The heavy-duty autonomous vehicle global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Heavy-Duty Autonomous Vehicle Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size —
The heavy-duty autonomous vehicle market size has grown exponentially in recent years. It will grow from $119.69 billion in 2023 to $146.41 billion in 2024 at a compound annual growth rate (CAGR) of 22.3%. The growth in the historic period can be attributed to increasing demand for operational efficiency, focus on reduction of human error in operations, enhanced safety measures, improvement in completion times for large-scale projects, increasing demand for the safety of drivers, and growing investments in R&D.
The heavy-duty autonomous vehicle market size is expected to see exponential growth in the next few years. It will grow to $329.05 billion in 2028 at a compound annual growth rate (CAGR) of 22.4%. The growth in the forecast period can be attributed to the growing need to ensure the safety and efficiency of automobiles, emphasis on improved sustainability in automobiles, increasing demand to improve freight efficiency, demand to optimize last-mile delivery logistics and development of smart infrastructure. Major trends in the forecast period include the adoption of fully autonomous vehicles, increasing use of battery electric vehicles, growth in inductive and supercharging technologies, development of AI-driven navigation systems, advances in machine learning algorithms, and growth in remote monitoring capabilities.
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Scope Of Heavy-Duty Autonomous Vehicle Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Heavy-Duty Autonomous Vehicle Market Overview
Market Drivers –
The expanding e-commerce sector is expected to propel the growth of the heavy-duty autonomous vehicle market going forward. The e-commerce sector encompasses businesses that buy and sell goods and services over the internet, leveraging online platforms to facilitate commercial transactions. The growth in the e-commerce sector is driven by factors such as internet penetration, mobile commerce, digital payment solutions, and social media integration. Heavy-duty autonomous vehicles (HDAVs) boost e-commerce by allowing for faster, more dependable long-distance transportation, minimizing human error, and enhancing supply chain efficiency, all of which improve delivery speed and safety. For instance, in November 2023, according to the International Trade Administration, a US-based Department of Commerce, consumer eCommerce was expected to generate $285.60 billion in revenue by 2025, accounting for 36.3% of the UK retail market as of January 2021. Additionally, eCommerce revenues in the UK are projected to grow at an average annual rate of 12.6% by 2025. Therefore, the expanding e-commerce sector is driving the growth of the heavy-duty autonomous vehicle market.
Market Trends —
Major companies operating in the heavy-duty autonomous vehicle market are focused on developing advanced technology, such as a new generation of autonomous public transport, to enhance efficiency and improve safety in urban mobility solutions. A new generation of autonomous public transportation is the most innovative development in public transit systems, capable of navigating highways, interacting with traffic, and transporting passengers safely, resulting in a more reliable and sustainable public transit choice. For instance, in August 2023, Schaeffler AG, a Germany-based automotive industry company, partnered with VDL Groep, a Netherlands-based manufacturing company, to launch self-driving electric shuttles. These shuttles will utilize Mobileye’s autonomous driving systems, which have attained society of automotive engineers (SAE) Level 4 for full self-driving capability, eliminating the need for a human driver. Each shuttle is around 5 meters in length, 2.2 meters in width, and 2.8 meters in height, with six fixed seats and three movable seats, accommodating a total of nine passengers. With a cargo capacity of 1,000 kg and a weight of up to 5,000 kg, the vehicle can travel at speeds of up to 70 km/h.
The heavy-duty autonomous vehicle market covered in this report is segmented —
1) By Vehicle Type: Heavy Trucks, Heavy Buses, Roboshuttles
2) By Sensor Type: Light Detection And Ranging (LiDAR), Radio Detection And Ranging (RADAR), Camera, Other Sensor Types
3) By Level Of Autonomy: Semi-Autonomous Vehicles, Autonomous Vehicles
4) By Capacity: 3.5–7.5 Tons, 7.5–16 Tons, Above 16 Tons
5) By Application: Logistics, Public Transportation, Construction And Mining, Other Applications
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Regional Insights —
North America was the largest region in the heavy-duty autonomous vehicle market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the heavy-duty autonomous vehicle market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies —
Major companies operating in the heavy-duty autonomous vehicle market are Volkswagen AG, Caterpillar Inc., Daimler Truck AG, AB Volvo, Traton Group, Continental AG, PACCAR Inc., Baidu Inc., Schaeffler AG, MAN Truck & Bus, Yutong Bus Co. Ltd., Mobileye N.V., Anhui Ankai Automobile Co. Ltd., Torc Robotics, Embark Trucks Inc., EasyMile, Aurora Innovation Inc., Einride AB, Navya Technology, TuSimple Holdings Inc.
Table of Contents
1. Executive Summary
2. Heavy-Duty Autonomous Vehicle Market Report Structure
3. Heavy-Duty Autonomous Vehicle Market Trends And Strategies
4. Heavy-Duty Autonomous Vehicle Market — Macro Economic Scenario
5. Heavy-Duty Autonomous Vehicle Market Size And Growth
…..
27. Heavy-Duty Autonomous Vehicle Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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