Latest News- Robo Taxi Market: Goods transportation is expected to lead the Application segment during 2024-2028
The Robo Taxi Market is being driven by Increased focus of OEMs toward development of robo taxis
The Robo Taxi Market is expected to grow at a CAGR of 8.8% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 664.7 million. In the burgeoning Robo Taxi market, the integration of Internet of Things (IoT) technology is essential for the optimal functioning of autonomous vehicles. IoT refers to a network of interconnected devices, including vehicles, home appliances, and other items, equipped with sensors, software, electronics, and network connectivity. Autonomous vehicles necessitate advanced Global Navigation Satellite Systems (GNSS) and sensing capabilities for navigation and safety. Furthermore, sophisticated data analytics and mapping features are crucial for autonomous AI to effectively interpret and respond to real-time data, enhancing the overall performance and safety of robo taxis.
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Which Factors Are Causing a Surge in Market Growth?
The market is segmented based on Application (Goods transportation, Passenger transportation) Geography (North America, Europe, APAC, South America, Middle East and Africa).
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
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Key Features in Robo Taxi Market Research Report
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In the realm of transportation, Robotaxis, also known as autonomous taxis, are revolutionizing ride-sharing services through self-driving technology. These vehicles rely on LiDAR, RADAR, high-density sensors, and software algorithms to navigate in a V2X environment, utilizing internet connections and semiconductor chips. The semiconductor chip shortage poses a challenge, but driverless vehicles continue to advance, offering cost savings from reduced driver salaries. Autonomous vehicles require charging infrastructure and data from sensors, cameras, navigating systems, and AI, including Deep Neural Networks (DNNs), to ensure safe and efficient operation. Robotic assistance extends beyond passenger transport to goods delivery, but public trust remains a critical factor. Autonomous and self-driving vehicles, with driver intervention when necessary, are poised to transform the transportation industry.
The global passenger ground transportation market encompasses businesses involved in the provision of passenger ground transportation services and related activities, such as bus, taxi, vehicle rental, ridesharing platforms, and other passenger logistics. According to Technavio's market analysis, the market size is determined by the consolidated revenue generated by entities operating within the passenger land transportation sector, including vehicle rental, leasing, ridesharing, on-demand ride-sharing platforms, and other passenger logistics. The expansion of this market is attributable to several key factors. Primarily, the rise in disposable income and the growing accessibility of self-driving car rentals are revolutionizing travel methods. Advanced technologies, such as LiDAR, RADAR, high-density sensors, software algorithms, V2X environments, and internet connections, are increasingly being integrated into robotaxis and autonomous vehicles, further fueling market growth.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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