A fixed-route autonomous vehicle is a self-driving car that shows pre-ascertained routes, similar to a bus or train. These are driverless vehicles which are driven with assistance of GPS and the Global Navigation Satellite System (GNSS). These vehicles are very conducive to reducing traffic bottlenecks and pollution while also providing a reliable mode of transportation for city dwellers.
These vehicles use Artificial Intelligence, light detection and ranging (LiDAR), and RADAR sensing technology to read and sense their immediate surroundings. Given the impetus provided by vehicle-to-everything (V2X) technology and the rise of autonomous vehicles across industries, the autonomous vehicle market is anticipated to gain leverage during the forecasted period.
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Key Drivers
Due to the acclaimed rise in self -driving vehicles for public transports and logistics delivery, they are bound to gather significant market growth over the forecast period. Then there comes the question of accessibility with ride-hailing services such as taxi, bus or train services operating on a fixed route will positively impact the market growth.
The factors of reduction in traffic snarls with greater security, proliferation of linked infrastructure, driverless cars gaining momentum are factors drawing growth for the industry. Last mile delivery using driverless vehicles to improve tight delivery schedules and reduce carbon footprint is driving the fixed route autonomous vehicle industry.
Customers' increased disposable incomes and purchasing capacity will also help the market for fixed-route autonomous vehicles to grow.
Key Restraints
Competitive Landscape
Key players in the market are focusing on collaboration with other manufacturers of self-driving vehicles and other OEMs. For instance, Mercedes-Benz and Bosch announced they would work together on self-driving vehicle technology. The two German automakers will work together to develop the software and algorithmic systems needed for SAE level four and level five autonomous vehicles that can drive themselves in urban and extra-urban settings.
The global Fixed-route Autonomous Vehicle market has a moderately consolidated competitive landscape, with the top companies accounting for the majority of revenue. Some of the key players in the global fixed-route autonomous vehicle market include Cisco Systems, Local Motors, RDM Group, Yutong, Daimler, Tesla, Mercedes Benz, EasyMile, Volkswagen, Phoenix Wings, Navya, and DFKI Robotics Innovation Center.
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Key Takeaways
• Key players in the market are concentrating on high-profile mergers with other manufacturers of self-driving vehicles and other OEMs.
• The global fixed-route autonomous vehicle market is anticipated to add 2.2X value by 2028 as compared to 2020
• Fixed-point vehicles segment by type is expected to gain traction during the forecast period
• Transportation as application segment is poised to grow with an impressionable growth rate
• North America is set to augment the market in terms of value during the forecast period
• Scenic-spot vehicles segment to create an absolute $ opportunity of more than US$ 1500 Million plus by the end of 2028
Key Developments
• In Aug 2022, Italy's first self-driving public transportation shuttles hit the roads in Turin for testing
• In Feb 2022, Motional (Aptiv-Hyundai joint venture)and Via launch free autonomous ride-hail service in Las Vegas
• Autonomous vehicles in Munich area, the KelRide project embarks into new phase (with EasyMile and Via Transportation taking part)
Key Players
Key players in the fixed route autonomous vehicle market include Mercedes-Benz Group AG. (Germany), General Motors Company (United States), The Volvo Group (Sweden), Toyota Motor Corporation (Japan),Tesla Inc. (United States)Robert Bosch GmbH (Germany), Hyundai Motor Company (South Korea), EasyMile (France), Ford Motor Company (United States) and Volkswagen (Germany)
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Global Fixed-route Autonomous Vehicle Market: Segmentation
By Type
• Fixed-point Vehicles
• Scenic-spot Vehicles
By Application
• Transportation
• Tourism
By Technology
• Artificial Intelligence
• Machine Learning
By Component
• Hardware
• Software
By Region
• North America
• Europe
• Asia Pacific
• Middle East and Africa (MEA)
• South America
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