How big is the robot cars and trucks market today, and what are its future growth expectations?
The robot cars and trucks market size has grown rapidly in recent years. It will grow from $0.88 billion in 2024 to $0.98 billion in 2025 at a compound annual growth rate (CAGR) of 11.1%. The growth in the historic period can be attributed to increasing government funding for deployment of proper roadway controls, increasing urban population, continuous research and development, accelerated interest in contactless delivery, 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 $1.46 billion in 2029 at a compound annual growth rate (CAGR) of 10.7%. 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 Insurance industry adaptation. Major trends in the forecast period include autonomous technology with electric vehicles, integration of autonomous vehicles into smart city, remote operation and monitoring, focus on green technology, and integration of autonomous vehicles with drones.
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What have been the primary factors driving the robot cars and trucks market’s growth?
The rising number of road accidents are expected to propel the growth of the robot cars and trucks market going forward. Road accidents occur due to speeding, distracted driving, impaired driving, poor road conditions, and inadequate enforcement of traffic laws. Autonomous cars and trucks help reduce accidents by leveraging advanced sensors and real-time decision-making capabilities and eliminating human error, ultimately enhancing road safety through consistent adherence to traffic laws and predictive analytics. For instance, in April 2024, according to the data published by Eurostats, a Luxembourg-based statistical office of the European Union, road traffic accidents in the EU resulted in 20,653 fatalities in 2022, reflecting a 4% rise compared to the 19,917 deaths recorded in 2021. Therefore, the rising number of road accidents drives the growth of the robot cars and trucks market.
What are the key segments within the robot cars and trucks market?
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
Subsegments:
1) By Heavy Commercial Vehicles: Autonomous Trucks, Delivery Trucks, Freight Hauling Trucks, Long-Haul Trucks
2) By Light Commercial Vehicles: Autonomous Delivery Vans, Light-Duty Electric Vans, Autonomous Pick-up Trucks
3) By Passenger Vehicles: Autonomous Sedans, Autonomous SUVs, Autonomous Electric Vehicles (EVs), Autonomous Ride-Hailing Cars
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Which key players are shaping the robot cars and trucks market?
Major companies operating in the robot cars and trucks market are 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.
How will emerging trends drive the robot cars and trucks market throughout the forecast period?
Major companies operating in the robot cars and trucks market are prioritizing advanced autonomous driving technologies to enhance safety, efficiency, and user experience, aiming to revolutionize transportation with cutting-edge innovations. Autonomous driving technologies refer to systems that enable vehicles to operate without human intervention, using sensors and AI to perceive their environment and navigate autonomously. For instance, in April 2024, Horizon Robotics, a China-based vehicle manufacturing company, launched Horizon SuperDrive, a next-generation autonomous driving solution. It is designed to deliver smooth and human-like driving experiences across urban, highway, and parking scenarios. It integrates advanced ADAS and AD technologies for enhanced safety, comfort, and convenience, accelerating smart driving system adoption in passenger vehicles.
How do regional factors impact the robot cars and trucks market, and which region is the largest contributor?
Asia-Pacific was the largest region in the robot cars and trucks market in 2023. The regions covered in the robot cars and trucks market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Does The Robot Cars And Trucks Market Report 2025 Offer?
The robot cars and trucks market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
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.
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