Sep 9, 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 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 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 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. 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 $139.2 million. This collaboration between Toyota and Pony.ai is geared towards accelerating the production and rollout of fully autonomous taxis in China. It will leverage Pony.ai's seventh-generation autonomous driving kit (ADK) along with Toyota's electric bz4x platform to enhance solutions for driverless mobility. Pony.ai, headquartered in the United States, specializes in software development for autonomous driving technology, offering both hardware and software solutions tailored for self-driving vehicles. Competitive Landscape and Company Profiles Volkswagen AG Tesla Inc. AB Volvo 3. Robot Cars and Trucks Market Trends and Strategies 4. Robot Cars and Trucks Market - Macro Economic Scenario 4.1. Impact of High Inflation on the Market 4.2. Ukraine-Russia War Impact on the Market 4.3. COVID-19 Impact on the Market 5. Global Robot Cars and Trucks Market Size and Growth 5.1. Global Robot Cars and Trucks Market Drivers and Restraints 5.1.1. Drivers of the Market 5.1.2. Restraints of the Market 5.2. Global Robot Cars and Trucks Historic Market Size and Growth, 2018-2023, Value ($ Billion) 5.3. Global Robot Cars and Trucks Forecast Market Size and Growth, 2023-2028, 2033F, Value ($ Billion) 6. Robot Cars and Trucks Market Segmentation 6.1. Global Robot Cars and Trucks Market, Segmentation by Vehicle Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion Heavy Commercial Vehicles Passenger Vehicles 6.2. Global Robot Cars and Trucks Market, Segmentation by Classification, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion Level 0