The self-driving Robo Taxi is one of the most emerging cars famous across the globe. It is being reported that the market of Robo-Taxi will be high during the forecast period. Robo-Taxi, also commonly known as Robo-cab, is basically a taxi without a driver or a self-driving taxi. The taxi works for the need of chauffeur for humans and is proved on the demand for mobility service.
There are many reasons that Robo-Taxi is appealing to people but the most important factor includes that it saves time and there is no need for a taxi driver. Due to the Robo-Taxi, the cost of car ownership has reduced as well as the chances of road accidents will be reduced. It facilitates more than a regular taxi. It also feels more comfortable for women as if they do not trust drivers, they can travel without a driver. It is highly expected that once the technology gets approved by companies and common people for safety purposes, it will be a standard mode of passenger transportation across the globe within the first few years of its invention.
There are many people worried about fuel emissions and safety concerns. However, the technology is getting popular day by day and is setting a new trend in the forecast period. The cost of fleet operators is increased due to self-driven taxis. Due to this, the markets will be able to get momentum and flourish in the coming years. The new trend of mobility as a service will also prove to be a sustainable revenue recourse for businesses and markets. In the automotive sector, the disruptive power of self-driven cars will lead to a paradigm shift. The shared mobility will enhance and enable the connectivity between vehicles by the usage of Robo-Taxi. The operating cost of fleet authorities will also decrease due to the electrical power trains of these self-driven cars. Moreover, Robo- Taxi will play a crucial role in setting a new competition and trend in the market by allowing different companies to focus on road safety and to focus on effective long term strategies. Due to this self-driven car, the concern will be shifted towards the dynamics affecting the market of cars during the forecast period.
There are multiple self-driven cars that have been introduced in the last 2, 3 years. One of them is a GM cruise that was introduced in the last week of January 2020. This self-driven car was introduced by an autonomous vehicle unit of General Motors Company. This car was introduced by the association of Honda Motors. It is probably manufactured in GM’s Detroit-Hamtramck a factory in the U.S. Moreover, for the development of this electric Robo-car in their factory, they have spent USD 2.2 billion.
Another self-driven was introduced in January 2020 that was titled Waymo. This self-driven unit from Google’s parent firm Alphabet, partnered with UPS as well as shipping and a logistics firm situated in the United States of America.
On the other hand, huge growth potential is expected in the European market in the coming years. This can also expectedly impact the overall revenue share of the market. Moreover, the growth is only possible if the key players and easy availability of robust electric charging infrastructure are present in the area. Another impact is due to the factor that introducing new models of electric vehicles by firms like Tesla that also works by the support of the government can create a competition in the market.
On one hand, the Robo-taxi is beneficial as it offers the services of an autonomous vehicle and e-cab hailing that operates without a driver, but on the other hand, the reduction of human labor can also impact in the worst way to the economy of any country. The self-driven taxi focuses on ‘Mobility as a Service’ (MaaS) that reduces the cost of ownership while also playing a major role in improving fleet management. Furthermore, the Robo- taxi is expected to be a new mode of transportation that is secure, safe, easy, convenient, and cost-friendly. Also, it is predicted that self-driven Robo-taxi will initially feature electrically-propelled vehicles in the market. It is projected that Robo-Taxi will increase from 2,024 units as of 2020 to 3,830,912 units in ten years, with a CAGR of 112.67% in the global market. One of the major factors that will affect growth is its concerns regarding road safety. Other drawbacks of self-driven Robo-Taxi are the concerns regarding road accidents, emissions, and the appeal of ride-hailing services. Nevertheless, the introduction of Robo-Taxi will set new trends in the market and will bring competition in the business of driverless vehicles in the future stream. Due to these factors, many companies have started to invest billions in developing Robo-Taxi that consists of autonomous driving and connectivity. The major focus in the development is towards electrification, and shared mobility that will let the market grow to new heights. The service of Robo- Taxi can also provide a new trend in using the cars as robotic assistance that will work for other purposes including delivery and supplies pick up. Other tasks of daily routine can also be done with the help of this car that will save time for many people.
During the coming years, it is expected that the Asia Pacific will dominate the Robo-taxi market almost after ten years i.e., till 2030. The emerging economies of Asia such as China and India with other developed nations such as Japan are focusing on the development of Robo-taxi in the market. China is working for the development of such cars due to the growing concern about the country’s population and the increase in vehicles on the road that leads to traffic congestion. The government of China has made a few plans and designs for the testing and then finally for the implementation of self-driven Robo-Taxi. The development of charging stations in the regions is another major focus of the Chinese government. The guidelines provided by Chinese officials for Robo-Taxi is encouraging any companies to deploy Robo-Taxis in the country.