GLOBAL AUTONOMOUS SHUTTLE MARKET SIZE (2023 - 2030)

According to estimates, the autonomous shuttle market would be worth USD 346.83 bn in 2023 and USD 2,300 bn in 2030, growing at a 46% CAGR.

Industry Overview:
An autonomous shuttle is a vehicle which run autonomously at speed less than 50 miles per hour in a particular route under remote surveillance. These vehicles are electric in nature and are used to deliver goods or act as ferries for people. These vehicles can be manned or unmanned, depending on the situation. But in emergency a safety backup option is kept in the form of a person who takes control in an adverse situation. These self-driving vehicles will accelerate the technologies in the autonomous steering industry which will not require any human interference. These autonomous shuttles are useful in many situations. They can be used in warehouses where these vehicles will be used to transfer goods from one part of the building to another. On airports, these can be used to commute passengers to the plane and the passengers getting out of the plane to the airport without any intervention from a human. Autonomous Shuttles can also be used in constrained environment areas such as universities and hospitals. Here, these vehicles can be both used for commuting and transfer of goods. The main benefit of using these services is that they do not require any human intervention which zero downs the labour costs during commuting and brings cost of travelling down. The key requirements to enable autonomous shuttles is the presence of pre-charted maps and well-defined routes along with geographical customizations. They also require the understanding of the landscape, traffic, law and rules and regulations to operate effectively.

COVID-19 Impact:

COVID-19 impacted the automotive industry drastically. The autonomous shuttle market needs a big amount of capital for research and development. COVID-19 lockdowns worldwide delayed the development of the crucial technologies required to improve autonomous shuttles. There was a shortage of semi-conductor devices during the lockdown period which made things difficult for the OEMs and autonomous shuttle market. Due to unavailability of these semiconductors the production capacity reduced greatly and impacted the overall autonomous shuttle market.

MARKET DRIVERS

Innovations in automotives is driving the growth in Autonomous Shuttle Market
Due to increasing innovation in the automobile industry the autonomous shuttle market is expanding quickly. There is a worldwide shift in using EV vehicles for commuting. These vehicles use an electric battery which powers the vehicles. These vehicles are now proving better than engine-based vehicles in terms of milage and efficiency. Due to these reasons, the automotive companies are increasing their research and development expenditure.
Changes in consumer behaviour and their increasing awareness about environment is driving the growth in Autonomous Shuttle Market

The consumers these days are now become responsible citizens and are aware about the harms that fossil fuels are causing to the environment. The consumption of fossil fuels in automobiles is causing pollution and carbon content in the environment which is increasing global temperature. These events have caused melting of the icebergs and the water level is increasing. To curb these environmental problems, people are shifting to public transport which utilizes batteries instead of diesel engines to power the vehicle. This is a major factor for the increasing growth of the autonomous shuttle market.

MARKET RESTRAINTS

High capital costs are restraining the growth in the Autonomous Shuttle Market
In the autonomous shuttle market, the research and development required to come up with innovative solutions is very expensive. Due to this, it is deterring many companies and investors to put money in the business. The chances of a success of technology remain less and these cannot be predicted beforehand. This is a major factor behind the restraining growth in the autonomous shuttle market. However, companies are collaborating to reduce the costs.

Insufficient infrastructure for charging stations is restraining the growth in the Autonomous Shuttle Market

There is insufficient infrastructure for charging stations for EVs worldwide. This causes a major problem in the adoption of autonomous shuttle as they run on batteries. These batteries need to re-charge after working for long hours. For, this there has been a proper infrastructure for the charging of these shuttles. There are many gas stations which are also acting as re-charging stations for these autonomous shuttles. Such type of innovative solutions is required to spur growth in the industry.

AUTONOMOUS SHUFFLE MARKET REPORT COVERAGE:

This research report on the global Autonomous Shuttle Market has been segmented and sub-segmented based on technology, end use industry and region.

Autonomous Shuttle market segmentation – By Technology

GNSS
LiDAR
In terms of technology used in the autonomous shuttles, the industry can be divided into two segments, GNSS and LiDAR. LiDAR system determines range by targeting a particular object with the use of a laser. This technology is responsible to avoid collisions and self-driving in autonomous shuttles. The autonomous shuttles use 3-D LiDAR technology. Whereas GNSS or Global Navigation Satellite System uses satellite to provide autonomous geo-spatial positioning.

Autonomous Shuttle market segmentation – By End Use Industry
Public transportation
Goods transportation
Warehouse
Manufacturing plants
In terms of End Use industry, the autonomous shuttle market can be mainly divided into four segments. These segments are public transportation, goods transportation, warehouse, manufacturing plants etc. Autonomous shuttle can deliver goods from one place to another. These shuttles can be useful in areas where cost of labour can be brought down by using automation in the operations.

Autonomous Shuttle market segmentation – By Region
North America
Europe
Asia-Pacific
Rest of the World
Middle East and Africa
The autonomous shuttle market is increasing steadily in developed regions of the world. North America has done a lot of innovation in the autonomous shuttle market and is reaping the benefits now. The region has been in the forefront of innovation in the EV and autonomous shuttle market and has been very successful. European region is also growing very quickly as the awareness among people is increasing regarding environmental issues such as global warming and climate change. There have been notable environmental movements in Europe which has increased investments in such technology.

Autonomous Shuttle market segmentation – By Company

1. Nuro

2. Udelv

3. Local Motors

4. Navya

5. EasyMile

6. 2GetThere

7. Baidu

8. Yutong

Nuro is an autonomous shuttle manufacturer based out of San Francisco which deals in making shuttles for delivery purposes. The company attracted major attention during the pandemic. Due to the spread of the virus the shops and retail stores went into lockdown. These made getting essential items from grocery stores very difficult. To solve this issue companies like Nuro made autonomous shuttles which would deliver essential items such as medicines at people’s door steps.

NOTABLE HAPPENINGS IN THE AUTONOMOUS SHUTTLE MARKET IN THE RECENT PAST:

• In September 2022, Mogo Auto launched autonomous shuttle bus called MOGO BUS in Beijing, China. The bus will come in two variants MOGO BUS M1 and MOGO BUS M2, the former is an autonomous shuttle whereas the latter is an autonomous bus.

• In September 2022, Cruse announced that it will be expanding its Robotaxi services in Phoenix and Austin over the next three months. The previous version of the car was recalled due to safety issues.