The robot cars and trucks market is poised to attain significant growth because automated vehicles are highly consistent and lessen the frequency of mishaps and accidents. The recent trends in the automotive market, such as automatic parking, assisted steering, and vehicle mapping, have strengthened the growth robot cars and trucks market. Furthermore, robot car and truck manufacturers have highly invested in research and development activities to increase their market share. Vendors are constantly making automated vehicles safer, more efficient, and greener to draw potential consumers to the market.
Data Bridge Market Research shows that the Robot Cars and Trucks Market accounted for USD 732.21 million in 2021 and is expected to reach USD 1,606.46 million by 2029. The market is expected to grow with a CAGR of 10.32% in 2022-2029.
"Increasing government funding for infrastructure is expected to drive the market growth"
The increasing government funding for considerable infrastructure is anticipated to propel the growth of the robot cars and trucks market. There is rising government expenditure on defense, healthcare, roads, transport, and other infrastructures to foster economic growth. The infrastructure activities such as construction need robot cars and trucks for loading and unloading construction materials. In turn, it generated huge demand for these vehicles in response to the growing government funding for considerable infrastructure because they are widely employed for domestic, commercial, and industrial purposes. Therefore, increasing government funding for infrastructure will likely increase the demand for robot cars and trucks during the forecast period.
What restraints the growth of the robot cars and trucks market?
"Lack of awareness regarding robot cars and trucks"
Lack of awareness regarding robotically operated vehicles such as robot cars and trucks will affect the market's growth. Furthermore, there is inadequate awareness of the advantageous features of robot cars and trucks such as lane assist, collision avoidance, adaptive cruise control, automated parking, and steering.is also projected to pose a challenge for the market over the forecast period.
Segmentation: Global Robot Cars and Trucks Market
The robot cars and trucks market is segmented on the basis of vehicle type, classification, technology and application.
- On the basis of vehicle type, the robot cars and trucks market is segmented into heavy commercial vehicles, light commercial vehicles, passenger vehicle.
- Based on classification, the robot cars and trucks market is segmented into level 0, level 1, level 2, level 3, level 4, and level 5.
- On the basis of technology, the robot cars and trucks market is segmented into simultaneous localization and mapping, real-time locating system.
- On the basis of distribution channel, the robot cars and trucks market is bifurcated into direct sales, wholesale/retail.
- Based on application, the robot cars and trucks market is segmented into domestic, commercial, industrial.
Regional Insights: Asia-Pacific is expected to dominate the robot cars and trucks market
Asia-Pacific is expected to dominate the market and is expected to grow significantly due to highly advanced countries such as South Korea, Japan, and China in the field of automation and robotics in this region. Moreover, increasing modernization of infrastructures will further increase the growth of the robot cars and trucks market in this region.
In addition, Europe is likely to register the highest growth rate during the forecast period of 2022-2029 because of significant growth in transport and international trade in this region. Furthermore, modernization in the automotive industry and increasing production capacities will further boost the market growth in this region.
To know more about the study, visit https://www.databridgemarketresearch.com/reports/global-robot-cars-and-trucks-market
The Prominent Key Players Operating in the Robot Cars and Trucks Market Include:
- BMW AG (Germany)
- Ford Motor Company (U.S.)
- TOYOTA MOTOR CORPORATION. (Japan)
- General Motors (U.S.)
- Mercedes-Benz Group AG. (Germany)
- Tesla (U.S.)
- Volkswagen (Germany)
- IBM (U.S.)
- Kairos Autonomi (U.S.)
- AUDI AG. (Germany)
- Continental AG (Germany)
- DENSO CORPORATION. (Japan)
- Aptiv. (Ireland)
- Waymo LLC (U.S.)
- PACCAR Inc. (U.S.)
- NVIDIA Corporation (U.S.)
- ZF Friedrichshafen AG (Germany)
- A.B. Volvo (Sweden)
- Robert Bosch GmbH (Germany)
- Fuji Electric Co., Ltd. (Japan)
- Nissan Motor Co., Ltd. (Japan)
- KONGSBERG (Norway)
- Porsche India (India)
Above are the key players covered in the report, to know about more and exhaustive list of robot cars and trucks market companies contact? https://www.databridgemarketresearch.com/contact
Research Methodology: Global Robot Cars and Trucks Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
