The robot cars and trucks market is expanding rapidly, with its size projected to grow from $0.79 billion in 2023 to $0.88 billion in 2024, at a CAGR of 10.7%. This growth is attributed to government funding for roadway controls, urban population growth, and the adoption of autonomous vehicle technology. The market is expected to reach $1.32 billion by 2028, with a CAGR of 10.8%. Key drivers include the focus on sustainability, reduction in traffic accidents, integration in agriculture, and infrastructure development. Major trends encompass the use of autonomous technology in electric vehicles, integration with smart cities, remote monitoring, and green technology.
Major Driver In The Robot Cars And Trucks Market
The robot cars and trucks market is expected to benefit from the rising number of road accidents. Factors such as speeding, distracted and impaired driving, poor road conditions, and insufficient law enforcement contribute to road accidents. Autonomous vehicles, including robot cars and trucks, aim to reduce accidents by using advanced sensors and real-time decision-making to eliminate human error and improve road safety. The Reported Road Casualties Great Britain Annual Report 2021 indicated about 1,558 reported fatalities in 2021, a 7% increase from 2020. This rise in accidents is driving the robot cars and trucks market, which was valued at $5 billion in 2023, projected to grow to $6.3 billion in 2024, and expected to reach $9 billion by 2028.
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Robot Cars And Trucks Market Competitive Landscape
Volkswagen AG, Ford Motor Company, The Mercedes-Benz Group AG, Bayerische Motoren Werke AG (BMW AG), Tesla Inc., AB Volvo, Continental AG, Paccar Inc., NVIDIA Corporation, Baidu Inc., Aptiv PLC, Mobileye Global Inc., Zoox Inc., Waymo LLC, Aurora Innovation Inc., Nuro Inc., Motional Inc., Torc Robotics LLC, Pony.AI Inc., Embark Trucks Inc., Einride AB, Navya SAS, Udelv Inc., TuSimple Holdings Inc.
Key Robot Cars And Trucks Market Trend
In the robot cars and trucks market, leading companies are prioritizing advanced autonomous driving technologies to revolutionize transportation with enhanced safety, efficiency, and user experience. These technologies enable vehicles to operate autonomously using sensors and AI. In April 2024, Horizon Robotics, a China-based vehicle manufacturer, launched Horizon SuperDrive, a cutting-edge autonomous driving solution. It promises a smooth, human-like driving experience in urban, highway, and parking scenarios, integrating advanced ADAS and AD technologies to improve safety, comfort, and convenience.
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Robot Cars And Trucks Market Segmentation
The robot cars and trucks market covered in this report is segmented –
1) By Vehicle Type: Heavy Commercial Vehicles, Light Commercial Vehicles, Passenger Vehicles
2) By Classification: Level 0, Level 1, Level 2, Level 3, Level 4, Level 5
3) By Technology: Simultaneous Localization And Mapping, Real-Time Locating System
4) By Application: Domestic, Commercial, Industrial
By Geography:The regions covered in the robot cars and trucks market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the robot cars and trucks market in 2023.
The Robot Cars And Trucks Global Market Report 2024 furnishes information about the global robot cars and trucks market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
