Driving the Future: Autonomous Commercial Vehicle Market Revolution
The autonomous commercial vehicle market is experiencing growth and is projected to reach USD 1,302.1 billion by 2030. This development can be ascribed to the continuing development in commercial vehicle technologies, growing government aid for autonomous commercial cars, and rising requirement for effective advantages and well-organized and safer driving options.
In recent years, the semi-autonomous category, on the basis of vehicle autonomy, contributed a higher revenue share. Vehicles must be fortified with electronic stability control or at least one of the progressive driver-assistance system ADAS features (either for steering or acceleration) to attain level 1 automation. Most of the European nations and the U.S. have forced the acceptance of basic ADAS features in all new commercial vehicles, which essentially makes all of them semi-autonomous.
In recent years, the truck category held the larger market share, and the category is projected to remain dominant in the vehicle type segment of the industry during the projection period. This can be credited to the growing utilization of autonomous trucks for logistical processes, like domestic logistics transportation, automated material handling, logistics digitalization, and yard management.
In the coming few years, on the basis of the application segment, the public transportation category is projected to advance at the fastest rate. This can be credited to the rising acceptance of autonomous shuttle facilities for public mobility reasons. Numerous start-ups and recognized businesses are coming up with strategies to grow level 5 autonomous shuttles for public transport. Such shuttles will not need human drivers for the process, which will aid transportation agencies save on working prices.
In the past few years, the North American region dominated the industry with the highest revenue for the autonomous commercial vehicle market, and the region is also projected to remain in the top spot during the projection period. This can be mainly credited to the increasing research and development activities on autonomous automobiles and growing aid from the federal and state governments for advancing autonomous driving technologies.
The APAC region is projected to witness the fastest development because of the booming vehicle industry here. APAC is the globe's largest vehicle maker, responsible for almost half of the annual production.
Hence, the continuing development in commercial vehicle technologies, growing government aid for autonomous commercial cars, and rising requirement for effective advantages are the major factors propelling the market.
