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Autonomous Commercial Vehicle Global Market Demand Status, Competitive Landscape, Top Growing Regions, Segmentations, and Leading Key Opportunity Forecast To 2033
Autonomous Commercial Vehicle Market
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According to The Business Research Company's, The autonomous commercial vehicle market size has grown exponentially in recent years. It will grow from $7.95 billion in 2023 to $9.85 billion in 2024 at a compound annual growth rate (CAGR) of 23.9%. The growth in the historic period can be attributed to advancements in robotics and ai, labor shortages, safety and efficiency, regulatory initiatives, e-commerce growth.
The autonomous commercial vehicle market size is expected to see rapid growth in the next few years. It will grow to $19.27 billion in 2028 at a compound annual growth rate (CAGR) of 18.3%. The growth in the forecast period can be attributed to continued advancements in sensors, machine learning, and connectivity, driver shortages, safety regulations, environmental concerns, supply chain efficiency. Major trends in the forecast period include last-mile delivery, platoon technology, remote fleet monitoring, mixed traffic operation, partnerships and collaboration.
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Market Drivers and Trends:
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.
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.
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Major Key Players of the Market:
Volkswagen AG, Daimler AG, Tesla Inc., Denso Corporation, Continental AG, Waymo LLC, Bayerische Motoren Werke Aktiengesellschaft, Isuzu Motors Limited, General Motors Company, AB Volvo, Beiqi Foton Motor Co. Ltd., Skywell New Energy Vehicles Group Co. Ltd., Dongfeng Motor Corporation, China National Heavy Duty Truck Group Co. Ltd. (SINOTRUK), FAW Jiefang Automobile Co. Ltd., Shaanxi Automobile Group Co. Ltd. (China Shaanqi), Beiben Trucks Group Co. Ltd. (Beiben Trucks), SAIC Iveco Hongyan Commercial Vehicle Co. Ltd. (SAIC Hongyan), Jiangling Motors Corporation Group (JMC), Zhengzhou Yutong Bus Co. Ltd. (Zhengzhou Yutong Bus), Xiamen King Long United Automotive Industry Co. Ltd. (King Long Bus), CRRC Electric Vehicle Co. Ltd. (CRRC Electric Vehicle), Xiamen Golden Dragon Bus Co. Ltd. (Xiamen Golden Dragon Bus), Anhui Ankai Automobile Co. Ltd. (Anhui Ankai Automobile), Plus.ai Inc. (Plus.ai), Embark Trucks Inc. (Embark Trucks), Daimler Trucks North America LLC (Daimler Trucks), NVIDIA Corporation, Zoox Inc., Luminar Technologies Inc.
Autonomous Commercial Vehicle Market 2024 Key Insights:
• The autonomous commercial vehicle market size is expected to see rapid growth in the next few years. It will grow to $19.27 billion in 2028 at a compound annual growth rate (CAGR) of 18.3%.
• Government Approvals Fuel Growth In The Autonomous Commercial Vehicle Market
• Product Launches In The Autonomous Commercial Vehicle Market
• Asia-Pacific was the largest region in the autonomous commercial vehicle market in 2023
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