Autonomous Commercial Vehicle Market Detailed Analysis of Current Industry Figures with Forecasts Growth
As more people are becoming financially sound, the number of automobiles around the world is growing. This is leading to a lot of traffic congestion, which is made worse by large automobiles, such as buses and trucks. Another sad outcome of traffic growth is road accidents, which, according to the World Health Organization (WHO), lead to more than 1.3 million human deaths each year. This factor has awakened people’s consciousness, and they are now beginning to demand more safety features in vehicles.
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P&S Intelligence credits this and the fact that most road accidents are a result of human error while forecasting that the autonomous commercial vehicle market will grow at a CARG of 8.2% between 2020 and 2030. A key development that is enabling the rollout of autonomous vehicles is the integration of connectivity features in automobiles. Connected vehicles feature roadside assistance, smartphone connectivity within themselves, automobile diagnostics, traffic and collision warnings, and real-time traffic monitoring. Many of these vehicle-to-vehicle (V2V) and vehicle-to-infrastructure (V2I) connectivity features are a prerequisite for autonomous driving; thus, the evolution of connected vehicles is considered the first step in the direction of driverless vehicles.
Of all applications, including logistics, construction, and public transportation, level 1–3 autonomous commercial vehicles are currently used the most for logistics. This is why between buses and trucks, autonomous trucks have witnessed higher sales till now. The expansion in the manufacturing, retail, and e-commerce industries is leading to the rising demand for freight transportation services, which is driving the expansion of logistics fleets. In the coming years though, autonomous buses will witness the faster rise in sales owing to their integration in public transportation fleets.
Presently, the autonomous commercial vehicle market in North America accounts for the highest sales of such automobiles, on account of the early integration of self-driving technologies here than elsewhere in the world. Moreover, many companies, including General Motors Co., Waymo LLC, Tesla Inc., and Ford Motor Co., are involved in autonomous commercial vehicle designing, development, and testing projects in the continent. In the coming years, Asia-Pacific (APAC) will likely witness the fastest increase in the adoption of autonomous commercial vehicles due to its vast automotive sector and technological advancements in regional countries.
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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.