Robot Cars and Trucks Market Report 2024

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 during the historic period can be credited to increased government funding for proper roadway controls, a rising urban population, ongoing research and development, heightened interest in contactless delivery and transportation solutions, and growing 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 anticipated growth during the forecast period can be attributed to a stronger emphasis on sustainability, a reduction in traffic accidents and fatalities, the integration of autonomous vehicles in agricultural practices, infrastructure development, and the insurance industry's adaptation. Key trends in the forecast period include the merging of autonomous technology with electric vehicles, the integration of autonomous vehicles into smart cities, remote operation and monitoring, a focus on green technology, and the use of autonomous vehicles with drones.

The growth of the robot cars and trucks market is anticipated to be driven by the increasing incidence of road accidents. Such accidents are often caused by factors such as speeding, distracted driving, impaired driving, poor road conditions, and inadequate enforcement of traffic laws. Autonomous cars and trucks contribute to accident reduction through advanced sensors and real-time decision-making capabilities, eliminating human error. They enhance road safety by consistently adhering to traffic laws and employing predictive analytics. For example, according to the Reported Road Casualties Great Britain Annual Report 2021 by GOV.UK, there were approximately 1,558 reported fatalities in road collisions in 2021, marking a 7% increase from 2020 figures. Hence, the rising number of road accidents fuels the growth of the robot cars and trucks market.

Leading companies in the robot cars and trucks market are focusing on advancing autonomous driving technologies to improve safety, efficiency, and user experience, aiming to revolutionize transportation through cutting-edge innovations. Autonomous driving technologies enable vehicles to operate without human intervention, utilizing sensors and AI to perceive their surroundings and navigate autonomously. For instance, in April 2024, Horizon Robotics, a China-based vehicle manufacturer, introduced Horizon SuperDrive, a next-generation autonomous driving solution. This system is designed to deliver smooth, human-like driving experiences across urban, highway, and parking scenarios, integrating advanced ADAS and AD technologies to enhance safety, comfort, and convenience. It accelerates the adoption of smart driving systems in passenger vehicles.

In August 2023, Toyota Motor Corporation, a Japanese automotive manufacturer, entered a partnership with Pony.ai for around $139.2 million. This collaboration between Toyota and Pony.ai is geared towards accelerating the production and rollout of fully autonomous taxis in China. It will leverage Pony.ai's seventh-generation autonomous driving kit (ADK) along with Toyota's electric bz4x platform to enhance solutions for driverless mobility. Pony.ai, headquartered in the United States, specializes in software development for autonomous driving technology, offering both hardware and software solutions tailored for self-driving vehicles.

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.

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.

The countries 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.

Autonomous cars and trucks, also known as robot vehicles, are equipped with advanced sensors, cameras, and AI technology to operate without human intervention. Their goals include enhancing safety, reducing traffic congestion, and improving fuel efficiency. These vehicles have the potential to revolutionize logistics and public transportation by enabling more efficient and reliable movement of goods and people.

The main types of autonomous vehicles include heavy commercial vehicles, light commercial vehicles, and passenger vehicles. Heavy commercial vehicles, such as large trucks and buses, are primarily designed for transporting goods or passengers over long distances or for heavy-duty applications. They are classified into levels 0, 1, 2, 3, 4, and 5. The technologies involved include simultaneous localization and mapping (SLAM) and real-time locating systems (RTLS). These vehicles are used across domestic, commercial, and industrial sectors.

The robot cars and trucks market research report is one of a series of new reports that provides robot cars and trucks market statistics, including the robot cars and trucks industry global market size, regional shares, competitors with robot cars and trucks market share, detailed robot cars and trucks market segments, market trends, and opportunities, and any further data you may need to thrive in the robot cars and trucks industry. These robot cars and trucks market research reports deliver a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The robot cars and trucks market consists of revenues earned by entities by providing services such as ride-hailing and ride-sharing, freight and logistics, public transportation, and mobile services. The market value includes the value of related goods sold by the service provider or included within the service offering. The robot cars and trucks market also includes sales of autonomous passenger vehicles and self-driving commercial trucks. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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