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Autonomous Commercial Vehicle Market Size and Growth Insights Report

by PramodKr
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According to a report by P&S Intelligence, the global autonomous commercial vehicle market is predicted to attain a revenue of $499.5 billion in 2030, and is expected to register an 8.2% CAGR during the time period 2020–2030. The market is being driven by the rising demand for safe and efficient driving alternatives, supportive measures that are being taken by governments of different countries, and development of connected cars.

On the basis of application, the autonomous commercial vehicle market is divided into construction, logistics, public transport, and others, out of which, the logistics division accounted for the major share of the market in 2019. The division is further expected to contribute the largest revenue share to the market in the coming years as well, due to the expanding logistics industry and growth of retail, manufacturing, and e-commerce industries all around the world.

In addition to this, the increasing requirement for logistics is predicted to create the need for developing more efficient delivering alternatives for minimizing any loss during transits. This would further lead to the development of autonomous truck convoy, which will improve vehicle communication network and operational algorithms, thereby benefitting logistics operations. In terms of vehicle autonomy, the market is categorized into fully and semi-autonomous vehicles.

When geography is taken into consideration, North America emerged as the largest autonomous commercial vehicle market in the past. The regional market is being led by U.S., which can be attributed to the early adoption of autonomous technologies in the country. Other than this, the Asia-Pacific region is projected to advance at the fastest pace in the coming years, due to the rising technological development and surging adoption of autonomous driving technologies in various countries, including Japan, South Korea, and China.

The companies operating in the autonomous commercial vehicle market are engaging in acquisitions and mergers for strengthening their position in the global domain. Some of the key players in the domain are General Motor Co., Ford Motor Co., Fiat Chrysler Automobiles N.V., Renault–Nissan–Mitsubishi Alliance, Toyota Motor Corp., TuSimple Inc., Kodiak Robotics Inc., Embark Trucks Inc., Inceptio Technology (Shanghai) Co. Ltd., and Einride AB.

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