Feb 25, 2021 (Market Insight Reports) -- The latest report on Robo-taxi Market by Infinium Global Research gives complete coverage of the robo-taxi market by autonomy (level 4, and level 5), fuel (hybrid, ice, and fully electric), application (public transport), vehicle (cars, and shuttles) in terms of key trends, market size, forecast and CAGR growth over the period of 2019 to 2025. In addition, the study covers deep dive into key product and applications trends in the regional markets of robo-taxi such as North America, Europe, Asia-Pacific and Latin America over the short run and long run. The global Robo-taxi market is projected to grow at a CAGR of 60.1% over the forecast period of 2019-2025.
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Robo-taxi is emerging as a new trend in mobility services. Robo-taxis are gaining popularity with its adoption in the public transport industry. Robo-taxis have various benefits such as enhanced safety, reduced vehicle emissions, and better traffic control. Innovative product launch is a key strategy adopted by the companies. For instance, in 2017, NAVYA launched the first autonomous Robo-taxi in the market.
Growing Infrastructure Development and Rising Electrification of Vehicles Stimulate the Growth of the Robo-Taxi Market
According to the World Health Organization, about 1.25 million people die in road crashes each year. This has raised concern for road safety. Vehicle emissions are one of the leading contributors to the growth of the Robo-taxi market. Vehicle emissions are a major cause of global warming. In the U.S., cars, and trucks account for one-fifth of all the emissions. As per a study by the Lawrence Berkeley National Laboratory, Robo-taxis can cut greenhouse gas emissions by over 90%. The surge in demand for ride-hailing services will augment the growth of the Robo-taxi market. The rising demand for fuel-efficient and emission-free vehicles causes an increase in the Robo-taxis. Robo-taxis are helpful in traffic control as well as improve road safety.
In addition, growing infrastructure development and rising electrification of vehicles stimulate the growth of the Robo-taxi market. On the other side, high research and development costs for implementation and cybersecurity threats hinder the growth of the market. Moreover, rapidly rising urbanization creates several opportunities for the growth of the Robo-taxi market.
Europe is Expected to Hold a Premium Share in the Global Robo-Taxi Market
Europe is expected to hold a premium share in the global Robo-taxi market due to the growing technological development and support infrastructure. For instance, Swedish EV manufacturer and the autonomous vehicle start-up Auto-X have a partnership in 2019. They have integrated AutoX's autonomous drive technology in NEVS' next-generation vehicle architecture. The companies will deploy the first scale Robo-taxi pilot in Europe by the end of 2020. On the other hand, the Asia-Pacific region is anticipated to grow in the global Robo-taxi market with a significant CAGR over the forecast period. The rise in research and development on the Robo-taxi concept in developing countries in Asia-Pacific promotes the growth of the Robo-taxi market in the Asia-Pacific region. North America has healthy growth in the global Robo-taxi market owing to rapid technological development.
Table of Content:
Chapter - 1 Preface
Chapter - 2 Executive Summary
Chapter - 3 Global Robo-taxi Market Overview
Chapter - 4 Robo-taxi Market Macro Indicator Analysis
Chapter - 5 Global Robo-taxi Market by Autonomy
Chapter - 6 Global Robo-taxi Market by Fuel
Chapter - 7 Global Robo-taxi Market by Application
Chapter - 8 Global Robo-taxi Market by Vehicle