What Has Been the Growth of the Autonomous Commercial Vehicle Market So Far?
The autonomous commercial vehicle market has seen considerable growth due to a variety of factors.
• The market size for autonomous commercial vehicles has witnessed swift expansion in the past few years. The market is projected to increase from $9.73 billion in 2024 to about $11.42 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 17.3%.
The significant growth recorded in the historical period can be credited to factors such as advances in artificial intelligence and robotics, labor scarcity, enhancement of safety and efficiency, regulatory endeavors, along with the growth of e-commerce.
How Will the Autonomous Commercial Vehicle Market Size In The Coming Years?
The autonomous commercial vehicle market is expected to maintain its strong growth trajectory in upcoming years.
• The market size for autonomous commercial vehicles is projected to witness a quick expansion in the coming years. Its estimated growth is up to $22.84 billion by 2029 with a Compound Annual Growth Rate (CAGR) of 18.9%.
The predicted rise in the upcoming years can be credited to constant enhancements in sensor technology, machine learning, and connectivity, along with factors like driver scarcity, security rules, environmental considerations and supply chain proficiency. Key trends during the forecast period involve last-mile deliveries, platoon technology, remote fleet tracking, mixed traffic regulation, and partnerships as well as collaborations.
What Main Forces Are Fueling Expansion In The Autonomous Commercial Vehicle Market?
The autonomous commercial vehicle market's expansion is being fueled by the surge in government authorizations for autonomic truck testing on public roads. To encourage the utilization of commercial vehicles for deliveries and other tasks, the governments of key countries are permitting these autonomous vehicle trials. A rule has been proposed by the California Department of Motor Vehicles (DMV) that would allow firms to test or deploy light-duty autonomous motor trucks or delivery vehicles on the state's public roads. Companies can test delivery vehicles weighing less than 10,001 pounds, given they obtain a permit from the DMV under this rule. Such government endorsement for road testing autonomous vehicles provides clients a preview of these vehicles, seeding potential sales opportunities in the near future. This, in turn, propels the demand and growth of the autonomous commercial vehicles sector in the years to come.
What Key Areas Define The Segmentation Of The Global Autonomous Commercial Vehicle Market?
The autonomous commercial vehicle market covered in this report is segmented –
1) By Vehicle: Truck, Trailer, Bus, Other Vehicle Types
2) By Automation Level: Driver Assistance, Partial Automation, Conditional Automation, High Automation, Full Automation
3) By Fuel Type: Conventional, Hybrid Vehicle, Electric Vehicle
Subsegments:
1) By Truck: Light Duty Trucks, Medium Duty Trucks, Heavy Duty Trucks
2) By Trailer: Flatbed Trailers, Refrigerated Trailers, Tanker Trailers, Container Trailers
3) By Bus: Autonomous Passenger Buses, Autonomous Shuttle Buses
4) By Other Vehicle Types: Autonomous Delivery Vans, Autonomous Service Vehicles, Autonomous Construction Vehicles
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How Are Emerging Trends Reshaping The Dynamics Of The Autonomous Commercial Vehicle Market?
The unveiling of innovative products is becoming a prominent trend in the autonomous commercial vehicle industry. Firms in this sector are prioritizing the introduction of new offerings to bring about considerable cost advantages, and to make sure of product quality, safety, and customer satisfaction. To illustrate, XPeng, a Chinese maker of electric vehicles, introduced the G9 SUV in October 2022. This mass-produced commercial vehicle features a new advanced driver assistance system (ADAS), the XNGP, that combines XPeng’s Highway Navigated Guided Pilot (NGP) and City NGP, facilitating certain automated driving capabilities, applicable in both highway and city driving conditions.
Who Are the Key Players In The Autonomous Commercial Vehicle Market?
Major companies operating in the autonomous commercial vehicle market include:
• Volkswagen AG
• Daimler AG
• Tesla Inc.
• Denso Corporation
• Continental AG
• Waymo LLC
• Bayerische Motoren Werke Aktiengesellschaft
• Isuzu Motors Limited
• General Motors Company
• AB Volvo
• Beiqi Foton Motor Co. Ltd.
• Skywell New Energy Vehicles Group Co. Ltd.
• Dongfeng Motor Corporation
• China National Heavy Duty Truck Group Co. Ltd. (SINOTRUK)
• FAW Jiefang Automobile Co. Ltd.
• Shaanxi Automobile Group Co. Ltd. (China Shaanqi)
• Beiben Trucks Group Co. Ltd. (Beiben Trucks)
• SAIC Iveco Hongyan Commercial Vehicle Co. Ltd. (SAIC Hongyan)
• Jiangling Motors Corporation Group (JMC)
• Zhengzhou Yutong Bus Co. Ltd. (Zhengzhou Yutong Bus)
• Xiamen King Long United Automotive Industry Co. Ltd. (King Long Bus)
• CRRC Electric Vehicle Co. Ltd. (CRRC Electric Vehicle)
• Xiamen Golden Dragon Bus Co. Ltd. (Xiamen Golden Dragon Bus)
• Anhui Ankai Automobile Co. Ltd. (Anhui Ankai Automobile)
• Plus.ai Inc. (Plus.ai)
• Embark Trucks Inc. (Embark Trucks)
• Daimler Trucks North America LLC (Daimler Trucks)
• NVIDIA Corporation
• Zoox Inc.
• Luminar Technologies Inc.
What Is The Most Dominant Region In The Autonomous Commercial Vehicle Market?
Asia-Pacific was the largest region in the autonomous commercial vehicle market in 2023. North America was the second largest region in the autonomous commercial vehicle market. The regions covered in the autonomous commercial vehicle market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
