Robotaxi Market Size, Share, Growth Analysis, By Component used(Camera, RADAR), By Application(Goods transportation and Passenger transportation), By Propulsion(Electric, fuel cell and hybrid propulsion) - Industry Forecast 2024-2031

Global Robotaxi Market size was valued at USD 1.02 million in 2022 and is poised to grow from USD 1.66 billion in 2023 to USD 80.59 billion by 2031, at a CAGR of 62.5% during the forecast period (2024-2031).

The global robotaxi market is experiencing a rapid transformation and is poised for significant growth in the coming years. The increasing demand for convenient and sustainable mobility solutions. With rising urbanization and the need for reducing traffic congestion and emissions, robotaxis offer a promising solution. They have the potential to provide efficient point-to-point transportation, reducing the need for private car ownership and promoting a shared economy. Major players in the automotive and technology sectors are heavily investing in the development and deployment of robotaxi fleets. Regulatory frameworks and public acceptance are crucial factors influencing the market's growth. Governments are working to establish guidelines and regulations for the safe and responsible deployment of autonomous vehicles. Public acceptance and trust in the safety and reliability of robotaxis are also vital for widespread adoption. Companies are conducting extensive testing and implementing safety measures to ensure passenger security and gain public confidence. Cost reduction measures, including economies of scale and technological advancements, will make robotaxis more affordable and accessible. Market projections indicate an increasing number of robotaxi deployments in urban centers globally. The potential benefits, including improved traffic flow, reduced emissions, enhanced passenger experiences, and increased safety, make robotaxis an attractive proposition for both consumers and policymakers.

US Robotaxi Market is poised to grow at a sustainable CAGR for the next forecast year.