Analysis on Impact of COVID-19 On Self-Driving Taxi Market 2020-2024

 

The global self-driving taxi market size is expected to grow by 78,588 units and reach 2024 as per Technavio. This marks a significant market growth compared to the 2019 growth estimates due to the impact of the COVID-19 pandemic in the first half of 2020. Moreover, steady growth is expected to continue throughout the forecast period, and the market is expected to grow at a CAGR of 83%

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The market is driven by the maturing of the autonomous vehicle concept. In addition, the supportive regulations for self-driving cars is anticipated to boost the growth of the Self-driving Taxi Market.

Companies such as Delphi, Continental, Bosch, Daimler, Scania, and Volvo are working to expand the autonomous driving concept. Such campaigns and promotions have widened the market acceptance of semi-autonomous features in passenger and commercial vehicles. Self-driving cars may become a reality toward the end of the forecast period, and in a decade, it should be possible to see a sizeable number of self-driving vehicles. Automotive majors are already in advanced levels of achieving such a reality. In addition, the growth rate in the development and testing of a wide gamut of features in ADAS and telematics/connected vehicle applications and services will only rise, and this should further the growth prospects for level 3 autonomous vehicles. Thus, the maturing of the autonomous vehicles concept will boost the self-driving taxi market growth during the forecast period.

Major Five Self-driving Taxi Companies:

Alphabet Inc.

Alphabet Inc. has business operations under two segments: Google and other bets. The company is into the development of autonomous driving technologies, including self-driving taxis.

Fiat Chrysler Automobiles NV

Fiat Chrysler Automobiles NV operates its business through various segments such as North America, LATAM, APAC, EMEA, and Maserati. The company is into the development of automonous driving technologies, including self-driving taxis.

Ford Motor Co.

Ford Motor Co. has business operations under three segments: automotive, mobility, and Ford credit. The company is one of the top vendors, which is playing a major role in the evolution of the autonomous vehicle concept. In June 2020, the company and Volkswagen signed agreements to expand their global alliance and meet the rapidly evolving needs of their respective customers in Europe and other regions.

General Motors Co.

General Motors Co. operates its business through various segments such as GM North America (GMNA), GM International (GMI), Cruise, and GM Financial. In July 2020, the company and Mobileye Technologies Ltd. expanded their relationship to offer even better camera-based detection capabilities for driver-assist systems, including improved forward collision warning, vehicle, pedestrian and cyclist detection, plus lane-keeping features.

Lyft Inc.

Lyft Inc. offers a line of solutions that allows customers to design, manage, and pay for ground transportation programs that contribute to productivity and satisfaction while reducing cost, improving transparency, and streamlining operations. The company is into the development of autonomous driving technologies, including self-driving taxi.

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