The revenue of the autonomous commercial vehicle market will reach USD 1,302.1 billion by 2030, and it will grow at an 8.2% rate in the years to come, as stated by P&S Intelligence.
The industry is thriving on the continuing development in commercial vehicle technologies, growing support of the government for autonomous commercial vehicles, and rising necessity for operational reimbursements and competent and safe driving options.
The semi-autonomous category, garnered the higher revenue in the past. Vehicles should have ESC or as a minimum of one of the ADAS features for achieving level 1 automation.
The alternative fuel category, will grow faster, mainly due to the support of the government in the form of incentives and grants for the acceptance of alternative-fuel vehicles.
Furthermore, these vehicles are less intricate than those, powered by gasoline and diesel and, therefore, have fewer technical hurdles for the expansion of autonomous vehicle.
The public transportation category, will have the fastest growth. This is because of the increasing acceptance of autonomous shuttle services for public mobility resolutions.
More than a few start-ups and well-known companies are planning to develop level 5 autonomous shuttles for public conveyance. These shuttles would not necessitate human drivers for operation, which would aid transportation agencies save on operative costs.
North America dominated the autonomous commercial vehicle market, and it will continue dominating in the future. This had a lot to do with spurring R&D activities on autonomous automobiles and mushrooming support from the state and federal governments for improving self-directed driving technologies.
Moreover, the U.S. will be the leader of the pack in the continent. This can be chiefly credited to the occurrence of the booming trucking industry. This industry is a key contributor to the U.S. economy and employs about 11.3 million people.
APAC will grow the fastest because of the prosperous automobile sector. It is the largest automobile producer, accounting for approximately 50% of the yearly production. The dominance of APAC acts as a catalyst for the growth of the market growth here.
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