The robot cars and trucks market size has grown rapidly in recent years. It will grow from $0.79 billion in 2023 to $0.88 billion in 2024 at a compound annual growth rate (CAGR) of 10.7%. The growth in the historic period can be attributed to increasing government funding for the deployment of proper roadway controls, increasing urban population, continuous research and development, accelerated interest in contactless delivery and transportation solutions, and increasing trust and acceptance of autonomous vehicle technology. The robot cars and trucks market size is expected to see rapid growth in the next few years. It will grow to $1.32 billion in 2028 at a compound annual growth rate (CAGR) of 10.8%. The growth in the forecast period can be attributed to increasing focus on sustainability, reduction in traffic accidents and fatalities, integration of autonomous vehicles in agricultural practices, infrastructure development, and adaptation by the insurance industry. Major trends in the forecast period include autonomous technology with electric vehicles, integration of autonomous vehicles into smart cities, remote operation and monitoring, focus on green technology, and integration of autonomous vehicles with drones.
Global Robot Cars And Trucks Market Key Driver
The increasing number of road accidents is also expected to propel the growth of the robot cars and trucks market. Accidents are often caused by speeding, distracted driving, impaired driving, poor road conditions, and inadequate enforcement of traffic laws. Autonomous vehicles, such as robot cars and trucks, aim to reduce accidents by utilizing advanced sensors and real-time decision-making capabilities to eliminate human error and enhance road safety. In September 2022, the Reported Road Casualties Great Britain Annual Report 2021 by GOV.UK indicated approximately 1,558 reported fatalities in road collisions for 2021, a 7% increase from 2020. This rise in road accidents is driving the growth of the robot cars and trucks market.
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Global Robot Cars And Trucks Market Segments
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.
Major Robot Cars And Trucks Industry Players
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.
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Robot Cars And Trucks Market Overview
Robot cars and trucks refer to autonomous or self-driving vehicles, equipped with advanced sensors, cameras, and AI technology to navigate and operate without human intervention. They aim to enhance safety, reduce traffic congestion, and improve fuel efficiency. These vehicles have the potential to transform logistics and public transportation by enabling more efficient and reliable movement of goods and people.
Robot Cars And Trucks Global Market Report 2023 provides data on the global robot cars and trucks market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The robot cars and trucks market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
