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The global robotaxi market could be huge. "We think $8 trillion to $10 trillion for the entire autonomous taxi opportunity throughout the world, from almost nothing," predicts Cathie Wood, the CEO of Ark Invest. "That's how quickly AI is going to cause these things to happen."
Before jumping in, however, investors should consider how long it might take to reach Wood's predicted market size. Autonomous vehicles have been promised for decades. Tesla (NASDAQ: TSLA) CEO Elon Musk has repeatedly told investors that full self-driving capabilities are just around the corner. His predictions have occasionally come true, but often years later than his guidance suggested.
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Last year, McKinsey & Co. pushed back its timeline for robotaxis due to slower-than-expected growth. "This year's survey indicates that adoption timelines for autonomous vehicles have slipped by one to two years on average, relative to the 2023 survey," the firm admitted. "Adoption timelines for autonomous vehicles continue to grow."