Self-Driving Bus Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Self-Driving Bus Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Self-Driving Bus Market

The self-driving bus market size was valued at USD 1.57 billion in 2023, and the market is now projected to grow USD 8.93 billion by 2030, exhibiting a CAGR of 28.2% during the forecast period of 2023-2030.

COVID- 19 pandemic has extremely affected the whole world. It caused many unexpected disruption and affected the industry. COVID- 19 had adverse impact on the market due to financial slowdown, volatility in financial sector and high unstable market. Demand had recently reduced due to travel bans and lockdown during the COVID-19 pandemic.

The growing safety development and upsurge of mobility as a service motivates the market progression. Autonomous buses have the probable to expressively decrease misfortunes caused by human mistake, such as unfocussed driving or tiredness. Progressive sensors and systems augment the automobile's ability to notice and reply to its situation, prominent to a harmless conveyance system. This growing safety arrangement fuels the demand for autonomous buses which upsurges the self-driving bus market growth.

The increasing implementation of electric and autonomous integration is a constant trend in the market. Many autonomous buses are implementing electric force structures to line up with sustainability aims. This trend is ecologically friendly and also contributes to the drop of working costs and dependence on traditional fuel sources.

Comprehensive Analysis of Self-Driving Bus Market

The market can be segmented in various ways depending on the focus of study such as by component type. Based on the component type, the market is segmented into hardware, software, and services. The segmental development is ascribed to the rising development of communication and connectivity technology for autonomous buses.

Asia Pacific region is dominating the self-driving bus market share due to strong government support, robust infrastructure, and monitoring framework promoting autonomous automobile testing, and increasing prominence on sustainable transportation solutions. The development of the market is accredited to advancements in autonomous automobile technologies, augmented investment in investigation and development, and a rising prominence on keen and supportable transportation solutions.

The key players are dynamically contributing in strategic events that are aimed at maintaining strong market position and growing market share by merger, partnerships and others. These players include AB Volvo (Sweden), Volkswagen AG (Germany), Proterra (U.S.), Hyundai Motor Company (South Korea), Hino Motors, Ltd (Japan), Apollo Baidu (China), MAN Truck & Bus (Germany), EasyMile (France), New Flyer (Canada), Toyota Motor Corporation (Japan), Yutong Group (China), Navyo (France), Novus Hi-Tech Robotic Systemz (India), COAST AUTONOMOUS, INC. (U.S.) these market players spending severely on research and development in order to arise with more new technology so that they can maintain and improve their existing market.

In June 2023, Hyundai Motor presented a trial service of the RoboShuttle, a mixture of artificial intelligence (AI) and autonomous motivating technology, at the South Korean national assembly. Hyundai Motor and the national assembly secretariat apprehended a commemoration test ride experience for the driverless RoboShuttle.

Segmentation Table

Attribute Details

Study Period 2023-2030

Base Year 2023

Estimated Year 2024

Forecast Period 2023-2030

Growth Rate CAGR of 28.2% from 2023 to 2030

Unit Value (USD Billion)

Segmentation

By Component

Hardware

Software

Services

By Region

North America (By Component)

Europe (By Component)

Asia Pacific (By Component)

Rest of the World (By Component)


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