Autonomous taxis will become a $2 trillion market, UBS says

The global autonomous taxi market could be worth over $2 trillion on an annual basis by 2030, according to estimates from UBS analysts cited by Bloomberg. In formulating its estimates, the bank utilized its Evidence Lab to run a simulation of an autonomous taxi fleet in New York City using a "complex algorithm that performs dynamic optimal route generation and passenger-vehicle assignment considering vehicle capacity and rider demand." What does this mean: The rise of a new multi-trillion dollar transportation industry will likely reshape how consumers travel and automakers operate. The bigger picture: There are still major hurdles for the auto industry to overcome in order to see 11 million autonomous taxis on the road as part of a $2 trillion market. Autonomous vehicle (AV) providers have struggled to bring autonomous technology to public roads.