Self-Driving Bus Market Size 2023 Industry Share, Development Strategy, Global Trend, Geographical Statistics, Growth Status, Key Cost Structure and Future Investments Analysis Report 2032

The global self driving bus market size was valued at US$ 987 million in 2021, and anticipated to grow at a CAGR of 20.2% over the forecast period. Autonomous vehicles, commonly referred to as self-driving vehicles, sense their surroundings by creating an active 3D map of that area using artificial intelligence (AI) software, light detection & ranging (LiDAR), RADAR, and cameras. There are various levels of autonomy, from fully autonomous, which does not require a human operator, to semi-autonomous, which requires driver assistance.

The market demand is expected to be fuelled by the increasing use of automation technologies and investments in research initiatives. The sector is being propelled by a growing emphasis on safe and secure driving along with improved traffic management. For instance, in 2021, Self-driving bus demonstrations has launched in Shanghai. The third-generation autonomous driving platform-based smart connected bus technology is integrated into the vehicles.

Compared to conventional vehicles, autonomous vehicles provide a number of benefits, including increased safety, less fuel consumption, less traffic congestion, and lower pollutants. Additionally, autonomous vehicles can aid in easing traffic congestion. According to a University of Illinois study, it was demonstrated that one autonomous vehicle can reduce traffic congestion by managing the speed of the vehicle when it is stuck in a congestion with 20 other human-driven vehicles. With the usage of autonomous vehicles, fuel consumption is also reduced since when a car slows down, fuel consumption increases. Self-driving buses are therefore expected to support the market growth by reducing traffic congestion and increasing fuel efficiency.

The surge in cybersecurity problems and data breaching activities is the major reason impeding the industry expansion of autonomous buses. Due to technical issues, autonomous buses are still vulnerable to data hacking even after the successful installation of software. Confidential data may leak if the autonomous bus central digital system is accessed without authorization. Therefore, fleet managers are not fully ready to shift to autonomous buses. Government agencies in the US have introduced the Electronic Communications Privacy Act and Federal Communications Act in relation to data and communications relating to autonomous vehicles in order to overcome this limitation.

Level of Automation Insights

By level of automation, the global self driving bus market is classified into Level 1, Level 2, Level 3, Level 4, and Level 5. Under some circumstances, level 4 automation is capable of performing all driving tasks. Controlling the car may be an option for the driver. Due to level 4 vehicles ability to take control in the event of a system breakdown, this segment is expected to grow at a higher CAGR during the projection period.

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Propulsion Type Insights

In terms of propulsion type, the global self driving bus market is segmented into diesel, electric, and hybrid. Due to increased global sales of electric vehicles, government support for the electrification of public transportation, and increased private and public organisation initiatives such as subsidies and policies to reduce pollution levels, the electric segment is anticipated to grow at a higher CAGR during the forecast period.

Application Insights

On the basis of application, the intracity segment gain major market share in 2021. The segment's rise is being fuelled by an increase in tourists choosing to stay in cities. Due to the fact that intracity autonomous buses can manage narrow routes with ease and reduce traffic congestion. However, the intercity segment is projected to increase significantly throughout the forecast period.

Regional Insights

In terms of region,  Due to the introduction of driverless buses and increased government support for the development of self-driving buses in several nations, Europe is anticipated to rise significantly. Because of positive customer acceptability in the region and solid government co-operation North America region is a leading region in the worldwide self-driving bus market.

Due to the introduction of the autonomous bus onto public roads and the rise in government spending across a number of nations to develop self-driving buses during the projection period, Asia-Pacific is projected to grow at a substantial rate. On account of the expansion of the connected infrastructure for automobiles during the forecast period, it is predicted that the global self-driving bus market will grow at a rapid rate in the upcoming years.

Key Companies Insights

Some of the major companies studied under the market scope are as follows: AB Volvo, Continental AG, Daimler AG, Hino Motors Ltd, Hyundai Motor Company, Navya, Proterra, Scania AB, Tesla, Volkswagen AG, and Others. Prominent players operating in the market experiences intense competition owing to the presence of large number of players on the global scale. Further, the inorganic strategies adopted by these players such as merger and acquisition, new product launch, geographic expansion, research & development for expanding their product portfolio, and others.

In 2022, EKA, a division of Pinnacle Industries Limited, partnered with NuPort Robotics to integrate cutting-edge driver assistance technologies into their line of electric buses. This effort is a first for the nation and aims to apply and incorporate artificial intelligence (AI) and progressing Level 2 autonomy for electric buses on Indian roadways.

In 2019, Aptiv established the China Autonomous Mobility Center in Shanghai to expand its access to the Chinese market for autonomous vehicles. Such business expansion is expected to broaden the company's line of products.

In 2019, In order to jointly develop the autonomous commercial vehicle and machine decision-making system, the Volvo Group and NVIDIA signed an agreement. A wide range of potential autonomous driving applications, including freight transport, refuse and recycling collection, public transportation, construction, mining, and forestry, will be made possible by the solution, which will be based on NVIDIA's complete software stack for sensor processing, perception, map localization, and path planning.

Segments

By Component

· Hardware

· Software

· Services

By Level of Automation

· Level 1

· Level 2

· Level 3

· Level 4

· Level 5

By Propulsion Type

· Diesel

· Electric

· Hybrid

By Application

· Intercity

· Intracity

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Key Points:
Define, describe and forecast Self-driving Bus product market by type, application, end user and region.
Provide enterprise external environment analysis and PEST analysis.
Provide strategies for company to deal with the impact of COVID-19.
Provide market dynamic analysis, including market driving factors, market development constraints.
Provide market entry strategy analysis for new players or players who are ready to enter the market, including market segment definition, client analysis, distribution model, product messaging and positioning, and price strategy analysis.
Keep up with international market trends and provide analysis of the impact of the COVID-19 epidemic on major regions of the world.
Analyze the market opportunities of stakeholders and provide market leaders with details of the competitive landscape.

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