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Semi-Autonomous And Autonomous Bus Global Market Report 2024: Size, Growth, Trends, Forecast to 2033
Semi-Autonomous And Autonomous Bus Market
According to The Business Research Company's, The semi-autonomous and autonomous bus market size has grown rapidly in recent years. It will grow from $0.83 billion in 2023 to $0.99 billion in 2024 at a compound annual growth rate (CAGR) of 18.3%. The growth in the historic period can be attributed to the increasing urban population, growing environmental awareness, regulatory support, the development of smart city infrastructure, increasing demand for convenient and comfortable public transportation options.
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Market Drivers and Trends:
The increasing demand for 5G technology for vehicle connectivity is expected to propel the growth of the semi-autonomous and autonomous bus market going forward. 5G technology for vehicle connectivity refers to the use of fifth-generation (5G) cellular network technology to enable high-speed, low-latency communication between vehicles (V2V) and between vehicles and infrastructure (V2X). 5G enables direct communication between vehicles, allowing semi-autonomous and autonomous buses to help improve road safety by enabling vehicles to alert each other about potential hazards and coordinate their movements to avoid accidents. For instance, according to the 5G Automotive Association (5GAA), a Germany-based cross-industry association for connected and autonomous vehicles, over 45 million annual 5G-connected passenger vehicles will be shipped globally by 2025. Therefore, the increasing demand for 5G technology for vehicle connectivity is driving the semi-autonomous and autonomous bus market.
Major companies operating in the semi-autonomous and autonomous bus market are focusing on strategic collaborations to provide reliable services to customers. A strategic collaboration is an agreement between two or more independents to work together towards mutually beneficial, long-term goals. For instance, in May 2023, Mobileye Global Inc., an Israel-based developer of autonomous driving technologies and advanced driver-assistance systems, collaborated with MAN Truck & Bus SE, a Germany-based provider of commercial vehicles, to bring autonomous city buses to the streets. The collaboration will specifically focus on integrating Mobileye's Drive technology into MAN's city buses, paving the way for automated public transit. Mobileye's proven experience in autonomous driving technology will be combined with MAN's expertise in bus manufacturing and infrastructure to create reliable and efficient autonomous solutions.
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• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
Bayerische Motoren Werke AG, Robert Bosch GmbH, Tesla Inc., Intel Corporation, Daimler Truck, ZF Friedrichshafen AG, ZF Press, AB Volvo, Denso Corporation, Qualcomm Inc., Continental AG, Uber Technologies Inc., Nvidia Corporation, Aptiv PLC, NXP Semiconductor Inc., Navya SAS, Waymo LLC, Proterra Inc., Local Motors , EasyMile
Semi-Autonomous And Autonomous Bus Market 2024 Key Insights:
• The semi-autonomous and autonomous bus market is expected to grow to $1.86 billion in 2028 at a compound annual growth rate (CAGR) of 17.5%.
• Demand For 5G Vehicle Connectivity Driving Growth In Autonomous Bus Market
• Intelligent Transportation System Applications To Advance Public Transit
• North America was the largest region in the semi-autonomous and autonomous bus market in 2023
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