Autonomous Commercial Vehicle Market Analyzed With Trends And Opportunities By 2030

With the growth of the manufacturing and retail industries, an efficient means to transport goods from one place to another is becoming more important every year. Similarly, the burgeoning population, which the United Nations (UN) expects to touch 10.9 billion by 2100, is propelling the need for passenger transportation. With these factors, the number of large commercial vehicles, including trucks and buses, is rising. However, these vehicles are often part or cause of road accidents because they are slightly difficult to maneuver, and drivers aren't always able to see what is behind them.

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As a result, with the surging incidence of road accidents, which kill 1.35 million people each year, as per the World Health Organization (WHO), the need for making transportation safer is increasing. P&S Intelligence cites this factor while projecting an 8.2% CAGR for the autonomous commercial vehicle market during 2020 and 2030. It is now well known that most of the accidents are caused by humans themselves, and few due to machine/vehicle system error. As a result, in several countries, the adoption of functionalities that can aid the human driver or even completely replace them while driving has been mandated.

Another key factor that will aid the deployment of autonomous vehicles around the world is the emergence of autonomous truck start-ups, including TuSimple Inc., Kodiak Robotics Inc., Embark Trucks Inc., and Einride AB. Autonomous trucks already outnumber autonomous buses in sales, and with such companies continuing to receiving heavy funding, the trucking industry might be looking at a major technological shift in the coming years. Trucks often cover long distances, of over 500 km, on a single journey, which leads to driver fatigue. With ADAS and autonomous features, the risk of road crashes, as a result, would come down massively.

Hence, owing to the strong government support and a large trucking industry, the autonomous commercial vehicle market is currently dominated by North America. Trucks form the backbone of freight transportation in the continent, carrying goods worth $721 billion in 2017, compared to trains, which carried goods worth only $174 billion that year, as per the U.S. Bureau of Transportation Statistics. Along with North America, the sales of autonomous commercial vehicles are also picking up in Asia-Pacific (APAC), which is home to the most people and rapidly growing manufacturing and e-commerce industries.

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Therefore, as commercial vehicles carry a substantial risk of road crashes, the integration of autonomous driving features in them is expected to make roads safer.

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This release was published on openPR.