The autonomous commercial vehicle market is experiencing growth and is projected to reach USD 1,302.1 billion by 2030. This development can be ascribed to the continuing development in commercial vehicle technologies, growing government aid for autonomous commercial cars, and rising requirement for effective advantages and well-organized and safer driving options.
In recent years, the semi-autonomous category, on the basis of vehicle autonomy, contributed a higher revenue share. Vehicles must be fortified with electronic stability control or at least one of the progressive driver-assistance system ADAS features (either for steering or acceleration) to attain level 1 automation. Most of the European nations and the U.S. have forced the acceptance of basic ADAS features in all new commercial vehicles, which essentially makes all of them semi-autonomous.
In the coming few years, the alternative fuel category, on the basis of fuel type segment, is projected to experience quicker development, mainly because of the increasing government help in the form of allowances and encouragements for the acceptance of substitute-fuel vehicles. Furthermore, such automobiles are less multifaceted than those running on gasoline diesel, and petrol and, therefore, come with lesser technical hurdles for the growth of autonomous vehicles.
In the coming few years, on the basis of the application segment, the public transportation category is projected to advance at the fastest rate. This can be credited to the rising acceptance of autonomous shuttle facilities for public mobility reasons. Numerous start-ups and recognized businesses are coming up with strategies to grow level 5 autonomous shuttles for public transport. Such shuttles will not need human drivers for the process, which will aid transportation agencies save on working prices.
In the past few years, the North American region dominated the industry with the highest revenue for the autonomous commercial vehicle market, and the region is also projected to remain in the top spot during the projection period. This can be mainly credited to the increasing research and development activities on autonomous automobiles and growing aid from the federal and state governments for advancing autonomous driving technologies
Hence, the continuing development in commercial vehicle technologies, growing government aid for autonomous commercial cars, and rising requirement for effective advantages are the major factors propelling the market.