Press release
Autonomous Commercial Vehicle Market Size Forecast: $22.09 Billion by 2029 | Global Outlook
Autonomous Commercial Vehicle Market
What Is the Projected Market Size Valuation of the Autonomous Commercial Vehicle Market by 2025?
The market size for autonomous commercial vehicles has seen a swift expansion in the past few years. Rising from $9.85 billion in 2024, the market is predicted to reach $11.48 billion in 2025, reflecting a compound annual growth rate (CAGR) of 16.6%. Factors such as advancements in robotics and AI, labor shortages, improvements in safety and efficiency, regulatory mandates, and the expansion of e-commerce have all contributed to the growth observed during the historical period.
What Is the Estimated Market Growth Value for the Autonomous Commercial Vehicle Industry in 2029?
In the coming years, the market size for autonomous commercial vehicles is predicted to surge drastically. It is anticipated to attain a value of $22.09 billion in 2029, with a compound annual growth rate (CAGR) of 17.8%. Several factors contribute to this forecasted growth, including ongoing progress in sensors, machine learning, and connectivity, along with a lack of drivers, safety norms, environmental issues, and effective supply chain management. The prediction period also sees several prominent trends such as last-mile delivery, platoon technology, remote fleet tracking, mixed traffic operation and strategic partnerships and collaborations.
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What Are the Growth Drivers and Opportunities in the Autonomous Commercial Vehicle Market?
The surge in official permissions for autonomous truck trials on public highways is propelling the expansion of the autonomous commercial vehicle sector. To encourage commercial vehicle use for deliveries and other services, the governments of leading countries are permitting autonomous vehicle testing. The California Department of Motor Vehicles (DMV) has put forward a regulation enabling companies to test or launch light-duty autonomous motor trucks or delivery vehicles on the state's public highways. Within this regulation, companies are allowed to test delivery vehicles weighing less than 10,001 pounds, provided they have a permit approved by the DMV. The green light from the government to test autonomous vehicles on public roads allows customers to witness these vehicles firsthand, thus paving the way for potential future sales and further fueling the demand for autonomous commercial vehicles in the years to come.
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What Are the Primary Segments Covered in the Global Autonomous Commercial Vehicle Market Report?
The autonomous commercial vehicle market covered in this report 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
Subsegments:
1) By Truck: Light Duty Trucks, Medium Duty Trucks, Heavy Duty Trucks
2) By Trailer: Flatbed Trailers, Refrigerated Trailers, Tanker Trailers, Container Trailers
3) By Bus: Autonomous Passenger Buses, Autonomous Shuttle Buses
4) By Other Vehicle Types: Autonomous Delivery Vans, Autonomous Service Vehicles, Autonomous Construction Vehicles
What Are the Top Growth Trends in the Autonomous Commercial Vehicle Market?
The introduction of innovative products is becoming a noteworthy trend in the autonomous commercial vehicle market. Businesses in this field are honing their focus on launching new offerings to produce substantial cost advantages, as well as guaranteeing product quality, safety, and a high-standard user experience. To exemplify, XPeng, a Chinese manufacturer of electric vehicles, unveiled the G9 SUV in October 2022. This is a commercially produced vehicle that features a new cutting-edge driver assist system (ADAS) - the XNGP. Comprising XPeng's Highway Navigated Guided Pilot (NGP) and City NGP, it offers automation for certain driving functions in both highway and urban driving settings.
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Which Companies Are Shaping the Future of the Autonomous Commercial Vehicle Market?
Major companies operating in the autonomous commercial vehicle market include 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.
Which Region Holds the Largest Market Share in the Autonomous Commercial Vehicle Industry?
Asia-Pacific was the largest region in the autonomous commercial vehicle market in 2024. North America was the second largest region in the autonomous commercial vehicle market. The regions covered in the autonomous commercial vehicle market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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