Future of Global Shared Driverless Vehicles Market, Forecast to 2031

Future of Global Shared Driverless Vehicles Market, Forecast to 2031

The rapid rate of urbanization in many parts of the world has heavily stressed their urban transport system. Many areas are underserved by transit systems due to the lack of first and last mile connectivity, inaccurate scheduling, low availability of cabs, expensive ride services, and traffic congestion. Alternative modes of transportation, that offer first and last mile connectivity, will improve the ridership and efficiency of mass transit systems.

The ownership of privately owned vehicles is expected to fall by 50 percent, and they could possibly be taxed during peak hours of operation in urban areas. Over the next five to ten years, shared mobility could emerge as the transportation of the future. Companies in the shared driverless vehicles(SDVs)/shared autonomous vehicles(SAVs) market have been conducting vehicle test pilots since 2015, with North America and Europe alone accounting for 85% of them. Comprehensive testing of SDVs in regular traffic conditions and adapting them to changing traffic ecosystems will enable them to leverage available traffic data to make real-time decisions regarding necessary adjustments in their routes and scheduling. Top companies in the market have also tested their vehicles at annual events such as International Manufacturing Technology Show (IMTS) in October 2018 and on main roads in cities such as Renmark and the city of Playford in Australia. There are SDVs carrying only commodities in Mountain View, California, US, to deliver goods from the neighbourhood shopping areas to the consumers. Countries like Japan and China have started mass producing SDVs for deployment in late 2018 and early 2019.

SDVs will help build a consistent commuter base once they improve their safety measures and trustworthiness among end users. The market can potentially reach $10.40 billion by 2031. This study provides the competitive structure of the major industry participants, insights into the key components and technologies employed, analyses of market drivers and restraints, company profiles, revenue forecasts, and the estimated revenue split in market segments and regions.