Global Commercial Electric Vehicles Market

Autonomous Cars Market Definition

The autonomous cars market consists of sales of autonomous cars by entities (organizations, sole traders and partnerships) that manufacture autonomous cars for transporting people and goods. An autonomous car, which is also known as a driverless car, is a vehicle capable of guiding itself with minimum or no human involvement. An autonomous car uses a wide range of technology including cameras, sensors, GPS, radars, Artificial Intelligence and other technologies to navigate. To navigate between places, autonomous cars use machine learning and neural networks on huge amounts of image recognition data, which are fed into the system.

The ship repairing market consists of revenue generated by sales of ship repairing services by entities (organizations, sole traders and partnerships) that operate shipyards. Only goods and services traded between entities or sold to end consumers are included. The global ship repairing market is expected to grow from $30.16 billion in 2020 to $32.29 billion in 2021 at a compound annual growth rate (CAGR) of 7.1%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $39.04 billion in 2025 at a CAGR of 4.9%. The ship repairing market covered in this report is segmented by vessel type into oil and chemical tankers; bulk carriers; general cargo; container ships; gas carriers; offshore vessels; passenger ships and ferries; mega yachts and other vessels, and by application into general services; dockage; hull part; engine parts; electric works; auxiliary services. The increasing seaborne trade is anticipated to drive the growth of the ship repairing market. Seaborne transport, which plays a key role in the development of a country, involves ports, inland water systems, ship repair, shipping and ship building. According to the United Nations Conference on Trade and Development (UNCTAD), international seaborne trade volume increased from 10.7 billion tons in 2017 to 11.0 billion tons in 2018 and is projected to expand at an average annual growth rate of 3.5% during 2019-2024. According to the Indian Ministry of Shipping, approximately 70% of India's value trading and 95% of India's volume is handled by seaborne transport. Upswing activities in sea-borne trade activities increase the need for regular maintenance and repairs. This scenario is expected to augment the demand for the ship repairing market. The COVID-19 pandemic affected ship building and ship repair facilities globally to a great extent. The pandemic has disrupted almost every area of the shipping industry, after a promising 2019. All levels of operations were affected by yard closures, logistical challenges and survey delays, while scrubber retrofitting also declined sharply. For instance, in March 2020, the Italian shipyard Fincantieri has initially suspended manufacturing in its shipyards for two weeks due to the coronavirus crisis, which was then extended for more than a month that has impacted the business. Therefore, the impact of COVID 19 is expected to hinder the growth of the ship repairing market. Major companies in the ship repair sector are concentrating on the development of advanced technology services for ship repair. For example, in February 2020, Maindeck, a modern SaaS for the ship maintenance and repair industry, with a particular emphasis on dry-docking projects, launched a mobile inspection app from which they can delegate access to specific sections of the project. The app operates offline and immediately uploads when internet access is detected. In February 2020, Titan Acquisition Holdings, a bicoastal leader in ship repair and modernization and complex fabrication services for the defense industry, acquired Huntington Ingalls Industries for an undisclosed amount. This acquisition creates opportunities to better serve key defense customers, economies of scale, expanded scope, and performance optimization. Huntington Ingalls Industries, a US-based company, engages in the designing, building, overhauling, and repairing military ships. The major players covered in the global ship repairing market are Hyundai Mipo Dockyard Co., Ltd, China Shipbuilding Industry Corporation (CSIC), Damen Shipyards Group, Sembcorp Marine Ltd., Oman Drydock Company, Cochin Shipyard Limited, United Shipbuilding Corporation, Arab Shipbuilding and Repair Yard, Fincantieri S.p.A, Keppel Offshore and Marine, Orskov Yard A/S, Tsuneishi Holdings Corporation, Swissco Holdings Limited, Egyptian Ship Repair & Building Company, Desan Shipyard, Dae Sun Shipbuilding & Engineering Co. Ltd., Dundee Marine & Industrial Services Pte Ltd. The countries covered in the global ship repairing market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. The regions covered in the global ship repairing market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The global ship repairing market is segmented - 1) By Vessel Type: Oil and Chemical Tankers, Bulk Carriers, General Cargo, Container Ships, Gas Carriers, Offshore Vessels, Passenger Ships and Ferries, Mega Yachts and Other Vessels 2) By Application: General Services, Dockage, Hull Part, Engine Parts, Electric Works, Auxiliary Services 3) By End-User: Transport Companies, Military, Others

