Market Research Report
Autonomous Commercial Vehicle Market Research Report: By Vehicle Autonomy, Vehicle Type, Fuel Type, Application - Global Industry Analysis and Growth Forecast to 2030
|Published by||Prescient & Strategic Intelligence Private Limited||Product code||968356|
|Published||Content info||208 Pages
Delivery time: 2-3 business days
|Autonomous Commercial Vehicle Market Research Report: By Vehicle Autonomy, Vehicle Type, Fuel Type, Application - Global Industry Analysis and Growth Forecast to 2030|
|Published: July 1, 2020||Content info: 208 Pages||
Autonomous Commercial Vehicle Market Research Report: By Vehicle Autonomy (Semi-Autonomous), Vehicle Type (Truck, Bus), Fuel Type (Conventional Fuel, Alternative Fuel), Application (Logistics, Public Transportation, Construction) - Global Industry Analysis and Growth Forecast to 2030.
Vehicles have certainly made the lives of human being easier, however, the technology has certain drawbacks as well, one of which is the increasing number of road accidents. The major cause of road accidents is human error, since drivers often fail to pay attention properly, drive vehicles at inappropriate speed, and fail to keep safe distance from vehicles moving in front. It is ascribed to such factors that the need for enhancing safety on roads and requirement for safer and more efficient driving option has been surging rapidly across the globe.
This, in turn, is resulting in the growth of the autonomous commercial vehicle market, since the autonomous technology offers safer performance. In addition to this, the evolution in connecting vehicle technologies has also been leading to the growing demand for autonomous commercial vehicles. It is much easier to integrate autonomous technologies in connected vehicles as compared to traditional vehicles. Connected cars are being equipped with vehicle-to-interface and vehicle-to-vehicle connectivity, which are the key requirements for achieving autonomy of vehicles. This rising digitization in the industry is expected to result in the growth of the domain.
Number of investments are being made for developing autonomous commercial vehicles, which is predicted to further the growth of the market. For example, Volkswagen AG made an announcement regarding investing $34 billion research & development of autonomous technologies in 2018. Similarly, the French government invested more than $45 million in 2018 for boosting the development of autonomous vehicle technology. Governments of several other countries are also investing extensively for developing autonomous driving technologies, which is expected to result in the growth of the market in the years to come.
According to a report by P&S Intelligence, the global autonomous commercial vehicle market is expected to progress at an 8.2% CAGR during the forecast period (2020-2030). In terms of vehicle autonomy, the market is bifurcated into semi-autonomous and fully-autonomous. Between which, the semi-autonomous bifurcation held the major share of the market in 2019. For achieving level 1 automation, vehicle needs to be equipped with at least one of the advanced driver assistance system (ADAS) features or electronics stability control. Furthermore, countries in Europe and the U.S. have mandated the installation of basic ADAS features in new commercial vehicles, thereby making them semi-autonomous.
Geographically, North America dominated the global autonomous commercial vehicle market in the past, as per a P&S Intelligence report. The demand for the technology is further expected to be the highest in the region during the forecast period. The rising research & development activities and increasing support from state and federal governments for the evolution of autonomous driving technologies are resulting in the growth of the regional market. The Asia-Pacific region is projected to exhibit the highest CAGR during the forecast period, due to the fact that the region is the largest automobile manufacturing industry across the globe.
In conclusion, the demand for autonomous commercial vehicles is growing due to the surging need for enhancing safety on roads, advancements in connected technologies, and heavy investments.