A new report from Allied Market Research shows the global robotaxi market is expected to hit $38.61 billion by 2030. The figure represents a compound annual growth rate (CAGR) of 67.8 percent from 2023 to 2030 (the global robotaxi market is expected to be $1.03 billion by 2023). The findings are part of Robo Taxi Market Outlook – 2026, a comprehensive reportrecently published by Allied Market Research.
According to Allied Market Research, goods transportation will drive a significant portion of that growth, with $0.61 billion in 2023 alone and reaching $21.71 billion by 2032 (representing a CAGR of 70.5 percent). Likewise, the passenger transportation segment is anticipated to reach $16.89 billion by 2030, accounting for a CAGR of over 74 percent.
In this segment, companies like AutoX and Motional are continuing to expand their reach. AutoX announced its ride-hailing service is now open to the public in Shanghai, while Motional and Via intend to launch a new public robotaxi service in the first half of 2021. Other leading market players, as identified by Allied Market Research, include Cruise, Lyft, Uber, and Waymo. OEM market players include Daimler AG, Ford, Nissan, Tesla, Volvo, and VW.
“These market players have adopted different strategies including partnership, expansion, collaboration, joint ventures, and others to strengthen their stand in the industry,” reads a statement from Allied Market Research.
At the component level, the camera segment is estimated to account for more than one-fourth of the total market share in 2023, growing to the lion’s share of that market by 2030. Simultaneously, the ultrasonic sensor segment will likely record the most considerable CAGR of 75.5 percent.
By geography, North America will hold the majority of the market share by 2023, accounting for more than two-fifths of the global marketplace. Europe is projected to return the fastest CAGR of 75.6 percent during the estimated period. Likewise, the Asia-Pacific market is expected to see significant growth between now and 2030, according to Allied Market Research.