LONDON--(BUSINESS WIRE)--The global autonomous bus market size is expected to post a CAGR of close to 32% during 2020-2024, according to the latest market research report by Technavio. Request a free sample report
The developments in autonomous vehicle corridors with supporting infrastructure are offering a conducive environment for testing, development, and deployment of autonomous buses. For instance, in March 2019, the state of Florida in the US introduced a bill seeking about USD 2 million investment to develop smart corridors for autonomous shuttles as a public-private partnership. With such developments in the autonomous vehicle corridors, there will be significant growth in the autonomous bus market during the forecast period.
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As per Technavio, the rising popularity of vehicle-to-cloud over-the-air (OTA) solutions for autonomous vehicles will have a positive impact on market growth over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Autonomous Bus Market: Vehicle-to-cloud OTA Solutions for Autonomous Vehicles
The uptake of electronic components and systems in modern vehicles has increased considerably in recent years due to the penetration of ADAS, connectivity, and other systems. Also, the availability of over-the-air (OTA) updates is further expected to drive the autonomous bus market growth during the forecast period. Furthermore, vehicle-to-cloud solutions are making it easier to assure secured and intelligent OTA updates for connected and autonomous vehicles. The use of OTA is also crucial for the manufacturers of autonomous vehicles as it helps in the secure transmission of operational and diagnostic data. Furthermore, OTA helps automotive manufacturers to deploy important software updates for keeping the vehicle up-to-date with the latest technologies.
“Apart from the vehicle-to-cloud OTA solutions for autonomous vehicles, other factors such as the deployment of autonomous vehicles as shuttles, growth of autonomous bus launches, growing investments in autonomous mobility, favorable guidelines and policies supporting autonomous vehicle development are expected to boost the autonomous bus market growth during the forecast period,” says a senior analyst at Technavio.
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Autonomous Bus Market: Segmentation Analysis
This market research report segments the autonomous bus market by type (fully autonomous and semi-autonomous) and geography (Europe, APAC, North America, MEA, and South America).
Europe led the market in 2019, followed by APAC, North America, MEA, and South America, respectively. The availability of developed infrastructure and high-speed network connectivity in the European Union economies is driving the uptake of autonomous buses in the region. In addition, the increase in investments, strategic partnerships, and acquisitions in autonomous vehicles by regional OEMs are directly contributing to the growth of the autonomous bus market in Europe.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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