According to Acumen Research & Consulting, the global autonomous bus market size is estimated to grow at a CAGR of around 21.4% during the forecast timeframe and reach a value of over US$ 4,232 Mn by 2028.
An autonomous bus is a self-driving vehicle that can transport a group of twelve or more people. Autonomous buses are driven without the need for a driver, instead relying on sensors, cameras, and remote controls to navigate through traffic. By introducing automated functions, bus and shuttle traffic will progress in terms of both safety and efficiency.
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Global Autonomous Bus Market Dynamics
The growing number of road accidents coupled with the increasing emphasis on road safety and traffic control is boosting the global autonomous bus market share. Every year, around 1.3 million people's lives are cut short due to a traffic accident. Non-fatal injuries affect between 20 and 50 million people across the world. Autonomous buses could communicate with the surrounding environment through connected infrastructures and other cars, allowing for smoother driving without the need for frequent stopping and acceleration. In addition, the need for efficient bus operations, shortage of drivers, and surging demand for efficient yet feature-rich modern buses are also supporting the huge autonomous bus market size.
However, privacy and security issues among self-driving vehicles are restricting market growth. Today's automobiles collect, store, and send data about other vehicles, drivers, passengers, and even pedestrians in their area. Vehicles become more vulnerable to cyber-attacks as a result of this data sharing. The global autonomous vehicle industry's success depends on protecting and securing such data. For instance, governments in the EU and the US have introduced laws and industry-focused recommendations on cyber security and data privacy to prevent data-related disruptions.
Furthermore, the advent of 5G technologies and the development of smart cities are the factors expected to propel the demand in coming years. Ongoing smart city ambitions in nations like China and India will drive up demand for the autonomous bus industry. According to the Indian government, there are 100 cities where 5151 projects with a total investment of INR 2,05,018 crore is projected in the next few years. The development of smart cities will support the necessary infrastructure required by autonomous buses, thus creating lots of growth opportunities for the industry.
Global Autonomous Bus Market Segmentation
The autonomous bus market is categorized into propulsion type, level of automation, application, and region. The propulsion type segment is further categorized into diesel, electric, and hybrid. Based on the level of automation, the market splits into level 1, level 2, and level 3. By application, the market is divided into intercity and intracity. Furthermore, North America, Europe, Latin America, APAC, and the Middle East, and Africa are covered under the regional category.
Easy integration of autonomous buses with electric propulsion type drives the segmental growth
The electric vehicle segment accounted for the largest market share in 2020 due to the favorable government initiatives such as policies and subsidies to diminish pollution levels. Furthermore, increasing emphasis of key companies in the electric propulsion category also boosts the segmental growth. For instance, in March 2019, Volvo unveiled an autonomous electric bus that was one of the first full-size autonomous buses in the world. Volvo and Nanyang Technological University (NTU) collaborated to develop the bus, which has 4 Lidar sensors on it.
Autonomous Bus Market Regional Stance
The Asia-Pacific region witnessed the fastest growth rate throughout the forecast period 2021 – 2028, due to the presence of technologically advanced industry and growing electrification in the automotive industry. In addition, rapid urbanization and increasing initiative to lessen the pollution level are also contributing to the highest growth rate of the APAC autonomous bus market. North America, on the other hand, dominated the largest market share in 2020. The presence of advanced and supporting infrastructure, early adoption of technologies, and presence of the highest number of intracity autonomous buses propel the demand for the North American autonomous bus market.
The autonomous bus market involves many key players. The top players presented in the report include AB Volvo, Daimler AG, Tesla, Scania AB, Proterra, Hino Motors, Ltd., Navya, Continental AG, Toyota Motor Corporation, Karsan, NFI Group, EasyMile SAS, and Robert Bosch GmbH.
Some of the key development strategies involved the key players include
In September 2021 – Volvo Buses announced that it is testing a new concept for autonomous driver support, consisting of a system that assists the driver in situations requiring high precision and safety, such as approaching and stopping at a bus stop.
In April 2018 – Scania announced a partnership with Haylion Technologies, an autonomous driving, electrification, and connectivity company. The two companies collaborated to accelerate the commercialization of autonomous transportation applications as well as the transition to a more sustainable transportation system.
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Mr. Frank Wilson
Acumen Research and Consulting