Major players in the autonomous commercial vehicle market are Volkswagen, Daimler, Tesla, Denso, Continental, Waymo, BMW AG, Isuzu Motors Limited, General Motors and AB Volvo.
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 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 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 autonomous commercial vehicles market covered in the report is segmented by vehicle into the truck; trailer; bus; others. It is also segmented by automation level into driver assistance; partial automation; conditional automation; high automation; full automation and by fuel type into conventional; hybrid vehicle; electric vehicle.
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.
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175 pages •
By The Business Research Company
• May 2021
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