Autonomous Commercial Vehicle Market Future Trends, Prominent Players, Industry Impact and Forecast by 2030

 Vehicles have certainly made the lives of human being easier, however, the technology has certain drawbacks as well, one of which is the increasing number of road accidents. The major cause of road accidents is human error, since drivers often fail to pay attention properly, drive vehicles at inappropriate speed, and fail to keep safe distance from vehicles moving in front. It is ascribed to such factors that the need for enhancing safety on roads and requirement for safer and more efficient driving option has been surging rapidly across the globe.

This, in turn, is resulting in the growth of the autonomous commercial vehicle market, since the autonomous technology offers safer performance. In addition to this, the evolution in connecting vehicle technologies has also been leading to the growing demand for autonomous commercial vehicles. It is much easier to integrate autonomous technologies in connected vehicles as compared to traditional vehicles. Connected cars are being equipped with vehicle-to-interface and vehicle-to-vehicle connectivity, which are the key requirements for achieving autonomy of vehicles. This rising digitization in the industry is expected to result in the growth of the domain.

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Number of investments are being made for developing autonomous commercial vehicles, which is predicted to further the growth of the market. For example, Volkswagen AG made an announcement regarding investing $34 billion research & development of autonomous technologies in 2018. Similarly, the French government invested more than $45 million in 2018 for boosting the development of autonomous vehicle technology. Governments of several other countries are also investing extensively for developing autonomous driving technologies, which is expected to result in the growth of the market in the years to come.

According to a report by P&S Intelligence, the global autonomous commercial vehicle market size is expected to progress at an 8.2% CAGR during the forecast period (2020–2030). In terms of vehicle autonomy, the market is bifurcated into semi-autonomous and fully-autonomous. Between which, the semi-autonomous bifurcation held the major share of the market in 2019. For achieving level 1 automation, vehicle needs to be equipped with at least one of the advanced driver assistance system (ADAS) features or electronics stability control. Furthermore, countries in Europe and the U.S. have mandated the installation of basic ADAS features in new commercial vehicles, thereby making them semi-autonomous.

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Geographically, North America dominated the global autonomous commercial vehicle market in the past, as per a P&S Intelligence report. The demand for the technology is further expected to be the highest in the region during the forecast period. The rising research & development activities and increasing support from state and federal governments for the evolution of autonomous driving technologies are resulting in the growth of the regional market. The Asia-Pacific region is projected to exhibit the highest CAGR during the forecast period, due to the fact that the region is the largest automobile manufacturing industry across the globe.

In conclusion, the demand for autonomous commercial vehicles is growing due to the surging need for enhancing safety on roads, advancements in connected technologies, and heavy investments.

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Autonomous Vehicle Market Heating Up | Market Research Report, 2015–2030

Market Overview

The global autonomous vehicle market has observed considerable technological development in the recent years, due to which the demand for these vehicles are gaining pace. Rising focus on vehicle safety backed by governments’ regulations to incorporate safety features in vehicle will aid the growth of the market. In addition, growing vehicle sharing market, coupled with increasing customers’ requirement for ease in driving is further expected to benefit the growth of the market.

On the basis of level of automation, the autonomous vehicle market has been categorized into semi-autonomous and fully autonomous. The autonomous vehicles are currently recognized under five levels of autonomy, ranging from Level 0 to Level 5. The autonomy levels from 1 to 3 comes under semi-autonomous category and Level 4 and Level 5 are considered as fully autonomous vehicles. The highest level of autonomy achieved till date is Level 3, whereas Level 4 autonomy is expected to be introduced to customers by 2021. Furthermore, Level 5 autonomous vehicles may take time and might get introduced in mid-2025s.

Based on advanced driver-assistance system (ADAS), the autonomous vehicle market has been classified into adaptive cruise control, automatic emergency braking, automatic parking, and others. Among these, the market for vehicle with automatic emergency braking system is projected to grow at the highest rate during the forecast period, owing to governments’ mandates regarding implementation of automatic emergency braking system. For instance, in the U.S., the National Highway Traffic Safety Administration (NHTSA) set a standard to mandate the automatic emergency braking systems in vehicles by 2022. The regulations made by governments to mandatorily implement these systems in vehicles will act as a growth driver for the market.

Autonomous Vehicle Market

Geographically, North America dominated the autonomous vehicle market, in terms of volume, during the historical period. Technological advancement in the region along with major technological innovators such as Microsoft Corporation, Google LLC, and Aptiv PLC, which are significantly investing in research and development, and testing of technologies of autonomous vehicles and for commercializing them, is a key driver to propel the market for autonomous vehicles in the region.

Market Dynamics

Drivers

Growing concern of safety and security by customers has resulted in the demand for advanced technologies, leading to the demand for upgradation in semi-autonomous and fully autonomous vehicles. Autonomous vehicle technologies have capabilities to significantly affect safety, congestion, and energy use. For instance, there were around 34,200 fatal automobile crashes in the U.S. in 2017, which led to about 37,000 deaths. The use of autonomous vehicles can vividly reduce the number of automobile crashes and offer customers’ safety.

In 2010, the Insurance Institute for Highway Safety (IIHS) anticipated that if all automobiles have sideview (blind spot) assist, forward collision and lane departure warning systems, and adaptive headlights, almost a third of fatalities and crashes can be prevented. Thus, manufacturers and technology innovators are focusing more on improving security of customers by implementing autonomous technologies and hence, boosting the growth of the autonomous vehicle market.

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Market Competitive Landscape

In recent years, many tech companies, automakers, research institutions, software start-ups, telecom providers, insurance companies, and others have joined forces to accelerate the growth and development of autonomous vehicles and expand the autonomous vehicle market. For instance, in 2016, General Motors capitalized $500 million in Lyft Inc., an on-demand transportation company based in the U.S., to expand its research and development (R&D) with Honda Motor Company Ltd., Volkswagen AG, and Mobileye Vision Technologies Ltd. Similarly, in 2016, Toyota Motor Corporation also prolonged its five-year telematics partnership with Microsoft Corporation and invested $1 billion into its R&D.

Major automakers in the global autonomous vehicle market are General Motors, Ford Motor Company, Nissan Motor Company Ltd., Toyota Motor Corporation, Bayerische Motoren Werke AG (BMW), and Volkswagen AG.; and the major technology providers are Google Inc, Intel Corporation, and Apple Inc.

The report will also provide country-wise analysis of the market. Some of the major countries covered in the report are the U.S., Canada, Mexico, Germany, the U.K., the Netherlands, France, Italy, Spain, China, India, South Korea, Japan, Russia, Australia, and U.A.E.

Europe Autonomous Car Market Research Report

Germany Autonomous Vehicle Market Research Report

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