Autonomous Commercial Vehicle Global Market Report 2024

“Autonomous Commercial Vehicle Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on autonomous commercial vehicle market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

Reasons to Purchase

• Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
• Understand how the market has been affected by the COVID-19 and how it is responding as the impact of the virus abates.
• Assess the Russia - Ukraine war's impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
• Measure the impact of high global inflation on market growth.
• Create regional and country strategies on the basis of local data and analysis.
• Identify growth segments for investment.
• Outperform competitors using forecast data and the drivers and trends shaping the market.
• Understand customers based on the latest market shares.
• Benchmark performance against key competitors.
• Suitable for supporting your internal and external presentations with reliable high quality data and analysis
• Report will be updated with the latest data and delivered to you within 3-5 working days of order along with an Excel data sheet for easy data extraction and analysis.
• All data from the report will also be delivered in an excel dashboard format.

Where is the largest and fastest growing market for autonomous commercial vehicle? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The autonomous commercial vehicle market global report ” from The Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

• The market characteristics section of the report defines and explains the market.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include:

The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.

The impact of higher inflation in many countries and the resulting spike in interest rates.

The continued but declining impact of COVID-19 on supply chains and consumption patterns.

• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered:

• 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
• Companies Mentioned: Volkswagen AG; Daimler AG; Tesla Inc.; Denso Corporation; Continental AG
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
• Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
• Delivery format: PDF, Word and Excel Data Dashboard.

Executive Summary

An autonomous commercial vehicle refers to a commercial-purpose vehicle equipped with advanced hardware and software that allows it to execute dynamic driving tasks without the constant physical control or direct supervision of a human operator.

The primary categories of autonomous commercial vehicles encompass trucks, trailers, buses, and other relevant types. Trucks are essentially wheeled vehicles designed for the transportation of heavy cargo or goods. These vehicles can operate at various levels of automation, ranging from basic driver assistance to partial automation, conditional automation, high automation, and full automation. Additionally, they can be powered by different fuel types, including conventional fuels, hybrid propulsion systems, and electric power sources.

The autonomous commercial vehicle market research report is one of a series of new reports from The Business Research Company that provides autonomous commercial vehicle market statistics, including global market size, regional shares, competitors with an autonomous commercial vehicle market share, detailed autonomous commercial vehicle market segments, market trends and opportunities, and any further data you may need to thrive in the autonomous commercial vehicle industry. This autonomous commercial vehicle market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The autonomous commercial vehicle market size has grown exponentially in recent years. It will grow from $7.95 billion in 2023 to $9.85 billion in 2024 at a compound annual growth rate (CAGR) of 23.9%. The growth observed during the historical period is primarily attributed to several key factors, including advances in robotics and artificial intelligence (AI), labor shortages, a strong focus on safety and operational efficiency, regulatory initiatives, and the substantial growth of the e-commerce sector. These factors collectively drove developments and adoption in the autonomous commercial vehicle industry.

The autonomous commercial vehicle market size is expected to see rapid growth in the next few years. It will grow to $19.27 billion in 2028 at a compound annual growth rate (CAGR) of 18.3%. The anticipated growth in the forecast period is primarily driven by ongoing advancements in sensor technologies, machine learning, and connectivity, as well as the persisting challenges of driver shortages, a strong emphasis on safety regulations, environmental concerns, and the pursuit of greater supply chain efficiency. Notable trends expected in this forecast period encompass last-mile delivery solutions, the adoption of platoon technology, remote fleet monitoring, the integration of autonomous vehicles into mixed traffic environments, and the increased focus on partnerships and collaboration within the industry.

Increased government approvals for testing autonomous trucks on public roads are propelling the growth of the autonomous commercial vehicle market. Several major countries have granted permission for the testing of autonomous vehicles, particularly commercial trucks, for various applications, including deliveries. An example of such approval comes from the California Department of Motor Vehicles (DMV), which has introduced a regulation permitting the deployment and testing of light-duty autonomous delivery vehicles on public roads, provided they weigh less than 10,001 pounds and have an approved DMV permit. Government endorsements for testing these autonomous vehicles on public roads serve as a valuable opportunity for potential customers to witness their capabilities, ultimately driving demand and contributing to the growth of the autonomous commercial vehicle market.

The surging demand for efficient transportation solutions is anticipated to fuel the growth of the autonomous commercial vehicle market in the foreseeable future. Efficient transportation involves the intentional movement of goods, people, and animals from one location to another. Autonomous commercial vehicles have the ability to optimize their routes, speeds, and driving behaviors to minimize fuel consumption, leading to significant cost savings for fleet operators while also aligning with environmental regulations and sustainability objectives. The reduced fuel expenses make autonomous vehicles an attractive choice for transportation companies looking to enhance their operational efficiency. This trend is underscored by data from the Bureau of Transportation Statistics, indicating that transportation services contributed substantially to the growth of the U.S. gross domestic product (GDP). Autonomous vehicles' ability to enhance transportation efficiency is a key driver for the growth of this market.

However, a major challenge facing the autonomous commercial vehicle market is the rising concern regarding cybersecurity and data privacy. As technology advances in autonomous vehicles, the need for robust data security measures to protect against system intrusions becomes increasingly critical. The automated components within these vehicles generate extensive data related to vehicle performance, driver behavior, and precise location, necessitating stringent safeguards against potential cyber threats. Government bodies, manufacturers, service providers, and users are all deeply invested in safeguarding autonomous vehicles from cyberattacks, making data privacy and security a central concern. Consequently, the growing emphasis on data protection and security poses a substantial hurdle to the growth of the autonomous commercial vehicle market.

The introduction of new products stands out as a prominent trend in the autonomous commercial vehicle market. Companies within this market are placing a strong emphasis on launching innovative products to achieve significant cost advantages and uphold high standards of product quality, safety, and user satisfaction. An illustrative example of this trend is seen in the actions of XPeng, a Chinese electric vehicle manufacturer. In October 2022, XPeng introduced the G9 SUV, a commercially produced vehicle equipped with an advanced driver assist system known as XNGP. This technology amalgamates XPeng's Highway Navigated Guided Pilot (NGP) and City NGP, enabling the automation of specific driving functions in both highway and urban driving scenarios.

Leading companies operating in the autonomous commercial vehicle market are actively engaged in developing novel products, such as mapping platforms tailored for autonomous vehicles. Mapping platforms are digital tools and systems designed for the creation, visualization, and analysis of maps and geospatial data. For instance, Nvidia, a prominent U.S.-based software company, unveiled the Drive Map in March 2022. A distinctive feature of this product is its ability to cover approximately 300,000 miles of road in North America, Europe, and Asia by 2024 for ground truth mapping. The platform's primary objective is to facilitate advanced autonomous driving, making it available to all Nvidia customers while complementing the company's existing offerings in the autonomous vehicle industry.

In June 2022, Uber Freight, a managed transportation provider based in the United States, established a strategic partnership with Waymo Via. This collaboration leverages Waymo Via's autonomous driving technology alongside the extensive reach of Uber Freight's network and cutting-edge marketplace technology. The partnership creates a clear pathway for the safe and deliberate introduction of autonomous trucks onto American roads. Waymo Via is an autonomous driving technology company based in the United States, contributing to the advancement of autonomous commercial vehicles in the 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.

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

The countries covered in the autonomous commercial vehicle market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada

The autonomous commercial vehicle market consists of sales of autonomous buses and coaches. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.