According to the research report titled ‘Global Robo Taxi Market Size study, by Propulsion (Electric, Hybrid, Fuel Cell), by Service (Rental, Station Based), by Vehicle (Car, Shuttle/Van), by Application (Goods, Passenger) and Regional Forecasts 2020-2027’, available with Market Study Report, global Robo taxi market is expected to showcase a robust CAGR during 2020-2027.
 

Shifting preferences towards MaaS (mobility-as-a-service) coupled with escalating investments towards development of autonomous vehicle are few of the factors driving the growth of global Robo taxi market. For those unfamiliar, a Robo taxi is a remotely operated or a self-driving taxi that is typically used for ridesharing applications as well as for on-demand mobility services.
 

Increasing awareness pertaining to the ability of Robo taxi towards improving fleet management and reducing total ownership cost is stimulating the overall industry outlook. In fact, analysts claim that such taxis can reduce over 30-50% ownership cost as compared to owning a private vehicle, thereby augmenting its adoption rates across the globe.
 

Technological improvements have resulted in development of advanced and reliable Robo taxis. Additionally, high consumer inclination towards using fuel-efficient or emission-free vehicles are facilitating the business scenario.
 

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Citing an instance, the United States Transportation Secretary reportedly announced to allot around USD 4 billion in the year 2016 towards testing and application of autonomous vehicle, for the next 10 years. Thus, favorable regulatory scenario which promote the use of self-driven vehicles have impelled the adoption of Robo taxis across the globe. However, high R&D costs and rising concerns regarding cyberthreats may negatively impact worldwide Robo taxi market outlook.
 

As per propulsion type, the market is segmented into fuel cell, hybrid and electric. In terms of service type, global Robo taxi market are bifurcated into station-based and rental. Moving on to vehicle type, the industry is split into shuttle/van and car. The application reach of the overall market comprises of passenger and goods.
 

Considering the geographical landscape, North America currently holds the majority share in global Robo taxi market and is predicted to showcase similar expansion trends in the forthcoming years. Increasing penetration of autonomous vehicles in mass transit in tandem with supportive federal reforms towards revision of transport regulations are positively swaying the business dynamics in North America.
 

Parallelly, Asia-Pacific Robo taxi industry is slated to record the highest CAGR through 2027, primarily driven by rising concerns regarding environmental pollution in tandem with mounting sales of on-road vehicles.
 

The competitive landscape of worldwide Robo taxi market are Lyft Inc., Ford Motor Company, Daimler AG, EasyMile SAS, Navya SAS, Uber Technologies Inc., Ridecell Inc., Cruise LLC, Aptiv plc, and Waymo LLC among others.