Press release
Global Robot Cars And Trucks Market Projected to Surpass $1.46 Billion by 2029 with 10.69% Annual Growth
Robot Cars And Trucks Market Segments
There has been a swift increase in the market size of autonomous cars and trucks over the recent years. The sector, valued at $0.88 billion in 2024, is projected to expand to $0.98 billion by 2025, with a compound annual growth rate (CAGR) of 11.1%. The historical growth of this market can be traced back to factors such as increased governmental financial support for the implementation of appropriate road controls, a rising urban populace, persistent R&D pursuits, heightened interest in touch-free delivery and transport solutions, along with growing trust and acceptance of self-driving vehicle technology.
Rapid expansion is anticipated in the robot cars and trucks market over the coming years, with projections estimating its worth to reach $1.46 billion in 2029, growing at a compound annual growth rate of 10.7%. This escalation during the forecast period can be credited to multiple factors such as heightened emphasis on sustainability, decrease in traffic mishaps and casualties, implementation of autonomous vehicles in farming activities, evolution of infrastructure, and the insurance sector's adoption of this technology. The forecast period is poised to witness predominant trends like the combination of autonomous and electric technology in vehicles, incorporating autonomous vehicles into smart cities, remote management and surveillance, preference for eco-friendly technology, and the harmonization of drones with autonomous vehicles.
What Is Contributing to the Growth of the Robot Cars And Trucks Market?
The upward trend in road mishaps is anticipated to accelerate the expansion of the robot cars and trucks industry in the future. These accidents often arise from factors such as high speed, unfocused driving, compromised driving, poor road situations, and deficient execution of traffic rules. The use of autonomous cars and trucks can significantly decrease accidents as they make use of sophisticated sensors, real-time judgment abilities, and eradicate human mistakes, consequently improving road safety through consistent compliance to traffic laws and predictive analytics. For instance, Eurostats, the Luxembourg-based statistics bureau of the European Union, reported that traffic accidents in the EU led to 20,653 deaths in 2022, a 4% increase from the 19,917 deaths registered in 2021. Hence, the escalation in road mishaps aids in amplifying the growth of the robot cars and trucks industry.
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Which Key Market Leaders Are Driving Robot Cars And Trucks Industry Growth?
Major companies operating in the robot cars and trucks market are 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.
What Are the Emerging Trends in the Robot Cars And Trucks Industry?
Key corporations in the robot cars and trucks industry are focusing on the advancement of autonomous driving technologies to boost safety, effectiveness, and user interactivity, ultimately aiming to bring transformative innovations to the transportation sector. Autonomous driving technologies encompass systems that allow vehicles to function independently of human input, utilising sensors and artificial intelligence to interpret their surroundings and manoeuvre accordingly. As an illustration, Horizon Robotics, a vehicle manufacturing firm based in China, introduced Horizon SuperDrive in April 2024. This autonomous driving solution for the next generation is engineered to provide a smooth and human-like driving experience in city, highway, and parking situations. Combining advanced ADAS and AD technologies, it enhances safety, comfort, and convenience, thus hastening the use of intelligent driving systems in passenger cars.
What Are the Main Segments in the Robot Cars And Trucks Market?
The robot cars and trucks market covered in this report is segmented -
1) By Vehicle Type: Heavy Commercial Vehicles, Light Commercial Vehicles, Passenger Vehicles
2) By Classification: Level 0, Level 1, Level 2, Level 3, Level 4, Level 5
3) By Technology: Simultaneous Localization And Mapping, Real-Time Locating System
4) By Application: Domestic, Commercial, Industrial
Subsegments:
1) By Heavy Commercial Vehicles: Autonomous Trucks, Delivery Trucks, Freight Hauling Trucks, Long-Haul Trucks
2) By Light Commercial Vehicles: Autonomous Delivery Vans, Light-Duty Electric Vans, Autonomous Pick-up Trucks
3) By Passenger Vehicles: Autonomous Sedans, Autonomous SUVs, Autonomous Electric Vehicles (EVs), Autonomous Ride-Hailing Cars
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Which Geographic Area Leads the Robot Cars And Trucks Market?
Asia-Pacific was the largest region in the robot cars and trucks market in 2023. The regions covered in the robot cars and trucks market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is Covered In The Robot Cars And Trucks Global Market Report?
- Market Size Analysis: Analyze the Robot Cars And Trucks Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Robot Cars And Trucks Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Robot Cars And Trucks Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Robot Cars And Trucks Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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