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Robot Cars and Trucks Market 2024: Growth Forecast and Key Trends Through 2033
Robot Cars And Trucks Global Market Report 2024
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According to The Business Research Company's, The robot cars and trucks market size has grown rapidly in recent years. It will grow from $0.79 billion in 2023 to $0.88 billion in 2024 at a compound annual growth rate (CAGR) of 10.7%. The growth in the historic period can be attributed to increasing government funding for deployment of proper roadway controls, increasing urban population, continuous research and development, accelerated interest in contactless delivery, transportation solutions, and increasing trust and acceptance of autonomous vehicle technology.
The robot cars and trucks market size is expected to see rapid growth in the next few years. It will grow to $1.32 billion in 2028 at a compound annual growth rate (CAGR) of 10.8%. The growth in the forecast period can be attributed to increasing focus on sustainability, reduction in traffic accidents and fatalities, integration of autonomous vehicles in agricultural practices, infrastructure development, and Insurance industry adaptation. Major trends in the forecast period include autonomous technology with electric vehicles, integration of autonomous vehicles into smart city, remote operation and monitoring, focus on green technology, and integration of autonomous vehicles with drones.
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Market Drivers and Trends:
The rising number of road accidents are expected to propel the growth of the robot cars and trucks market. Road accidents occur due to speeding, distracted driving, impaired driving, poor road conditions, and inadequate enforcement of traffic laws. Autonomous cars and trucks help reduce accidents by leveraging advanced sensors and real-time decision-making capabilities and eliminating human error, ultimately enhancing road safety through consistent adherence to traffic laws and predictive analytics. For instance, in September 2022, according to the Reported Road Casualties Great Britain Annual Report 2021, by GOV.UK, a UK-based government services and information provider, in 2021, there were approximately 1,558 reported fatalities in road collisions, marking a 7% increase from the figures recorded in 2020. Therefore, the rising number of road accidents drives the growth of the robot cars and trucks market.
Major companies operating in the robot cars and trucks market are prioritizing advanced autonomous driving technologies to enhance safety, efficiency, and user experience, aiming to revolutionize transportation with cutting-edge innovations. Autonomous driving technologies refer to systems that enable vehicles to operate without human intervention, using sensors and AI to perceive their environment and navigate autonomously. For instance, in April 2024, Horizon Robotics, a China-based vehicle manufacturing company, launched Horizon SuperDrive, a next-generation autonomous driving solution. It is designed to deliver smooth and human-like driving experiences across urban, highway, and parking scenarios. It integrates advanced ADAS and AD technologies for enhanced safety, comfort, and convenience, accelerating smart driving system adoption in passenger vehicles.
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Major Key Players of the Market:
Volkswagen AG, Ford Motor Company, The Mercedes-Benz Group AG, Bayerische Motoren Werke AG (BMW AG), Tesla Inc., AB Volvo, Continental AG, Paccar Inc., NVIDIA Corporation, Baidu Inc., Aptiv PLC, Mobileye Global Inc., Zoox Inc., Waymo LLC, Aurora Innovation Inc., Nuro Inc., Motional Inc., Torc Robotics LLC, Pony.AI Inc., Embark Trucks Inc., Einride AB, Navya SAS, Udelv Inc., TuSimple Holdings Inc.
Robot Cars And Trucks Market 2024 Key Insights:
• The robot cars and trucks market size is expected to see rapid growth in the next few years. It will grow to $1.32 billion in 2028 at a compound annual growth rate (CAGR) of 10.8%.
• Impact of Rising Road Accidents on the Robot Cars and Trucks Market
• Autonomous Driving Technologies Transforming the Robot Cars and Trucks Market
• Asia-Pacific was the largest region in the robot cars and trucks market in 2023
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