Portland, OR, March 11, 2020 (GLOBE NEWSWIRE) -- According to the report, the global self-driving bus market was estimated at $6.81 billion in 2019 and is expected to reach $74.52 billion by 2026, growing at a CAGR of 40.5% from 2020 to 2026. The report offers an in-depth analysis of the drivers & opportunities, top investment pockets, top winning strategies, market size & estimations, competitive landscape, and changing market trends.
Rise in traffic congestion due to better safety dictums, and an increase in connected infrastructure drive the growth of the global self-driving bus market. On the other hand, high manufacturing costs and challenges regarding data management restrain the growth to some extent. However, the development of smart cities is anticipated to usher in a number of opportunities for the frontrunners in the industry.
The level 3 segment to maintain its dominance during the study period-
Based on the level of automation, the level 3 segment contributed to nearly 93% of the total market share in 2019 and is expected to rule the roost throughout the forecast period. At the same time, the level 4 segment would showcase the fastest CAGR of 62.0% from 2020 to 2026. The other segment assessed in the market report includes level 5.
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The hardware segment garnered the major share in 2019-
Based on the component, the hardware segment accounted for more than two-fifths of the total market revenue in 2019 and is projected to dominate by the end of 2026. The services segment, on the other hand, is expected to grow at the fastest CAGR of 46.5% during the estimated period. The software segment is also discussed in the report.
By component, the hardware segment garnered the major share in 2019. On the other hand, by region, Europe is expected to manifest the fastest CAGR of 44.8% during 2020–2026.
North-America to lead the trail during the estimated period-
Based on geography, North America garnered a major share in 2019, holding more than two-fifths of the global market. Simultaneously, Europe would portray the fastest CAGR of 44.8% during 2020–2026. The other two regions analyzed in the market report include Asia-Pacific and LAMEA.
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Frontrunners in the industry-
The key players analyzed in the self-driving bus market report include Continental AG, Navya, Tesla, AV Volvo, Volkswagen AG, Scania AB, Daimler AG, Proterra, Hyundai Motor Company, and Hino Motors, Ltd. These players have taken recourse to different strategies including expansions, mergers & acquisitions, partnerships, joint ventures, collaborations, and others to heighten their status in the industry.
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