Acumen Research and Consulting recently published a report entitled “Autonomous Buses Market – Global Industry Analysis, Market Size, Opportunities and Forecast, 2021-2028”.
NEW YORK, March 16, 2022 (GLOBE NEWSWIRE) — the Global market for autonomous buses It is estimated that the size will grow at a CAGR of approximately 21.4% over the forecast period, reaching a value in excess of US$ 4,232 million until 2028.
An autonomous bus is a self-driving vehicle that can transport a group of twelve or more people. Autonomous buses will be driverless, instead relying on sensors, cameras and remote controls to navigate traffic. With the introduction of automated functions, bus and shuttle transport will be further developed both in terms of safety and efficiency.
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Global Autonomous Bus Market Dynamics
The growing number of traffic accidents coupled with the increasing emphasis on road safety and traffic control is increasing the global market share of autonomous buses. Every year around 1.3 million people die in a traffic accident. Nonfatal injuries affect between 20 and 50 million people worldwide. Autonomous buses could communicate with the environment via connected infrastructure and other cars, enabling smoother driving without frequent stops and acceleration. Additionally, the need for efficient bus operations, driver shortages, and increasing demand for efficient yet feature-rich modern buses support the massive market size for autonomous buses.
However, privacy and security issues in self-driving vehicles limit market growth. Today’s cars collect, store and send data about other vehicles, drivers, passengers and even pedestrians in their area. This data exchange makes vehicles more susceptible to cyber attacks. The success of the global autonomous vehicle industry depends on protecting and securing such data. For example, governments in the EU and US have introduced cybersecurity and privacy laws and industry-specific recommendations to prevent data-related disruptions.
In addition, the advent of 5G technologies and the development of smart cities are the factors expected to drive the demand in the coming years. Ongoing smart city ambitions in countries like China and India will boost demand for the autonomous bus industry. According to the Government of India, there are 100 cities where 5151 projects are planned with a total investment of INR 2.05.018 billion in the next few years. The development of smart cities will support the necessary infrastructure required for autonomous buses, thus creating many growth opportunities for the industry.
Interconnected reports on the global autonomous bus market
The market for autonomous delivery on the last mile is expected to grow at a CAGR of around 22.0% from 2020 to 2027 and reach a market value of around US$ 58.4 billion by 2027
the Autonomous Ship Market is expected to grow at a CAGR of around 6.2% from 2020 to 2027, reaching the market value of around $10,147.6 million by 2027.
the global semi and fully autonomous truck market The size is projected to reach around $88.1 billion by 2027, growing at a CAGR of 10.1% over the forecast period 2020-2027.
the global automotive LiDAR market The size is expected to reach $2.9 billion by 2026, a significant rate of 27.1% over the 2019-2026 forecast period.
Global Autonomous Bus Market Segmentation
The autonomous bus market is categorized into drive type, degree of automation, application and region. The powertrain segment is further categorized into diesel, electric and hybrid. Based on the degree of automation, the market is divided into Level 1, Level 2 and Level 3. Depending on the application, the market is divided into intercity and intracity. Additionally, North America, Europe, Latin America, APAC and the Middle East, and Africa are covered by the regional category.
Ease of integration of autonomous electric buses is driving segment growth
The electric vehicle segment had the largest market share in 2020 due to the favorable government initiatives such as policies and subsidies to reduce pollution. In addition, increasing emphasis on key companies in the electric drive category is also fueling segment growth. For example, in March 2019, Volvo unveiled an autonomous electric bus that was one of the first fully autonomous buses in the world. Volvo and Nanyang Technological University (NTU) have collaborated to develop the bus, which is equipped with 4 lidar sensors.
Autonomous bus market Regional attitude
The Asia-Pacific region witnessed the fastest growth rate during the forecast period 2021-2028 due to the presence of a technologically advanced industry and increasing electrification in the automotive industry. Furthermore, the rapid urbanization and increasing initiative to reduce pollution also contribute to the highest growth rate of the APAC autonomous bus market. North America, on the other hand, dominated the largest market share in 2020. The presence of advanced and supporting infrastructure, early adoption of technologies, and the presence of the highest number of autonomous inner-city buses are driving the demand for the North American autonomous bus market.
The autonomous bus market includes many key players. Top players featured in the report include AB Volvo, Daimler AG, Tesla, Scania AB, Proterra, Hino Motors, Ltd., Navya, Continental AG, Toyota Motor Corporation, Karsan, NFI Group, EasyMile SAS and Robert Bosch GmbH.
Some of the key development strategies that the key players have been involved in include
In September 2021, Volvo Buses announced that it is testing a new concept for autonomous driver support, consisting of a system that supports the driver in situations that require high precision and safety, such as driving. B. Approaching and stopping at a bus stop.
In April 2018, Scania announced a partnership with Haylion Technologies, an autonomous driving, electrification and connectivity company. The two companies worked together to accelerate the commercialization of autonomous transportation applications and the transition to a more sustainable transportation system.
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