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 grow from $5.59 billion in 2020 to $7.07 billion in 2021 at a compound annual growth rate (CAGR) of 26.5%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $13.41 billion in 2025 at a CAGR of 17%. The autonomous commercial vehicles market covered in the report is segmented by vehicle into the truck; trailer; bus; others. The increase in government approvals for testing autonomous trucks on public roads drives the growth of the autonomous commercial vehicles market. The governments of major countries are allowing the testing of autonomous vehicles in order to promote the use of commercial vehicles for delivery and other purposes. The California Department of Motor Vehicles (DMV), in April 2019, proposed a regulation that allows companies to deploy or test light-duty autonomous motor trucks or delivery vehicles on the public roads of the state. Under the regulation, the companies can test delivery vehicles that weigh less than 10,001 pounds with an approved permit from DMV. The government approvals for testing autonomous vehicles on roads encourage the customers to have a glimpse of such vehicles, creating a potential opportunity for sale in the near future, thereby driving the demand for autonomous commercial vehicles over the forthcoming years. Increasing concerns for cybersecurity and data privacy acts as a major challenge for the autonomous commercial vehicles market. According to a report on issues in autonomous vehicle testing and deployment published by Congressional Research Service, the USA's policy institute in February 2020, with advances in technology, the concerns for data security and protection of the on-board system against intrusion is increasing. The inbuilt automated components in the vehicle generate a large amount of data about the vehicle, vehicle performance, driver behavior, and vehicle precise location. The protection of autonomous vehicles from hackers is of paramount concern for state and federal governments, service providers, manufacturers, and users. Therefore, with advancements in technology, the concerns for data privacy and security are increased, which in turn, is likely to act as a major restraint for the growth of the autonomous commercial vehicle market. The major players in the autonomous commercial vehicles market are acquiring technology and robotics companies in order to develop advanced technologies. For instance, in March 2019, Daimler AG, a Germany-based multinational automotive corporation agreed to purchase majority stakes in Torc Robotics, a pioneer in autonomous driving, for an undisclosed amount. This acquisition is expected to help Daimler AG to develop and create a technology powerhouse for autonomous vehicles. Torc Robotics was founded in 2005 and is an autonomous commercial vehicle solution provider based in Virginia, USA. Similarly, TuSimple announced a partnership with ZF to co-develop cameras, LiDAR, radar, steering, and automotive-grade central computer ZF ProAI and incorporate them to develop autonomous technologies. The major players covered in the global autonomous commercial vehicle market are Volkswagen, Daimler, Tesla, Denso, Continental, Waymo, BMW AG, Isuzu Motors Limited, General Motors, AB Volvo, Beiqi Foton Motor, Skywell, Dongfeng Motor, SINOTRUK Group,  FAW Jiefang, China Shaanqi, Beiben Trucks, SAIC Hongyan, JMC, Zhengzhou Yutong Bus, King Long Bus, CRRC Electric Vehicle, Xiamen Golden Dragon Bus, Anhui Ankai Automobile. The countries covered in the global autonomous commercial vehicle market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. The regions covered in the global autonomous commercial vehicle market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The global autonomous commercial vehicle market is segmented - 1) By Vehicle: Truck, Trailer, Bus, Others 2) By Automation Level: Driver Assistance, Partial Automation, Conditional Automation, High Automation, Full Automation 3) By Fuel Type: Conventional, Hybrid Vehicle, Electric Vehicle

The electric locomotives market consists of sales of electric locomotives which provide motive power to trains with no payload capacity, and their only use is to pull trains along the tracks. The sales consist of revenues generated by establishments that are primarily engaged in the manufacturing of locomotives and their components such as electric motors, transformer, inverter, and compressor. The global electric locomotives market is expected grow from $6.08 billion in 2020 to $6.47 billion in 2021 at a compound annual growth rate (CAGR) of 6.4%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $8.96 billion in 2025 at a CAGR of 8%. The electric locomotives market covered in this report is segmented by energy transfer into overhead lines; third rail; on-board energy storage. Increasing preference for non-polluting and energy-efficient transport is contributing to the growth of the electric locomotives market. According to the UK Department of Transport, besides highly efficient electric motors in electric locomotives that regularly have the efficiency of around 90% due to the advancements such as regenerative braking which can recover energy from braking, they emit 20%-35% less carbon per passenger mile than those enabled