Autonomous Bus Market to grow at a CAGR of 21.86% during 2024-2028
The Autonomous Bus Market is expected to grow at a CAGR of 21.86% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 2294.31 million. The autonomous bus market is experiencing significant advancements in technology, leading to the introduction of innovative new products. The primary driver of these developments is the growing emphasis on safe and dependable autonomous driving systems. Notably, in May 2023, the UK launched its first full-sized self-driving bus as part of a government-backed autonomous vehicle initiative. Additionally, five single-deck autonomous buses were deployed in Edinburgh as part of Project CAVForth, which is supported by the UK's Centre for Connected and Autonomous Vehicles (CCAV). These developments underscore the market's potential for robust growth during the forecast period.
Get more information on Autonomous Bus Market by requesting a sample report
Technavio analysts predict that the Diesel subsegment will lead the Propulsion segment during 2024 and 2028 Autonomous diesel buses, powered by internal combustion engines, remain a significant player in the public transportation sector. Despite the increasing preference for electric alternatives, diesel buses provide distinct advantages. Primarily, they alleviate the issue of driver shortages, as they operate autonomously. Additionally, they contribute to minimizing operational expenses by reducing labor costs. Although electric buses are popular for their eco-friendly features, autonomous diesel buses also make a substantial impact by optimizing routes and minimizing idle time, thereby reducing overall vehicular emissions.
Here are the various ways based on which the market is segmented:
Key Companies and Market Insights
Some of the key companies in the Autonomous Bus Market include:
There are several factors that are causing the market to flourish growing developments in autonomous vehicle corridors
Learn which are the obstacles that the market is experiencing in the way of its growth by accessing the free PDF report
The Autonomous Bus Market is experiencing significant growth due to the integration of advanced technologies such as Artificial Intelligence (AI) and Silicon solutions. These technologies enable buses to operate autonomously, improving efficiency and reducing operational costs. The powertrain of autonomous buses is being revolutionized with the use of Direct Injection engines, Quartz devices, and advanced components like pistons, crankcase, cylinder head, valves, crank, camshafts, and timing belt kit. Raw material suppliers are playing a crucial role in the production of these components, with Glass fiber and Fiber-reinforced materials being popular choices for their lightweight and high-strength properties. The powertrain systems in autonomous buses utilize Direct Injection technology, ensuring optimal fuel efficiency and reduced emissions. The Timing drive system, including the Timing belt and belt kit, is another critical component in the powertrain of autonomous buses. The use of AI and Silicon solutions in the manufacturing of these components ensures precise timing and improved reliability. The market for Autonomous Buses caters to both Passenger Vehicles and Hybrid Vehicles, as well as ICE (Internal Combustion Engine) vehicles, offering a diverse range of applications and opportunities for growth.
The autonomous bus market is a segment of the expansive global automotive industry, encompassing organizations involved in the manufacturing of passenger buses, commercial buses, and all-terrain buses. This market is an integral component of the larger automotive sector, which includes entities producing passenger cars, commercial vehicles, and all-terrain vehicles. Notably, it excludes manufacturers of motorcycles, scooters, e-bikes, trikes, and three-wheelers. According to Technavio, the global automotive market's size is determined by the consolidated revenue generated by the producers of automobiles, including passenger cars, commercial vehicles, and all-terrain vehicles. The growth of the global automotive market will be fueled by several factors, such as the popularization of advanced vehicle features, the integration of sophisticated electronic components, enhanced safety systems, autonomous capabilities, emission standardization, improved fuel efficiency through electronic fuel control, and customizable vehicle options. These elements are increasingly enticing consumers to invest in vehicle ownership.
The Autonomous Bus Market is experiencing significant growth, fueled by the growing developments in autonomous vehicle corridors. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
Safe and Secure SSL Encrypted
One user only.
Quick & easy download option
Unlimited user access (Within your organization).
Complimentary Customization Included
*For Enterprise license, go to checkout page
Get the report (PDF) sent to your email within minutes.
