Press release
Soaring Demand Set to Propel Semi-Autonomous And Autonomous Bus Market to $2.22 Billion by 2029
Semi Autonomous And Autonomous Bus
What Is the Expected CAGR for the Semi-Autonomous And Autonomous Bus Market Through 2025?
The market size for semi-autonomous and autonomous buses has witnessed rapid expansion in the recent past. The market which was valued at $0.99 billion in 2024 is expected to grow by 17.2% annually to reach $1.16 billion by 2025. Factors such as the rise in urban dwellers, mounting concern for the environment, regulatory backing, advancement of smart city facilities, and the growing demand for easy and comfortable public transportation have all contributed to the growth in the historic period.
What's the Projected Size of the Global Semi-Autonomous And Autonomous Bus Market by 2029?
In the coming years, a swift expansion is projected for the semi-autonomous and autonomous bus market. This market is set to escalate to a worth of $2.22 billion by 2029, with a Compound Annual Growth Rate (CAGR) of 17.7%. The predicted growth in this period can be linked to several factors including the application of data analytics in optimizing routes, the expansion of the automotive industry worldwide, collaborations between the public and private sector, the surge of digitalization, as well as shifts in consumer preferences. Key trends expected during the forecast period encompass vehicle electrification, the introduction of advanced driver assistance systems (ADAS), the rise of connected vehicle technologies, level 4 autonomy, and decision-making driven by data.
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Top Growth Drivers in the Semi-Autonomous And Autonomous Bus Industry: What's Accelerating the Market?
The semi-autonomous and autonomous bus market is anticipated to expand spurred by the growing need for 5G technology for vehicle connectivity. This refers to the utilization of the fifth-generation (5G) cellular network technology to facilitate swift, low-latency communication between vehicles (V2V) and between vehicles and infrastructure (V2X). The direct communication between vehicles, facilitated by 5G, lets semi-autonomous and autonomous buses enhance road safety. Vehicles are equipped to notify each other about potential dangers and synchronize their actions to prevent accidents. For example, the 5G Automotive Association (5GAA), a German-based association focusing on connected and autonomous vehicles, estimates that more than 45 million annual 5G-connected passenger vehicles will be shipped worldwide by 2025. This rising need for 5G vehicle connectivity technology is, therefore, pushing the growth of the semi-autonomous and autonomous bus market.
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What Trends Will Shape the Semi-Autonomous And Autonomous Bus Market Through 2029 and Beyond?
Top firms within the semi-autonomous and autonomous bus market are augmenting their strategic partnerships to deliver more dependable services to their clients. A strategic partnership signifies a mutual agreement between two or more independent parties to cooperate and achieve shared, long-term objectives. To exemplify, Mobileye Global Inc., a company from Israel specializing in the development of autonomous driving technologies and advanced driver-assistance systems, teamed up with MAN Truck & Bus SE, a German manufacturer of commercial vehicles, in May 2023. The partnership aims to introduce autonomous city buses on the roads. The alliance will specifically target integrating Mobileye's Drive technology into city buses produced by MAN, laying a foundation for automated public transportation. The collaboration will combine Mobileye's recognized proficiency in autonomous driving technology with MAN's experience in constructing buses and infrastructure, thereby generating reliable and efficient autonomous solutions.
What Are the Main Segments in the Semi-Autonomous And Autonomous Bus Market?
The semi-autonomous and autonomous bus market covered in this report is segmented -
1) By Propulsion Type: Electric, Hybrid, Diesel
2) By Sensor Type: Ultrasonic, Camera, Lidar, Radar
3) By Level of Automation: Level 1, Level 2, Level 3, Level 4, Level 5
4) By Application: Shuttle, Intracity, Intercity
Subsegments:
1) By Electric Buses: Battery Electric Buses (BEB), Trolleybuses, Fuel Cell Electric Buses
2) By Hybrid Buses: Series Hybrid Buses, Parallel Hybrid Buses, Plug-In Hybrid Buses
3) By Diesel Buses: Standard Diesel Buses, Compressed Natural Gas (CNG) Buses, Biodiesel Buses
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Which Top Companies are Driving Growth in the Semi-Autonomous And Autonomous Bus Market?
Major companies operating in the semi-autonomous and autonomous bus market report are 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
Which Regions Will Dominate the Semi-Autonomous And Autonomous Bus Market Through 2029?
North America was the largest region in the semi-autonomous and autonomous bus market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the semi-autonomous and autonomous bus market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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