by diesel and helps in reduction in carbon emissions. Concerns regarding a greener environment resulted in increasing demand for non-polluting and energy-efficient transport systems, thereby driving the electric locomotives market. Regular maintenance of the rolling stock is required to ensure its safety, which is very expensive, impacting the growth of the market. For example, the annual maintenance cost of the high-speed trainset is approximately $1 million. In addition to the cost of components that need to be replaced periodically, proper maintenance is needed for facilities such as stations and berthing sites. Moreover, rolling stock requires long-term maintenance once the train has reached half of its operating life. This involves maintenance work on electrical, mechanical, and hydraulic parts of the vehicle. A large investment is needed for such maintenance. For example, the overhaul and electrification project of around 100 km Nis-Dimitrovgrad railway line (Serbia) is estimated to cost around $306 million, and a Memorandum of Understanding (MoU) was signed with CRBC (China) for the overhaul of Belgrade-Nis railway line for $701 million. Therefore, the expensive maintenance and overhaul that is needed regularly will hamper the growth of the electric locomotives market. The emergence of dual-mode locomotive electric trains will be one of the major trends that will gain traction in the electric locomotive market in the forecast period. In November 2019, Rail systems RP GmbH and Siemens Mobility signed a contract for the supply of two Vectron Dual Mode locomotives that can be operated either as a diesel or electric unit. On electrified routes, the Vectron Dual Mode is powered by electricity to save fuel and reduce maintenance costs. Due to their reduced dependence on petrol, the coming years will witness an increased preference for dual-mode trains, which will be one of the major factors propelling the growth of this market. In February 2020, Alstom announced plans to acquire Bombardier Transportation for a price between EUR 5.8 billion and EUR 6.2 billion, which will be paid by cash and new Alstom shares. This acquisition will improve Alstom's global reach and the ability to respond to the ever-increasing need for sustainable mobility. Bombardier Transportation will bring to Alstom a complementary geographical presence and an industrial footprint in growing markets, as well as additional technological platforms. It will significantly increase innovation capabilities to lead smart and green innovation. Bombardier Transportation is a Canadian multinational company that manufactures business jets and rail. The major players covered in the global electric locomotives market are CRRC Corporation Limited, Bombardier Inc., Alstom SA, Siemens AG, Kawasaki Heavy Industries Ltd., General Electric Company, Transmashholding AG, Stadler Rail AG, Hitachi Ltd., AEG Power Solutions, Strukton, Bombardier Inc., Wabtec Corporation, Toshiba Corporation, Metso Corporation, Brookville Equipment Corporation, Materfer, KONCAR - Electronics and Informatics Inc., A. Stucki Company, UGL Rail, Tata Motors, CAF, MITSUI & Co., Ltd (MITSUI), KODA AUTO. The countries covered in the global electric locomotives market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. The regions covered in the global electric locomotives market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The global electric locomotives market is segmented - 1) By Energy Transfer: Overhead Lines, Third Rail, On-board Energy Storage 2) By Technology: IGBT Module, GTO Thyristor, SiC Module 3) By Traction Units: AC Traction Units, DC Traction Units, Multi System Units 4) By Application: Passenger Transport, Freight Transport

The light commercial vehicle market consists of sales of light commercial vehicles and related services by entities (organizations, sole traders and partnerships) that produce complete light trucks and utility vehicles such as light duty vans, pick-up trucks, minivans, and sport utility vehicles. Only goods and services traded between entities or sold to end consumers are included. The global light commercial vehicle market is expected to grow from $440.87 billion in 2020 to $475.29 billion in 2021 at a compound annual growth rate (CAGR) of 7.8%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $652.34 billion in 2025 at a CAGR of 8.2%. The light commercial vehicle market covered in this report is segmented by vehicle type into passenger van, cargo van, pickup trucks, light trucks, mini buses, others. The increase in online shopping is expected to drive the light commercial vehicles market. As urbanization has increased, it has created new retail and e-commerce platforms that require efficient logistics, which could be fulfilled by light commercial vehicles (LCV). Moreover, the current pandemic situation has spike online shopping owing to the health concerns. According to Adobe Analytics, consumers in the USA spent $2.2 billion on November 2nd, 2020, a 31% increase in year-over-year growth and another $2.0 billion on November 3rd, 2020, which was a 27% year-over-year increase. Thus, increased demand for goods through e-commerce is pushing the use of LCV in logistics paving way for growth of the light commercial