on growth trajectory exhibited by the market over the last few years.
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The post Robotaxi Market Size is Forecast to Reach $ 1,449,300 units by 2027| Says nova one advisor appeared first on Flair Insight.
