A Ford driverless vehicle image: Ford

According to UBS Group AG analysts, the global robo-taxi market could be worth over $2 trillion a year by 2030 and mass adoption of self-driving vehicles could provide a crucial boost to a number of existing sectors. The estimate is grounded on a UBS Evidence Lab simulation of a robo-taxi fleet in New York that made efficient use of routes and riders’ connection with vehicles.

Key metrics like margins and charging-station network reach, running costs, and utilization rates were also taken into consideration. The $2 trillion estimate includes revenue from manufacturing the vehicles and tires, setting up charging stations, providing electricity, and semiconductors needed to back up self-driving tech.

The smart vision EQ fortwo driverless vehicle concept image: Mercedes-Benz

The report from UBS analysts is feasible both financially and technologically and “once the inflection point is reached, we believe the growth rate for robo-taxi adoption will be steep,” the analysts’report said.

The driverless vehicle industry has been quite hot as of late. Driverless trucking unicorn TuSimple recently landed a contract to haul mail for the United States Postal Service, Udacity and Mercedes-Benz recently collaborated for a new Nanodegree, Aurora made its first acquisition, snapping up lidar startup Blackmore, Waymo recently made self-driving cars available on Lyft. GM Cruise — a top player in the robo-taxi race — also recently raised $1.15 billion at a $19 billion valuation.

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