vehicles market. The stringent emission norms by the government related for CO2 emissions is expected to be a major challenge for the light commercial vehicles market. In the European Union (EU), LCV CO2 emission targets in 2017 were set at 175g/km. In April 2019, the EU imposed stricter CO2 emission standards on passenger cars and LCV and came into force in January 2020. According to the new regulation standards (Regulation (EU) No 2019/631), the average CO2 emission target is 147 grams of CO2 per kilometre. The new regulations focus on reducing average CO2 emission by 31% for LCVs by 2030 as compared to 2021. The commission will impose an excess emission premium on the manufacturer of $112.15 (€95) for each g/km that is exceeded for all registered LCV if the manufacturer exceeds specific emissions target. The strict CO2 emission regulations impact the manufacturing expenditure and limit the growth of the light commercial vehicles market. Skateboard architecture is increasingly being preferred by manufacturers for high efficiency and productivity in the light commercial vehicles and turning to be a trend in the light commercial vehicles market. The skateboard architecture refers to an actual physical platform, which forms the floor of the vehicle, and incorporates the battery. For instance, in February 2020, Hyundai, partnered with Canoo, a Los Angeles-based company creating EVs, to jointly develop an electric vehicle (EV) platform. Canoo’s scalable skateboard architecture will provide a simplified and standardised development process for Hyundai and Kia electrified vehicles and this will help reduce costs. The major players covered in the global light commercial vehicle market are Daimler, Ford, Renault, Volkswagen, Ashok Leyland, Tata Motors, SML Isuzu Limited, Toyota Motor, Groupe PSA, Nissan, Volvo AB, Anhui Jianghuai Automobile, Mahindra And Mahindra Limited, VE Commercial Vehicles Limited, Avtovaz, General Motors, Honda Motor Company, Gaz Group, Hyundai Motor Company, Mitsubishi Motors, UPS, Workhorse, Dongfeng Motor Corporation, GM Holden, Mazda, Force Motors Limited, Piaggio Vehicles Private Limited, Scania Commercial Vehicles India Private Limited, GMC. The countries covered in the global light commercial vehicle market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. The regions covered in the global light commercial vehicle market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The global light commercial vehicle market is segmented - 1) By Vehicle Type: Passenger Van, Cargo Van, Pickup Trucks, Light Trucks, Mini Buses, Others 2) By Fuel: Electric, Diesel, Gasoline 3) By Tonnage Capacity Type: Less Than 2.5 Tons, 2.5 To 3.5 Tons, More Than 3.5 Tons

The buses and coaches market consists of sales of buses and coaches and related services by entities (organizations, sole traders and partnerships) that produce buses for the purpose of transporting people and goods. The global buses and coaches market is expected to grow from $76.7 billion in 2020 to $87.46 billion in 2021 at a compound annual growth rate (CAGR) of 14%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $149.91 billion in 2025 at a CAGR of 14.4%. The buses and coaches market is segmented by type into diesel buses, hybrid buses, electric buses, ethanol buses and by application into general, personal, recreational, tourist, others. The increasing demand to travel by bus is expected to drive the growth of the buses and coaches’ market over coming years. According to the Red Bus Creators, the bus sector in India is expanding at a rate of 30-40% year-on-year. The Redbus organization is exhibiting a massive 80% growth year-on-year in India itself. Therefore, the growing demand for bus drives the growth of the buses and coaches market. Fluctuating prices of metals such as iron and steel are expected to limit the growth of the buses and coaches market in the coming years. The automotive industry uses various structural components for bus manufacturing, including iron, steel, and other metals and fluctuating metal prices increase operational expenses. According to Trade Economics, Iron ore, a raw material for iron manufacturing is $27 per Metric ton for the start of 2020. In March, the price of iron ore was $82, and in October price was $118. Steel price in February 2020 was $507 (3370 Yuan) per Metric ton, and in October price was $545 (3631 Yuan) per Metric ton. Therefore, the fluctuating price of metals hinders the buses and coaches market. The autonomous bus is a key trend gaining the popularity in the buses and coaches market. The number of autonomous bus pilots is growing, and many manufacturers have already confirmed the introduction of autonomous bus deliveries within a few years from 2019. In November 2019, Volvo Buses conducted a live presentation of a 7900 Hybrid City Bus designed for autonomous operation. The vehicle successfully travelled between the parking lot and several workstations, including washing, repair and electrical charging, before parking in the correct spot, with all travellers on board. In May 2019, NFI Group, a North American-based bus manufacturer acquired the UK based bus manufacturer Alexander Dennis Limited (ADL) for a deal amount of $405 million (£320 million). The acquisition