Reduction in traffic congestion due to improved safety and increase in connected infrastructure have boosted the growth of the global self-driving bus market.
PORTLAND, Oregon, Dec. 13, 2019 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Self-Driving Bus Market by Level of Automation (Level 3, Level 4, and Level 5) and Component (Hardware, Software, and Services): Global Opportunity Analysis and Industry Forecast, 2020–2026". According to the report, the global self-driving bus market accounted for $6.81 billion in 2018, and is projected to reach $74.52 billion by 2026, registering a CAGR of 40.5% from 2010 to 2026.
Prime determinants for growing market
Decrease in traffic congestion due to improved safety and rise in connected infrastructure have boosted the growth of the global self-driving bus market. However, high manufacturing cost and challenges regarding data management hamper the market growth. On the contrary, development of smart cities is expected to create lucrative opportunities in the near future.
The level 3 segment to lead the trail till 2026-
Based on level of automation, the level 3 segment accounted for nearly 93% of the global self-driving bus market share in 2019 and is expected to retain its dominance through 2020–2026. The fact tha level 3 autonomous vehicles are capable of environment detection and can make informed decision drives the growth of the segment. On the other hand, the level 4 segment would cite the fastest CAGR of 62.0% by the end of 2026. This is due to level 4 vehicles can take control in case there is a systems failure.
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The hardware segment to maintain its top status during the estimated period
Based on component, the hardware segment contributed to more than two-fifths of the global self-driving bus market revenue in 2019 and is anticipated to rule the roost during the estimated period. As the cost of hardware components used for functioning self-driving buses are high making. At the same time, the services segment is expected to grow at the fastest CAGR of 46.5% by 2026. Services include training to operate the vehicle in proper way, the maintenance of vehicles to function well after the usage, and compliance with testing and design criteria required to launch a self-driving bus, which, in turn, makes it the fastest growing segment.
North America to dominate the market
Based on geography, the North America region held the largest share in 2019, generating more than two-fifths of the global self-driving bus market and is projected to maintain the lion's share during 2019–2026. This is due to launch of new range of self-driving bus services and government initiatives for development of driverless bus. Simultaneously, Europe is predicted to register the fastest CAGR of 44.8% throughout the forecast period. This is due to the investment by the government of various countries for development of self-driving buses and launch of driverless bus on the roads of the respective countries.
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Leading players in the market-
- Scania AB
- Daimler AG
- AV Volvo
- Continental AG
- Volkswagen AG
- AV Volvo
- Continental AG
- Volkswagen AG
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SOURCE Allied Market Research