The global robot cars and trucks market is poised to witness significant growth over the forecast period due to technological proliferation and increasing prominence for automated driving technology in the automobile industry. Robot cars and trucks allow users to implement automated driving. These robotic vehicles incorporate preset computerized processes to driving, by integrating programmed software and central processors in cars and trucks. It is usually done by modifying the brake, steering, and other automotive systems. The fully automated and self-directed functions in automobiles are now being increasingly adopted globally. Robot cars and trucks market is poised to achieve remarkable growth as the automated vehicles are highly reliable and reduce the frequencies of accidents and mishaps.
The recent trends in the automotive market such as assisted steering, vehicle mapping, and automatic parking have strengthened the growth in the automotive sector. However, these features on the whole are incompetent to highly advanced robotically operated vehicles. These vehicles are programmed to control features such as collision avoidance, lane assist, adaptive cruise control along with automated steering and parking. A central processor controls all of these features in robot cars and trucks. The robotically operated cars and trucks enable driving without human intervention and have altogether unlocked a new dimension for market augmentation in the automobile industry. However, the market is in its initial stage and foresees several opportunities. Key vendors have identified these opportunities and are keen on capitalizing the market prospects. Manufacturers have highly invested and accentuated on research and development activities with an aim to increase the market share. Vendors are continuously making efforts to make automated cars and trucks more efficient, safer, and greener to draw potential customers to the market, and subsequently propelling market growth.
The global robot cars and trucks market has gained traction in several industry verticals. They have applications in domestic, commercial, and industrial sectors. The robot cars and trucks have gained momentum in the industrial sector owing to benefits such as cost-effectiveness, job efficiency, and safety. Robotically operated trucks are expected to gain traction in the market owing to the presence of several opportunities in transport and construction industry segments. The market for robot cars is projected to grow with an increase in government funding for the deployment of appropriate roadway controls. Large investments have been made in the development of robotic cars and trucks for the defense sector. The adoption of robotic vehicles in the commercial sector is currently under development and is expected to mature over the forecast period. On the basis of adopted technology, the robot cars and trucks market can be classified into four technologies, car test, self-assembling, adaptive cruise control, and robotic car fish-inspired technologies.
Globally, the Asia Pacific region is anticipated to emerge as the largest region for robot cars and trucks market. Countries such as Japan, South Korea, and China are highly advanced in the field of robotics and automation. Moreover, the Asia Pacific region accounts for the highest market share in the manufacture of automobiles. Investments in robotically operated vehicles have escalated in the Australian continent. These factors are perceived to spur the regional market augmentation. European countries such as the UK and Germany deemed to be early technology adopters. A significant rise in international trade and transport in the European region is expected to strengthen the market development. Accelerated production capacities and modernization of factories in the automotive industry in the U.S. and Canada have spurred growth in the North American region.
High initial set-up and production costs pose a major challenge to the robot car and trucks market. Moreover, the market demands heavy investments in R&D activities before the actual implementation. Minimal awareness about robotically operated vehicles and their features among potential customers has hampered the market augmentation. In the past, the robot cars and trucks market has been hard-hit by the economic slowdown and global recession as the market is highly vulnerable to financial conditions.
Major market players dominating the global robot cars and truck market are BMW AG, Ford, Fuji, General Motors, Google Inc., Mercedes Benz, Nissan Motor Company Ltd., Porsche AG, Tesla Motors Inc., Toyota Motor Corporation, and Volkswagen Group.
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The automotive & transportation industry is amongst the most exposed verticals to the ongoing COVID-19 outbreak and is currently amidst unprecedented uncertainty. COVID-19 is expected to have a significant impact on the supply chain and product demand in the automotive sector. The industry's concern has moved on from being centered on supply chain disruption from China to the overall slump in demand for automotive products. The demand for commercial vehicles is expected to plummet with the shutdown of all non-essential services. Furthermore, changes in consumer buying behavior owing to uncertainty surrounding the pandemic may have serious implications on the near future growth of the industry. Meanwhile, liquidity shortfall and cash crunch have already impacted the sales of fleet operators, which is further expected to widen over the next few months. We are continuously monitoring the COVID-19 pandemic, and assessing its impact on the growth of the automotive & transportation industry. The report will account for Covid19 as a key market contributor.