Global Autonomous Taxi Market To Grow At A Compound Annual Rate Of 81%

Taxi aggregators like Lyft, Uber, Waymo etc that have combined ride sharing along with autonomous cars have come a long way. With all these services undergoing tests and evaluations over the past years, the companies are expected to launch their commercial self-driving taxi services formally from 2021. This shift is poised to impact the future of transportation tremendously.
The estimated CAGR [Compound Annual Growth Rate] of autonomous taxis are expected to surge all the way up to 81% between 2018 and 2023. A fully autonomous vehicle (Level 5) is the ultimate goal of the driverless technology. For ridesharing operators, fully autonomous vehicles will significantly increase both car utilization rates and transport efficiency. However, there is still a long way to go before regulations for fully autonomous vehicles are widely adopted.
Since 2016, all major ridesharing operators have laid out some or the other deployment strategies in the market. While regulatory challenges are still proving to be a barrier in realizing complete autonomous driving, service operators will be able to benefit from first-mover advantage. In the personalized transport service market of the future’s highly automated transport network, companies will gain an advantage if they deploy their vehicles early.