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The Robotaxi Market Is Expected To Be Flourished By The Growing Demand For Autonomous Transportation12/27/2023 The robotaxi market involves autonomous vehicles that provide transportation services. Robotaxis are fully self-driving cars deployed for on-demand mobility services, aiming to replace traditional taxis. Robotaxis use various sensors and artificial intelligence to navigate streets without a human driver and can transport multiple passengers. As there is no need to pay expenses for a human driver, robotaxis are expected to significantly reduce the cost of transportation.
The global Robotaxi Market is estimated to be valued at US$ 2198.45 Mn in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. Market Dynamics: The growing demand for autonomous transportation is expected to be a major driver for the robotaxi market over the forecast period. Rising congestion levels in urban areas and increasing consumer preference for hassle-free mobility options are boosting the need for self-driving vehicles. As robotaxis can transport more people per vehicle at cheaper rates than traditional taxis, they are envisioned to help meet the rapid rise in commuting needs of growing urban populations. Additionally, autonomous driving technology is advancing rapidly with major firms heavily investing in R&D to commercialize their driverless car services. Recent launches of robotaxi pilots in several cities indicate the technology is reaching commercialization stages sooner than expected. These developments are anticipated to accelerate the adoption of robotaxis globally. Segment Analysis The global robotaxi market is dominated by passenger services sub segment which holds around 65% of the total market share. The passenger services sub segment is dominating as robotaxis offer door-to-door autonomous transportation to masses at reasonable price which is affordable by majority of the population compared to private vehicles. PEST Analysis Political: Most of the countries governments are promoting adoption of autonomous vehicles to reduce road accidents and traffic congestion. They are coming up with supportive policies and regulations to allow robotaxis on roads. Economic: Robotaxis can significantly reduce transportation cost for people and companies by offering shared autonomous transportation services. This will boost economic activities. Social: Younger population is more receptive towards new technologies. Robotaxis offer them flexibility and accessibility of transportation without hassles of owning a private vehicle. This is positively impacting the social acceptance of robotaxis. Technological: Continuous developments are happening in the fields of AI, sensors, connectivity and electric powertrains which are crucial for robotaxis. Advancements in these technologies are helping overcome challenges and improving functionality of robotaxis. Key Takeaways The Global Robotaxi Market Demand is expected to witness high growth. The global robotaxi market is estimated to be valued at US$ 2,198.45 Mn in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2023 to 2030. The Asia Pacific region is expected to be the fastest growing region in the robotaxi market growing at a CAGR of around 15% during the forecast period. This is mainly due to large population, rapid urbanization and initiatives by governments in countries like China and Singapore to promote autonomous vehicles. Key players related content comprises Key players related content (Key players operating in the robotaxi market are AKVA group, Aquafine Corporation, Aquamaof Aquaculture Technologies Ltd, AquaOptima AS, Artec Aqua AS, ATG UV Technology, Billund Aquaculture, BioFishency Ltd., Clewer Aquaculture Oy, Global RAS Fishery & Co., Hesy Aquaculture B.V., MAT LSS - Aquarium Filtration Systems, Pentair PLC. (Pentair Aquatic Eco-Systems, Inc.), RADAQUA, Senect Gmbh & Co. KG, Sterner AS, The Indian Aqua, Veolia Group, Water Management Technologies, Inc., and Xylem Inc.). Get more insights on this topic: https://www.dailyprbulletin.com/robotaxi-market-market-size-share-analysis-growth/
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