SELBYVILLE, Del., Feb. 15, 2022– The autonomous bus market is expected to surpass USD 4 billion by 2028, as reported in a research study by Global Market Insights Inc.
Autonomous buses help in improving the road safety level as these vehicles possess the ability to navigate independently. These buses are integrated with sophisticated software, onboard sensors, radars, GPS, and evaluation equipment to generate a 360-degree view of their surroundings, preventing road accidents. Several advantages of autonomous buses such as curbing pollution levels and lower operation costs will support the industry growth.
The automobile industry has been severely impacted due to COVID-19 pandemic. Shortage of raw materials, electric components, and skilled labor force owing to travel restrictions have hampered the manufacturing capabilities of autonomous buses. However, the industry is anticipated to witness swift recovery owing to the development of smart cities and increasing government initiatives to automate transport systems to achieve sustainable economy.
The intercity applications of autonomous buses are expected to gain traction with the development of specially designed transport routes for these buses. Level 1 and level 2 autonomous buses with features such as cruise control, blind spot monitoring, and lane keeping assist are being used for intercity travel by private & public bus operators.
The North America autonomous bus market is anticipated to grow rapidly through 2028. The market growth can be attributed to increased investments by local government authorities to automate transport systems. The benefits of electric autonomous buses in reducing traffic congestion and environmental pollution are encouraging increased private and public investments in this industry.
Autonomous bus market players are partnering with technology companies to develop new models of autonomous buses. For instance, in January 2022, Gillig, a bus manufacturer, signed a partnership agreement with RR.AI, a developer of autonomous driving systems. The partnership will assist the companies to leverage mutual competencies for the development of passenger buses with self-driving technology and driver-assistance systems.
Some key findings in the autonomous bus market report include:
Rising internet connectivity, development of 5G technology, and rapid technological advancements in AI & IoT fields are anticipated to create lucrative opportunities in the autonomous bus industry.
Autonomous buses reduce incidents of road accidents and traffic jams on crowded streets. Furthermore, these buses possess the ability to reduce the fleet size of bus operators to an optimal level. The reduction in fleet size will lead to a lower operational & maintenance cost of fleet operators, driving the autonomous bus industry growth.
Increasing investments by private players along with supportive government policies to develop autonomous bus will drive the industry growth over the forecast timeframe. For instance, in November 2021, EasyMile, a French startup, developed its first driverless vehicle with level 4 automation. The company was granted approval by France’s Ministry of Ecological Transition and Ministry of Transport.
The growing development of smart cities and increasing investments by government bodies to modernize transport systems will create robust market opportunities for industry participants.
Key players operating in the autonomous bus market include Volkswagen AG, Continental AG, AB Volvo, Daimler AG, Tesla, Toyota Motor Corporation, Proterra, Navya SAS, Robert Bosch GmbH, Scania AB, and Hyundai Motor Company.
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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