As per the current market research conducted by CMI Team, the global Autonomous Shuttles Market size is expected to record a CAGR of 5.2% from 2023 to 2032. In 2022, the market size is projected to reach a valuation of USD 240.43 million. By 2032, the valuation is anticipated to reach USD 371.65 million.
Our recently published report, “Autonomous shuttles Market”, offers a comprehensive and deep evaluation of the market stature. Also, the market report estimates the market size, revenue, price, market share, market forecast, growth rate, and competitive analysis.
Autonomous Shuttles Market: Overview
Autonomous shuttles are upright, boxy, 8–20 passenger vehicle that never do a U-turn because they are symmetrical. They have a little environmental impact, all-around vision, huge doors, are silent, emit no emissions, can cross across piazzas and highways, and can do a variety of jobs in a single day.
They are gated to never go faster than a certain speed, which is commonly between 50 and 60 kilometers per hour (kph). The last-mile problem that many commuters have while taking public transportation is being partially addressed by the autonomous mobility industry by substituting a fleet of electric, self-driving shuttle buses for huge, diesel buses that carry small groups of people along predetermined routes.
In the future, autonomous shuttles may be a crucial component that connects the public transportation networks and helps to minimize the use of private automobiles.
Growth Factors
The development of autonomous vehicles is accelerating, motivating several nations to establish rules and regulations governing the technology. These regulations are intended to solve issues with new-wave automotive security, privacy, liability, and safety.
Government policies that encourage the use of electric vehicles are what fuel the demand for autonomous shuttles. The government of several nations has launched a number of measures to support manufacture and the adoption of EVs. As a result, there are now more autonomous shuttles on the market. The crucial conditions for accelerating the adoption of EVs include the necessity for suitable infrastructure, rules, and laws. By offering and enabling a framework, this may be fostered even further.
By guaranteeing an inexpensive, dependable, secure, and accessible eco-system in addition to infrastructure, the rules and policies outlined in this framework could promote the adoption of EVs more quickly. These policies are driving the demands of autonomous shuttles in the market during the forecast period.
Moreover, the market for autonomous shuttles is expected to be driven by an increase in road safety awareness since autonomous shuttles have an incredibly high number of safety features built into their cars, such as air bags, anti-lock brakes, and traction control systems.
Autonomous shuttles will reportedly take less time to park themselves, which is anticipated to result in a rise in demand for these vehicles on a worldwide scale. It is projected that once autonomous vehicle technology is made widely available, the world’s transportation system will transform. The governments of various countries have implemented stringent safety laws and are encouraging automation in cars to safeguard the security of vehicles, passengers, and pedestrians.
Additionally, the industry is being influenced by the cost effectiveness of autonomous shuttles, which are competitively priced due to the lack of a driver.
Smart cities are now expanding significantly over the world. Smart cities are a result of the emergence of disruptive technologies like the Internet of Things and linked gadgets. Significant investments have been made in smart cities as a result of developments in loT and cloud-based technologies. As part of the smart cities program, some nations concentrate on transportation.
For instance, the Chinese government is putting numerous autonomous driving revolution plans to use. Demand for autonomous shuttles is increasing as smart cities emerge and the infrastructure is prepared for their efficiency.
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Segmental Overview
The market for autonomous shuttles is segmented into the vehicle type, and system. According to the vehicle type, the passenger vehicle category is expected to increase at the quickest rate. The market for autonomous shuttles is dominating by the usage of shuttles for transferring people from passenger-grade autonomous shuttles.
The global market is divided into LiDAR technology, ultrasonic sensor, artificial intelligence, and radar depending on the manner of system. In 2021, the LiDAR category led the market and is anticipated to expand at the quickest rate over the forecast period. Even at a distance of 100 meters, LiDAR technology uses distance measurements to create a precise digital 3D representation of its surroundings.
Compared to the 2D pictures produced by cameras, it is far more helpful. Owning to its benefits and applications the LiDAR segment is dominating segment in the market. The multitude of locations where LiDAR shows improved potential is one of its main advantages.
Regional Overview
The biggest market share of the total market was held by the North America region in the autonomous shuttles industry. Due to the existence of developed nations including the U.S. and Canada as well as other developed nations, North America is anticipated to hold a significant portion of the worldwide automobile autonomous shuttle market. They have significant facilities for research and development.
The market for autonomous shuttles is expected to grow in North America as people become more concerned about the safety and security of their automobiles.
Competitive Landscape/ Key Players Insights
The players have implemented various strategies to expand in the global autonomous shuttles market. The study contains a thorough competitive analysis of the major autonomous shuttles market participants and information on their company overviews, recent developments, and vital business strategies.
Some of the prominent players
- EasyMile
- Cisco Systems
- Aptiv Inc.
- Robert Bosch GmbH
- Denso Corporation
- Tesla
- Hyundai Motor Company
- Volkswagen AG
- Delphi Inc.
- NAVYA
- Continental AG
- ZF Friedrichshafen
- Visteon
- Valeo
- Oxbotica
- Sensible 4
- Others
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