Robotaxis, also known as driverless taxis, are autonomous vehicles that provide transportation services without the need of a human driver or chauffeur. Benefits of robotaxis include offering on-demand mobility to the masses while addressing certain issues such as high costs of vehicle ownership, traffic congestions and emissions. The global Robotaxi Market is estimated to be valued at US$ 2198.45 Mn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:

Mobility has emerged as a key opportunity in the robotaxi market. With rising urban population and increasing demand for flexible transportation options, robotaxis can help address the growing mobility needs efficiently. They can provide safe, reliable and affordable mobility solutions to a large segment of the population including elderly, disabled and unlicensed groups who otherwise have limited access. Robotaxis can transform the mobility landscape by offering self-driving functionalities and making transportation more accessible to all. This presents a lucrative opportunity for robotaxi manufacturers and service providers to tap into the large and fast growing mobility as a service market in the coming years.

Porter’s Analysis
Threat of new entrants: The robotaxi market requires huge capital investments for R&D, testing, and commercialization of autonomous vehicles. This poses high entry barriers for new players.
Bargaining power of buyers: The bargaining power of buyers is moderate as there are no close substitutes for robotaxi services currently. However, with growing options for mobility, buyers have some bargaining power.
Bargaining power of suppliers: The suppliers of key components like LiDAR sensors, radars and cameras have significant bargaining power due to the technological leadership and limited availability of certain technologies. This can affect the production costs for OEMs.
Threat of new substitutes: While shared mobility services pose a potential threat, robotaxis provide a differentiated driverless experience. The threat from substitutes is low to moderate.
Competitive rivalry: Major OEMs are engaged in heavy investments and partnerships to commercialize robotaxis. The competition is intense among technology giants to acquire majority market share.

SWOT Analysis
Strengths: Robotaxis provide personalized, affordable and on-demand mobility services. They also eliminate traffic incidents caused by human errors.
Weaknesses: The technology is capital intensive requiring massive investments. Full commercialization will take time due to technical and regulatory challenges. Consumer acceptance is also uncertain.
Opportunities: Rising demand for automated driving and shared mobility provides a huge market potential. Supportive regulations can boost early commercialization.
Threats: Delays in technology development and regulations can postpone market rollout. System failures can erode public trust. Rising raw material costs may increase vehicle prices.

Key Takeaways
The Global Robotaxi Market Size is expected to witness high growth over the forecast period between 2023 to 2030 supported by technological advancements.

Regional analysis: North America region dominates the current robotaxi market owing to presence of major players and conducive regulatory environment for testing. However, Asia Pacific is expected to witness the fastest growth on back of initiatives by governments in countries like China, Japan, and South Korea to develop infrastructure for autonomous driving.

Key players: Key players operating in the robotaxi market are Pfizer Inc., Novartis AG, Merck & Co. Inc., GSK PLC, AstraZeneca, Eli Lilly and Company, and Bristol-Myers Squibb Company (Celgene Corporation), among others. They are focused on enhancing automation capabilities and partnerships for commercialization of driverless taxis.

For More Insights, Read: https://www.trendingwebwire.com/robotaxi-market-trends-growth-and-regional-outlook-2023-2030/