Press release
Robot Cars And Trucks Industry Expected to Reach $1.41 Billion by 2029 at 9.9% CAGR
Robot Cars And Trucks Market
Robot Cars And Trucks Market Value Projection: How Much Will the Market Size by 2025?
The market of autonomous cars and trucks has seen a significant expansion in the past few years. The market, which is projected to be worth $0.88 billion in 2024, is expected to rise to $0.97 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 10.1%. This substantial growth in the historic period is influenced by the rise in government investment for the establishment of appropriate roadway controls, the surge in urban inhabitants, ongoing research and development, the growing interest in touch-free delivery and transport solutions, and the heightened trust and acknowledgment of self-driving vehicle technology.
What Will Be the Market Growth Forecat for Robot Cars And Trucks in 2029?
Expectations are high for the robot cars and trucks market to experience robust growth in the coming years. The market is projected to reach $1.41 billion by 2029, with a compound annual growth rate (CAGR) of 9.9%. The projection for growth during the forecast period takes into account a rising emphasis on sustainability, a decrease in traffic mishaps and fatalities, the integration of autonomous vehicles in agricultural activities, infrastructural development, and the adaptation by the Insurance industry. Future market trends forecasted include merging autonomous technology with electric vehicles, incorporating autonomous vehicles into smart city designs, remote operation and supervision, concentration on eco-friendly technology, and associating autonomous vehicles with drones.
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What Are the Core Competitive Drivers in the Robot Cars And Trucks Industry?
The anticipated expansion of the robot cars and trucks market can be attributed to the increasing incidence of road accidents. Several factors contribute to these accidents, including speeding, inattentive driving, impairment, subpar road conditions, and the lack of adequate enforcement of traffic laws. The integration of advanced sensors and real-time decision-making abilities in autonomous cars and trucks works to reduce accidents and enhance road safety. This is achieved by consistently adhering to traffic laws, predictive analytics, and the elimination of human error. For instance, Eurostats, the Luxembourg-based statistical office of the European Union, reported in April 2024 that the number of fatalities due to road traffic accidents in the EU reached 20,653 in 2022. This illustrated a 4% increase compared to the 19,917 deaths reported in 2021. Thus, due to the subsequent rise in road accidents, the demand for robot cars and trucks is experiencing robust growth.
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Which Robot Cars And Trucks Market Segment Is Projected to See the Fastest Growth?
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
Which Trends Are Opening New Opportunities in the Robot Cars And Trucks Market?
Leading firms in the robot cars and trucks market are focusing on improving autonomous driving technology to increase safety, efficiency, and overall user experience, seeking to transform the transport world with their advanced innovations. Autonomous driving technologies allude to systems that function without direct human input, utilising sensors and artificial intelligence to comprehend their surroundings and navigate independently. For instance, Horizon Robotics, a Chinese vehicle manufacturing company, introduced Horizon SuperDrive, a cutting-edge autonomous driving solution, in April 2024. The system is engineered to provide a seamless and lifelike driving experience in urban, highway, and parking environments. It combines sophisticated Advanced Driver Assistance Systems (ADAS) and Autonomous Driving (AD) technologies for improved safety, comfort and convenience, fast-tracking the adoption of intelligent driving systems in passenger vehicles.
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Who Are the Leaders in the Robot Cars And Trucks Market?
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.
Which Regional Robot Cars And Trucks Markets Offer the Greatest Growth Potential?
Asia-Pacific was the largest region in the robot cars and trucks market in 2024. 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.
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