A minimum human intervention or complete self-driving taxi is termed as a robo-taxi. Inclination toward autonomous vehicles is a major factor fueling the development of robo-taxi. Change in auto industry trends, such as autonomous driving, vehicle connectivity, powertrain electrification, and shared mobility, is likely to create significant impact on the robo-taxi market during the forecast period. Majority of robo-taxis are equipped with electric powertrains, which offers lower operating cost for fleet operators.
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Moreover, increasing opportunities in shared mobility for pooling rides is likely boost the robo-taxi market during the forecast period. Increasing adoption of technologies in vehicles, such as connected car features, is likely to boost the robo-taxi market during the forecast period. Furthermore, demand for fuel-efficient vehicles and emission-free vehicles, owing stringent emission norms, are estimated to prompt major fleet operators to adopt robo-taxis. Additionally, the rate of adoption of robo-taxi is likely to increase during the forecast period in order to enhance traffic handling and road safety. Significant investment in robotic process by OEMs, government incentives, rapid urbanization, and significant expansion of the e-commerce industry are anticipated to drive robo-taxi market in the near future. However, job reduction coupled with cyber security threats is likely hamper the robo-taxi market during the forecast period.
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The global robo-taxi market can be segmented based on component, application, service type, propulsion, and region. Based on component, the robo-taxi market can be classified into camera and sensors. Robo-taxis are incorporated with latest technology, which requires several sensors such as LiDAR, radar, and ultra-sonic sensors in order provide exact information and ensure safety. Rising adoption of electronics and technology is likely to propel the sensor segment during the forecast period.
Based on application, the robo-taxi market can be divided into goods transportation and passenger transportation. Expansion of the e-commerce industry is anticipated to fuel the demand for robo-taxi for goods transportation. However, the robo-taxi is also likely to offer significant opportunities in the field of share mobility. For commercial use and for passenger transportation vehicle design requirements are different which increase the cost. Hence passenger transportation sub segment is likely to expand significantly during the forecast period.
In terms of propulsion, the robo-taxi market can be segregated into electric, hybrid, and fuel cell. Robo-taxis are equipped with electric powertrains in order to meet emission norms and to reduce operating cost. Moreover, expansion of vehicle charging station infrastructure is estimated to boost the electric segment during the forecast period.