enhances the NFI product portfolio, diversifies its business model and provides a platform for international development. Alexander Dennis Limited (ADL) is a bus and coach manufacturer and has vehicle services in the UK, Europe, Hong Kong, Singapore, New Zealand, Mexico, Canada, the United States sold under Alexander Dennis and Plaxton brands. The major players covered in the global buses and coaches market are Daimler, VDL Bus and Coach, Scania, Volvo, Marcopolo, Eicher Motors Limited, TATA Motors, Ashok Leyland, Solaris Bus and Coach SA, IVECO, Hyundai Motor Company, VanHool, Zhengzhou Yutong Bus, Alexander Dennis, Xiamen King Long United Automotive, Zhengzhou Yutong Bus Co. Ltd. The countries covered in the global buses and coaches market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. The regions covered in the global buses and coaches market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The global buses and coaches market is segmented - 1) By Type: Diesel Buses, Hybrid Buses, Electric Buses, Ethanol Buses 2) By Application: General, Personal, Recreational, Tourist, Others 3) By Body Built: Fully Built, Customizable

The heavy trucks market consists of sales of heavy trucks and related services by entities (organizations, sole traders and partnerships) that produce complete heavy trucks and vehicles for the purpose of transporting bulk goods. Only goods and services traded between entities or sold to end consumers are included. The global heavy trucks market is expected to grow from $201.52 billion in 2020 to $221.85 billion in 2021 at a compound annual growth rate (CAGR) of 10.1%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $330.32 billion in 2025 at a CAGR of 10.5%. The heavy trucks market covered in this report is segmented by type into class 5; class 6; class 7; class 8. Growth in the demand for heavy trucks from end-users such as in construction, mining and other sectors is contributing to the growth of heavy trucks manufacturing market. According to executives of leading truck makers, increase in construction activities boosted the sales of tipper trucks, concrete mixers and other heavy vehicles. Also the 2019 annual report from the American Trucking Association indicated that the revenue of the trucking industry was reported to be $796.7 billion in 2018, little more than $700.1 billion in 2017. In June 2019, around 344,000 class 8 trucks were sold in the American market. Increase in demand for heavy trucks from the end users is expected to drive the heavy truck market in the forecast period. COVID-19 outbreak across the globe has impacted the production and demand for heavy trucks and this is expected to restrain the heavy trucks market during the forecast period. The pandemic has led to restrictive containment measures involving social distancing, remote working, and closures of several manufacturing units in order to contain the disease. Such lockdown norm has led to supply chain disruptions across several industries including heavy trucks manufacturing industries. According to S&P Global Inc., a financial information and analytics company indicated that global sales of heavy duty trucks will decline by 20% to 30% in 2020 due to COVID-19 impact. In 2019, 2.3 million units were sold which declined to 1.7 million units in 2020, further the sales recovery is expected by 10% by 2021. Therefore, COVID-19 outbreak is a major restraining factor which is expected to impact the growth of heavy trucks market negatively. Vehicles fitted with advanced driver-assistive technologies and safety features are new trends in the heavy trucks market. Advanced driver-assistive technologies include features like Collision Mitigation System (CMS) and a Lane Departure Warning System (LDWS) aiming to reduce road accidents and increase vehicle safety. In 2018, TATA Motors collaborated with WABCO India to provide advanced driver-assistive technologies in their commercial vehicles. TATA Motors became first Original Equipment Manufacturer (OEM) that provided Collision Mitigation System (CMS) and Lane Departure Warning System (LDWS) solutions for trucks. Benefits that are obtained from these technologies include warning of movement of vehicles in poor visibility conditions, avoiding rear-end collisions, recognizing lane marking and helping drivers in staying in road lanes. In March 2019, Daimler Trucks, a German multinational automotive corporation and manufacturer of heavy and medium trucks, acquired Torc Robotics, pioneer in autonomous driving, to create a technology powerhouse for automated trucks, for an undisclosed amount. The acquisition will help Daimler to jointly develop and test automated trucks with SAE Level 4 intent technology on public roads. The major players covered in the global heavy trucks market are Volvo Trucks, Daimler, Paccar, Isuzu Motors Ltd, TATA motors, Eicher Motors Ltd, Dongfeng Motor Group Company Ltd, Navistar, Ford Motor Company, Volkswagen, MAN, Dongfeng, FAW, CNHTC, Scania AB, Ashok Leyland, Kenworth, Oshkosh Corporation. The countries covered in the global heavy trucks market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. The regions covered in the global heavy trucks market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The global heavy trucks market is segmented - 1) By Type: Class 5, Class 6, Class 7, Class 8 2) By Fuel: Diesel, Natural Gas, Hybrid Electric, Gasoline 3) By Application: Construction and Mining, Freight and Logistics, Others

