The Autonomous Commercial Vehicle Global Market Report 2023 by The Business Research Company, provides autonomous commercial vehicle market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.
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According to The Business Research Company’s Autonomous Commercial Vehicle Global Market Report 2023, the market size is expected to grow from $6.41 billion in 2022 to $7.95 billion in 2023 at a compound annual growth rate (CAGR) of 23.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of global autonomous commercial vehicle is expected to grow to $16.24 billion in 2027 at a CAGR of 19.6%.
The increase in government approvals for testing autonomous trucks on public roads is driving the growth of the autonomous commercial vehicle market. The governments of major countries are allowing the testing of autonomous vehicles to promote the use of commercial vehicles for delivery and other purposes. The California Department of Motor Vehicles (DMV) proposed a regulation that would allow companies to deploy or test light-duty autonomous motor trucks or delivery vehicles on the public roads of the state. Under the regulation, companies can test delivery vehicles that weigh less than 10,001 pounds with an approved permit from the DMV. The government’s approval for testing autonomous vehicles on roads encourages customers to have a glimpse of such vehicles, creating a potential opportunity for sale shortly, thereby driving the demand for the growth of the autonomous commercial vehicles over the forthcoming years.
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The autonomous commercial vehicle market is segmented:
1) By Vehicle: Truck, Trailer, Bus, Other Vehicle Types
2) By Automation Level: Driver Assistance, Partial Automation, Conditional Automation, High Automation, Full Automation
3) By Fuel Type: Conventional, Hybrid Vehicle, Electric Vehicle
The launch of new products is a key trend gaining popularity in the autonomous commercial vehicle market. Companies in the market are focusing on the launch of new products to generate significant cost benefits, and ensure product quality, safety and user experience. For example, in October 2022, XPeng, a Chinese electric vehicle manufacturer, launched G9 SUV, a mass-produced commercial vehicle with new advanced driver assist system (ADAS), the XNGP, combines XPeng’s Highway Navigated Guided Pilot (NGP) and City NGP to automate certain driving functions in both highway and urban driving scenarios.
The autonomous commercial vehicle market report table of contents includes:
1. Executive Summary
2. Autonomous Commercial Vehicle Market Characteristics
3. Autonomous Commercial Vehicle Market Trends And Strategies
4. Autonomous Commercial Vehicle Market – Macro Economic Scenario
5. Autonomous Commercial Vehicle Market Size And Growth
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26. Africa Autonomous Commercial Vehicle Market
27. Autonomous Commercial Vehicle Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Autonomous Commercial Vehicle Market
29. Autonomous Commercial Vehicle Market Future Outlook and Potential Analysis
30. Appendix
Top Major Players:
- Volkswagen
- Daimler
- Tesla
- Denso
- Continental
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