Autonomous Bus Market to Grow by 1990 units|Growing Investments in Autonomous Mobility to Emerge as Key Driver |Technavio
The autonomous bus market is expected to grow by 1990 units during 2021-2025, expanding at a CAGR of almost 27%.
NEW YORK, April 5, 2021 /PRNewswire/ --
The autonomous bus market is expected to grow by 1990 units during 2021-2025, expanding at a CAGR of almost 27%. The report also throws light on the impact of the COVID-19 pandemic on the market and the new opportunities and challenges market players can expect. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
The report offers a detailed analysis of the impact of the COVID-19 pandemic on the market in optimistic, probable, and pessimistic forecast scenarios.
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Autonomous Bus Market: Growing investments in autonomous mobility to drive growth.
The global autonomous bus market is primarily driven by growing investments in autonomous or self-driving vehicles. In recent years, many OEMs, autonomous vehicle technology developers, and system integrators have been investing a significant amount of capital in driverless mobility. This has encouraged different market players to join hands and offer product differentiation to gain a higher customer base. These partnerships among the market participants will further encourage developments in autonomous driving features in several emerging countries. For instance, in July 2019, Continental launched a series production of autonomous shuttles and robot-taxis. In March 2019, ZF Friedrichshafen AG acquired a 60% share of 2getthere BV, which offers complete automated transport systems. Such developments are expected to fuel the growth of the market.
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As per Technavio, the growing developments in autonomous vehicle corridors will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2021-2025.
Autonomous Bus Market: Growing developments in autonomous vehicle corridors
Autonomous vehicle corridors with supporting infrastructure offer a conducive environment for the testing, development, and deployment of autonomous buses. In September 2019, Georgia announced that a new autonomous vehicle track for the development of emerging autonomous vehicle technologies. In March 2019, the state of Florida introduced the development of a smart corridor for autonomous shuttles in Altamonte Springs. The bill described the smart corridor as a public-private partnership, wherein the private partner would look after the operation and maintenance of autonomous vehicles, while road maintenance would be handled by the city's public body. Such developments in the field of autonomous vehicle corridors are fueling the growth of the global autonomous bus market.
"Surging developments in the transportation sector and the growing expansion of production capabilities by global players will further boost market growth during the forecast period", says a senior analyst at Technavio.
Autonomous Bus Market: Major Vendors
- AB Volvo
- Continental AG
- Daimler AG
- Easymile SAS
- Navya SA
Autonomous Bus Market: Segmentation Analysis
This market research report segments the autonomous bus market by type (Fully autonomous and Semi-autonomous) and geography (Europe, APAC, North America, MEA, and South America).
The Europe region led the autonomous bus market in 2021, followed by APAC, North America, MEA, and South America respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to factors such as favorable guidelines and policies supporting autonomous vehicle development.
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Some of the key topics covered in the report include:
Market Challenges
Market Drivers
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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