The global autonomous commercial vehicle market is predicted to progress at a CAGR of 8.2% between 2020 and 2030. Moreover, the market will witness a revenue growth of $606.3 billion from 2020 to 2030. The market is being driven by the rapid advancements in automobile technologies, the rising requirement for a safe and efficient driving option, and the surging implementation of favorable government policies regarding the usage of autonomous commercial vehicles.
The emergence of connected vehicle technologies is one of the major factors fueling the progress of the market. This is because autonomous technologies are heavily required in connected vehicles and their integration in these automobiles is much easier than in conventional vehicles. Furthermore, the soaring popularity of connected vehicles, on account of the existence of advanced features such as traffic and collision warnings, real-time traffic monitoring, and roadside assistance in these vehicles, is massively propelling the market expansion.
Besides the aforementioned factor, the surging requirement for a safe and efficient driving option is also driving the advancement of the autonomous commercial vehicle market across the world. Due to the rising incidence of road accidents, the demand for advanced vehicular safety systems is growing rapidly across the world. Road accidents are mainly caused because of human errors such as the over speeding and the failure to pay proper attention at all times.
This is why the growing incidence of road accidents is positively impacting the demand for autonomous commercial vehicles all over the world. Based on vehicle autonomy, the autonomous commercial vehicle market is divided into fully autonomous and semi-autonomous vehicles. Of these, the fully autonomous vehicle category is predicted to demonstrate faster growth in the market in the forthcoming years. This is ascribed to the surging deployment of fully autonomous vehicles in logistics applications for optimizing the efficiency of these operations.
When application is taken into consideration, the market is classified into public transportation, logistics, and construction. Out of these, the logistics category recorded the highest growth in the market during the last few years and this trend is predicted to continue in the upcoming years as well. This is attributed to the expansion of the logistics industry and the growth of the retail, manufacturing, and e-commerce industries around the world.
Across the globe, the autonomous commercial vehicle market will exhibit the fastest growth in the Asia-Pacific (APAC) region in the forthcoming years, as per the forecast of P&S Intelligence, a market research company based in India. The advancement of the market in this region will be driven by the rapid technological advancements and innovations being made in the automotive industry and the ballooning popularity of autonomous driving technologies in the regional countries such as Japan, South Korea, and China.
Hence, it can be said with full surety that the market will demonstrate huge expansion all over the world in the coming years, primarily because of the rising deployment of fully autonomous vehicles in the logistics industry and the growing demand for advanced vehicular safety systems and features in several countries.