DUBLIN--(BUSINESS WIRE)--The "Autonomous Bus Door System Market by Bus Type, Door Type, Mechanism, Level of Automation, Propulsion Type and by Component: Global Opportunity Analysis and Industry Forecast, 2020-2027" report has been added to ResearchAndMarkets.com's offering.
According to the report, the global autonomous bus door system market was valued at $3.9 million in 2019, and is projected to reach $77 million by 2027, registering a CAGR of 43.8% from 2020 to 2027.
At present, the U.S. dominates the market, followed by Canada and Mexico in North America. However, Mexico is expected to grow at a higher CAGR during the forecast period. In addition, in 2019, China led the market in the Asia-Pacific region followed by India, South Korea, Japan, and rest of Asia-Pacific countries.
Factors such as improved safety coupled with the reduction in traffic congestion, rise in connected infrastructure, and increase in demand for fuel-efficient, high-performance, and low-emission vehicles are driving the autonomous bus door module market growth. However, high manufacturing cost, and data management challenges are expected to impede the stated autonomous bus door system market growth.
With the rapid adoption of Internet of Things (IoT), transportation infrastructure across the globe is evolving quickly. Companies such as Cisco and IBM have created digital platforms, which can automate street and traffic lights, optimize trash pickup, and augment surveillance. For instance, installation of IoT sensors in the streets of Las Vegas has managed to control traffic congestion and solve environmental issues. Connected infrastructure includes car parking, toll booths, and smart-street and traffic lights.
Thus, growth of connected infrastructure creates favorable conditions for adoption of autonomous bus, which, in turn, drives the growth of the bus door system market.
Smart cities are experiencing considerable growth across the globe. Emergence of disruptive technologies such as IoT and connected devices also lead to the development of smart transportation in smart cities. Advancement in IoT and cloud-based platforms has led to significant investment in smart cities. Several countries focus on transportation under smart cities initiative.
For instance, Chinese government is working on programs for an autonomous driving revolution. Around 300 Chinese cities, which include Xinjiang and Nanjing, have introduced smart-city projects out of which 93 of the smart city projects are focused on transportation. These can potentially use the connected infrastructure to focus on building autonomous cars, self-driving buses and shared-driving models on the road.
Furthermore, in September 2017, Baidu, a China-based technology company announced a $1.52 billion autonomous-driving initiative, which is called "Apollo Fund." This initiative is projected to invest in 100 autonomous driving projects till 2021. Further, global spending on smart city initiatives is expected to surpass $100 billion. Thus, development of smart cities holds a remarkable growth opportunity for the key players operating in the global autonomous bus door system market.
The key players profiled in the autonomous bus door system market share include Bode Sud S.p.A., Vapor Bus International, Circle Bus Door Systems Co., Ltd., KBT GmbH, Masats LLC, PSV Transport Systems Ltd., Shavo Norgren (India) Pvt. Ltd., Transport Door Solutions Ltd., Ventura Systems CV, and Schaltbau Holding AG.
- By mechanism, the electric segment generated the highest revenue in 2019.
- By region, Asia-Pacific is anticipated to exhibit the highest CAGR during the forecast period while considering the autonomous bus door system market growth.
- By door type, the sliding plug door dominated the global market in terms of revenue in 2019.
- Latin America leads the market in the LAMEA region.
- Bode Sud S.p.A.
- Vapor Bus International
- Circle Bus Door Systems Co. Ltd.
- KBT GmbH
- Masats LLC
- PSV Transport Systems Ltd.
- Shavo Norgren (India) Pvt. Ltd.
- Transport Door Solutions Ltd.
- Ventura Systems CV
- Schaltbau Holding AG
For more information about this report visit https://www.researchandmarkets.com/r/sy9j4i