Robotic Vehicle Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Vehicle Type (Cars, Trucks, Aircraft), By End-User Industry (Military And Defense, Automotive, Agriculture, Manufacturing), And By Geography - Forecasts From 2022 To 2027
- Published : Dec 2022
- Report Code : KSI061612941
- Pages : 109
The robotic vehicle market is estimated to be valued at US$15.422 billion in 2020.
Robotic vehicles are classified as remotely operated or autonomous vehicles. These vehicles can execute necessary functions without any human intervention owing to their own ability to sense their surroundings. Artificial intelligence software, radio detection, light detection, and ranging including cameras are used by these autonomous vehicles in order to sense the environment and navigate, by the formation of an active 3-dimensional map of their surroundings.
There are different levels of autonomous driving which include semi-autonomous which requires a driver’s assistance to be fully autonomous. These multiple levels have been adopted by the U.S. Department of Transportation.
Robotic vehicles consist of several advantages as compared to conventional vehicles including the limited use of fuel, improved safety, and reduction in traffic congestion along with low emissions by consuming less battery capacity and less gas, which further results in less pollution. These are the certain key factors that make robotic vehicles advantageous while making the environment friendly.
Increasing use of AI-based technology
Artificial intelligence-based camera systems necessary for robotic vehicles are considered to be key drivers. Numerous Tier 1 suppliers and developers are putting the focus on the adoption and development of artificial intelligence-based cameras as these technological advancements offer a wide range of features such as adaptive headlamp control, traffic sign recognition, adaptive cruise control, automated breaking, and even pedestrian detection.
These artificial intelligence cameras account for various advantages which are cost-effective, coupled with the fusion of various complementary technologies which brings out the feature of safety. Bosch is a company that is a leading manufacturer of camera systems for robotic vehicles and developed an artificial intelligence-based camera MPC3 for autonomous vehicles. A multi-path approach was taken by this company in order to develop the camera where the programmers and engineers created a software architecture combining artificial intelligence-driven methods and conventional image processing algorithms in order to bring out the feature of a high-performance system with an integrated microprocessor.
These increasing developments and launches in automotive shared mobility are regarded to be key drivers for the robotic vehicles market.
Asia Pacific is estimated to grow significantly during the forecast period
Asia Pacific is expected to witness growth in the market of robotic vehicles. As the demand for safety increases, economies are more focused on efficient and convenient driving experiences which is a result of increased disposable income in emerging economies along with stringent safety regulations which are a few factors driving the growth of the Asia Pacific region in the market for robotic vehicles.
Baidu which is known to be a major service provider for robotic vehicles in China has successfully test-driven more than 1 million miles in more than 13 Chinese cities. This company further entered into a partnership with Ford in order to increase investments in robotic vehicles in China.
Asia Pacific region comprises China, Japan, India, South Korea, and Thailand out of which China has emerged as a hub for automobile production. Moreover, industrialization activities and infrastructural developments also have opened new opportunities resulting in the creation of several techniques for automotive vehicles. This certain growth in technological advancement in China has increased the demand for this market.
Market Key Developments
- In September 2021, Honda Motor Co Ltd started a new testing program for autonomous vehicles which was considered an imperative step toward the mobility service business in Japan.
- In September 2021, a startup Oculi, received an investment from General Motors Co’s venture capital to develop radar sensors for Autonomous vehicles. This investment would allow GM to use the software of Oculi at a low cost which would result in boosting the resolution of radars.
- In September 2021, Mercedes-Benz integrated the first brain-computer interface approach with its pioneering VISION AVTR concept vehicles.
Robotic Vehicle Market Scope:
|Market Size Value in 2020||US$15.422 billion|
|Growth Rate||CAGR during the forecast period|
|Forecast Unit (Value)||USD Billion|
|Segments Covered||Vehicle Type, End User Industry, And Geography|
|Regions Covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies Covered||Waymo LLC, Tesla, Volvo Group, Nissan, BYD Company, General Motors, Audi AG, BMW AG, Toyota, Mercedes-Benz|
|Customization Scope||Free report customization with purchase|
- By Vehicle Type
- By End User Industry
- Military and Defense
- By Geography
- North America
- South America
- Middle East and Africa
- Asia Pacific
- South Korea
- North America
Frequently Asked Questions (FAQs)
1.1. Market Overview
1.2. COVID-19 Scenario
1.3. Market Definition
1.4. Market Segmentation
2. RESEARCH METHODOLOGY
2.1. Research Data
3. EXECUTIVE SUMMARY
3.1. Research Highlights
4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Porter’s Five Force Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. ROBOTIC VEHICLE MARKET BY VEHICLE TYPE
6. ROBOTIC VEHICLE MARKET BY END-USER INDUSTRY
6.2. Military and Defense
7. ROBOTIC VEHICLE MARKET BY GEOGRAPHY
7.2. North America
7.2.1. United States
7.3. South America
7.4.3. United Kingdom
7.5. Middle East and Africa
7.5.2. Saudi Arabia
7.6. Asia Pacific
7.6.3. South Korea
8. COMPETITIVE ENVIRONMENT AND ANALYSIS
8.5. Major Players and Strategy Analysis
8.6. Emerging Players and Market Lucrativeness
8.7. Mergers, Acquisitions, Agreements, and Collaborations
8.8. Vendor Competitiveness Matrix
9. COMPANY PROFILES
9.1. Waymo LLC
9.3. Volvo Group
9.5. BYD Company
9.6. General Motors
9.7. Audi AG
9.8. BMW AG
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