The autonomous commercial vehicle market consists of sales of autonomous commercial vehicles and their related services. Autonomous commercial vehicles are also known as self-driving or robot vehicles. The autonomous vehicle uses various technologies and software such as artificial intelligence, RADAR sensors, light detection & ranging (LiDAR), and others to navigate, control, and drive the vehicle.
The global autonomous commercial vehicle market is expected to decline from $7.57 billion in 2019 to $6.33 billion in 2020 at a compound annual growth rate (CAGR) of -16.35%. The decline is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, and closure of industries and other commercial activities. The entire supply chain has been disrupted, impacting the market negatively. The market is then expected to recover and reach $11.30 billion in 2023 at CAGR of 21.31%.
