Robotaxi Market to Reach USD 108.0 Billion by 2029; China Bestowed its First Authorization to Baidu to Gain Lucrative Edge

The global robotaxi market size was valued at USD 1.23 billion in 2021. The market is projected to grow from USD 1.71 billion in 2022 to USD 108.0 billion by 2029, exhibiting a CAGR of 80.8 % during the forecast period.

This information is presented by Fortune Business Insights, in its report titled, “Robotaxi Market Size, Share & COVID-19 Impact Analysis, By Propulsion Type (Electric Vehicle, Hybrid Vehicle, and Fuel Cell Vehicle), By Application (Goods and Passenger), By Component Type (LiDAR, RADAR, Camera, and Sensors), and Regional Forecasts, 2022-2029.”

The surging adoption of fuel-proficient and emission-free automobiles is a prime trend observed in the global market. The growing deployment of strict release guidelines has empowered producers to create fuel-cell-based and electric automobiles. Autonomous taxi is a fully self-directed and thereby requires an effective and innovative fuel system to operate the vehicle. The surging implementation of such cars is predicted to decrease congestion on roads resulting enhanced air quality and deteriorated releases.

COVID-19 Momentarily Stopped & Suspended Development of Robotaxi owing to Scarcity in Semiconductor Chip

Government-imposed lockdowns and financial disaster was attributed to the factor that COVID-19 pandemic has rigorously influenced the prime players in the market. Practically all driverless self-directed vehicle development corporations were either intending to present their under development taxis or going through an examination stage of their taxis. The COVID-19 pandemic prompted an economic recession and constraints, which temporarily postponed the testing of these autonomous vehicles.

Waymo Unveils World’s First Robotaxi Service Without Security Drivers

Waymo unveiled its Level 4 driverless robotaxi service, known as Waymo One, to the common public in the Phoenix metropolitan zone. The driverless Chrysler Pacifica Hybrid minivans function in approximately 50-square-mile area in the suburbs of Gilbert, Chandler, Mesa, as well as Tempe. Waymo has been examining its autonomous vehicles across Phoenix for several years. Since 2017, a few of the cars have had missing drivers, but that was only for confirmed examinations and chosen riders. Currently, anybody can take a ride in a Waymo One driverless vehicle anytime during the day and seven days a week.

Along with the public launch last year, Waymo became the first corporation across the globe to launch a Level 4 driverless autonomous vehicle service with no safety drivers to the common people. Even though the presentation was laying behind the scheduled time, and Waymo hasn’t scaled this amenity to any other sites as of press time, this was a colossal moment in the autonomous vehicle industry.

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Surging Requirement for Enhanced Road Safety and Traffic Control to Drive Market Growth

By adopting advanced autonomous driving technologies, it can aid to save multiple lives every year. Autonomous taxis have numerous benefits over conservative vehicles since they are equipped with modern RADAR, LiDAR, sensors, and cameras for operation.

The technologically progressive short and long-range sensors assist to identify obstacles across the vehicles and decrease the percentage of road calamities. These automobiles also aid to decrease traffic jams while functioning on the road.

However, companies with lesser resources, on the other hand, are unable to afford expensive R&D procedures, which, in turn, is predicted to hinder the robotaxi market growth during forecast period.

Crucial Business-related Announcements by Key Players to Influence Market Dynamics

Fundamental companies in the market often make crucial announcements regarding some business moves, which, in turn, affect the market either affirmatively or adversely. Players acquire companies, launch new products, involve in partnership deals, sign agreements with government organizations, and so on.

Notable Industry Developments:

• April 2022: China bestowed its first authorization to Baidu and a competitor autonomous car company, Pony.ai, to offer driverless ride-hailing facilities to the public in Beijing. The sanction offered to Baidu and Pony.ai empowers them to provide driverless rides without a security driver behind the wheel to take over in case of emergency.

List of Key Players Mentioned in the Report:

• Tesla Inc. (U.S.)
• Waymo LLC (U.S.)
• Aptiv (Ireland)
• Uber Technologies Inc. (U.S.)
• Cruise LLC (U.S.)
• Lyft, Inc. (U.S.)
• Baidu (China)
• Didi Chuxing Technology Co. (China)
• Zoox, Inc (U.S.)
• AutoX, Inc. (U.S.)

Further Report Findings

Asia Pacific dominated the robotaxi market share in 2021. Macroeconomic factors such as rise in purchasing power and increasing adoption of high-end technologies will fuel the growth of the market in this region.

LiDAR segment is expected to be fastest growing segment during forecast period. LiDAR is used to reflect pulse light to calculate distance between two vehicles. It works more precisely when it is integrated with the advanced sensors.

Table of Segmentation