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Autonomous Bus Market Size

Report ID: GMI5105
Published Date: Oct 2023
Report Format: PDF

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Autonomous Bus Market Size

Autonomous Bus Market size was valued at USD 1.7 billion in 2022 and is estimated to register a CAGR of 19.7% between 2023 and 2032, propelled by the accelerating rate of urbanization and congestion across both developed and developing countries. According to the World Bank, presently, 56% of the global population, equating to 4.4 billion people, reside in urban areas. This urbanization trend is projected to persist, with the urban population is set to grow 1.5 times, reaching 6 billion by 2045. Furthermore, it is expected to more than double the current figure by 2050, at which time nearly 7 out of 10 individuals will call cities their home.

Autonomous Bus Market

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As cities become more densely populated, traffic congestion and the need for efficient public transportation solutions increase. Autonomous buses can provide an innovative and flexible approach to address this challenge. They can offer on-demand services, dynamically adapt to traffic conditions, and provide "last-mile" connectivity, which is crucial for solving transportation issues in urban areas.

Autonomous Bus Market Report Attributes
Report Attribute	Details
Base Year:	2022
Autonomous Bus Market Size in 2022:	USD 1.7 Billion
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	19.7%
2032 Value Projection:	USD 9.5 Billion
Historical Data for:	2018 to 2022
No. of Pages:	200
Tables, Charts & Figures:	193
Segments covered:	Level of Autonomy, Fuel, Application
Growth Drivers:	Development of regulations pertaining to self-driving technologies globally Rapid investments in R&D by bus manufacturers and technology providers in North America Growing focus on automation and electrification of public transport in Europe Rising implementation of autonomous shuttles in Asia Pacific Increasing awareness related to autonomous vehicles in Latin America and Middle East & Africa
Pitfalls & Challenges:	Low consumer confidence due to passenger and pedestrian security concerns Threat of cyber-attacks on autonomous vehicle software and solutions

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Autonomous buses are often electric or powered by clean energy sources, making them more environmentally friendly than traditional diesel-powered buses. This aligns with government initiatives and consumer preferences for eco-friendly transportation options, further bolstering autonomous bus sales trajectory.

However, the development of autonomous bus technology is a complex and costly endeavor. Ensuring the safety of passengers, pedestrians, and other road users is of paramount importance. Any incidents or accidents involving autonomous buses can lead to significant setbacks for the industry. As a result, there is a need for ongoing investment in research and development to improve the safety and reliability of autonomous bus systems, which may slow down market growth.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of autonomous bus reached USD 1.7 billion in 2022 and is set to record 19.7% CAGR between 2023 and 2032, says this GMI report.

Intracity segment held a market share of over 85% in 2022, due to potential of autonomous buses to revolutionize urban transportation.

Asia Pacific market share was over 50% in 2022, owing to the strong commitment to technological advancement of nations like China and India that pushing heavy investment in autonomous vehicle R&D.

AB Volvo, Apollo Baidu (Baidu, Inc.), BYD Co. Ltd., Daimler AG, Easymile, MAN Truck & Bus, Navya, New Flyer (NFI Group), Toyota Motor Corporation, and Yutong Group Co. Ltd.