The autonomous ships market consists of sales of autonomous ships and related services. The autonomous ship is also known as crewless watercraft piloted by artificial intelligence (AI) without human interference. These ships are unmanned and function autonomously as a type of seafaring drone. Autonomous ships work on artificial intelligence technology and sensors which include LiDAR, radar, high definition cameras, sonar, and thermal imaging. The various levels of autonomous operations comprise fully manned to partially operated, partially autonomous, remote operated, and fully autonomous ships. The global autonomous ships market is expected grow from $5.68 billion in 2020 to $6.46 billion in 2021 at a compound annual growth rate (CAGR) of 13.7%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $9.24 billion in 2025 at a CAGR of 9%. The autonomous ships market covered in this report is segmented by autonomy into fully autonomous; remote operations; partial autonomous and by end-user into commercial; defense. Increasing marine accidents caused by human errors lead to high financial losses which are predicted to act as a major driver for the growth of the autonomous ships market. Unmanned ships or autonomous technology apprehend accidents attributing to human errors and contributes to the higher potential of reducing onboard accidents. According to the International Institute of Marine Surveying report published in November 2019, human error represents 58% of accidental events and 70% of accidents had shipboard operations as a major cause for accidents. Therefore, the use of autonomous ships in order to reduce the increasing number of accidents due to human error and financial losses is expected to drive the demand for autonomous ships over the next coming years. The increasing threat of cybersecurity and privacy is expected to limit the growth of the autonomous ships market during the forecast period. The advancements in technology and adoption of artificial intelligence (AI), mobility systems, and the internet of things (IoT) are creating higher chances of cybersecurity and data threats which is a major challenge for the autonomous ship industry. According to Association for Computing Machinery (ACM)’s journal on cybersecurity of the autonomous ship, cybersecurity is a serious issue for autonomous ships, regardless of the form and level of autonomy of the ship, owing to their increased dependence on ICT for controlling the ship, accessibility of systems to the internet, and increased connectivity of ship’s control system to onshore monitoring systems. Thus, the rising threat for cybersecurity and privacy is predicted to act as a major factor restraining the autonomous ships market over the forthcoming years. Major companies undertaking various strategic initiatives such as the development of fully autonomous ships, which is likely to be a major trend driving the growth of the autonomous ships industry. For instance, according to Offshore Energy news published in December 2018, Rolls Royce, a technology company, and Finferries, a state-owned ferry operator demonstrated the world’s s first fully autonomous ferry in the archipelago south of the city of Turku, Finland. It used a combination of Rolls Royce ship intelligence technology in order to navigate autonomously during its journey between Paraninen and Nauvo. The development of fully autonomous is a major trend that is anticipated to provide growth opportunities to the market. In May 2018, Wärtsilä Corporation, the technology group announced the acquisition of Transas, a UK-based firm for an amount of $257.8 million. This acquisition is a part of Wärtsilä Corporation’s attempt to expand the company’s smart marine ecosystem vision. The smart marine ecosystem is a vision where smart vessels connect with smart ports in order to improve the operational efficiency and use of resources to reduce risk and impact on the environment by enhancing security and safety. Transas was founded in 1990 and is a provider of ship & fleet operation solutions which includes access to information for real-time information, digital data and electronic chart services, and bridge infrastructure. The major players covered in the global autonomous ships market are General Electric, DNV GL, Rolls-Royce Holding PLC, Kongsberg Gruppen AS, NYK Line, Mitsui E&S Holdings Co Ltd, Wärtsilä Corporation, DSME Co., Ltd., Vigor Industrial LLC., Praxis Automation Technology B.V., Valmet Corp, Automated Ships Ltd., ASV Global , Rh Marine, L3 ASV, Siemens. The countries covered in the global autonomous ships market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. The regions covered in the global autonomous ships market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The global autonomous ships market is segmented - 1) By Autonomy: Fully Autonomous, Remote Operations, Partial Autonomous 2) By End-User: Commercial, Defense 3) By Propulsion Type: Fully Electric, Hybrid 4) By Fuel Type: Carbon Neutral Fuels, LNG, Electric, and Heavy Fuel Oil/Marine Engine Fuel