LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global self-driving taxi market to grow at a CAGR of over 167% during the forecast period, according to their latest market research report. However, the growth momentum of the market is expected to decelerate due to a decline in the year-over-year growth.
The development of an autonomous fleet of cab and parcel delivery services is one of the major trends being witnessed in the global self-driving taxi market 2018-2022. Cabs and parcel delivery services extensively use vehicles as their main medium of transport. This allows vehicle makers to generate significant amounts of data regarding various drive patterns, traffic patterns, and road conditions. Autonomous vehicles need to undergo multitudes of real-life scenarios to test the integrity and safety. Autonomous vehicles launched as cabs and parcel delivery services provide the learning foundation by putting the vehicle through all possible types of driving conditions.
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According to Technavio analysts, one of the key factors contributing to the growth of the global self-driving taxi market is the increased focus on OEMs toward the development of self-driving vehicles:
Global self-driving taxi market: Increased focus on OEMs toward the development of self-driving vehicles
The automotive industry is witnessing a structural shift in terms of demand-side behavior. In the late 1970s and the early 1980s, vehicles were perceived as an extension of the personality of an end-user. This phenomenon has drastically changed over the years as individuals in this generation are shifting to new car ownership models such as carpooling, cab services, and car rentals due to factors such as traffic congestion in urban cities. To adapt to this behavioral change, OEMs are focusing more on technologies that focus on driverless, autonomous vehicle concept.
According to a senior analyst at Technavio for research on automotive manufacturing, “Although the self-driving vehicle concept is yet in a nascent stage for commercialization, numerous experts are expecting this concept to drive the future of the automotive industry. All the major OEMs and tier-1 suppliers have already initiated projects to commercialize this concept of self-driving vehicles. In addition, non-automotive companies are investing in self-driving vehicles by leveraging their expertise in communications. The self-driving vehicle concept will require an entire gamut of electronics and communication to function, which means the automotive electronics industry will have to define its strategy to accommodate this concept in the future.”
Global self-driving taxi market: Segmentation analysis
The global self-driving taxi market research report provides market segmentation by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The Americas led the market in 2017 with a market share of nearly 42%. This region is expected to dominate the market through 2022, with an increase in its market share.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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