Robotaxis could eventually form a distributed mobility network instead of remaining confined to centralized deployments, Morgan Stanley analysts say in a note, projecting the global robotaxi fleet to reach around 2.5 million vehicles by 2035. The bank sees a $1 trillion market opportunity by 2040 and for unit economics to broadly reach breakeven by 2028 with scaled operations by 2030. The global robotaxi industry is entering a decisive phase, shifting from limited pilots to early commercialization, MS adds. Advances in artificial intelligence, falling hardware costs and improving regulatory clarity are enabling real-world deployment, with some operators already running fully driverless services around the clock in select cities. The key question for investors has moved beyond technological feasibility toward identifying which players can scale most efficiently and profitably, MS says. (jiahui.huang@wsj.com; @ivy_jiahuihuang)