Dublin, April 04, 2023 (GLOBE NEWSWIRE) -- The "Autonomous Commercial Vehicle Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
The global autonomous commercial vehicle market will grow from $6.41 billion in 2022 to $7.95 billion in 2023 at a compound annual growth rate (CAGR) of 23.9%. The autonomous commercial vehicle market is expected to grow to $16.24 billion in 2027 at a CAGR of 19.6%.
Asia Pacific was the largest region in the autonomous commercial vehicle market in 2022. 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, the Middle East, and Africa.
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 autonomous commercial vehicles over the forthcoming years.
Increasing concerns for cybersecurity and data privacy acts as a major challenge for the autonomous commercial vehicles market. According to a report on issues in autonomous vehicle testing and deployment published by the Congressional Research Service, the USA's policy institute in February 2020, with advances in technology, the concerns for data security and protection of the on-board system against intrusion are increasing. The inbuilt automated components in the vehicle generate a large amount of data about the vehicle, vehicle performance, driver behavior, and precise location. The protection of autonomous vehicles from hackers is of paramount concern to state and federal governments, service providers, manufacturers, and users. Therefore, with advancements in technology, the concerns for data privacy and security are increasing, which, in turn, is likely to act as a major restraint for the growth of the autonomous commercial vehicle market.
In June 2022, Uber Freight, a US-based managed transportation provider, partnered with Waymo Via. This partnership combines the strength of Waymo's autonomous driving technology with the size of Uber Freight's network and cutting-edge marketplace technology, providing a clear path for the cautious and secure introduction of autonomous trucks on US roads. Waymo Via is a US-based autonomous driving technology company.
The countries covered in the autonomous commercial vehicle market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, USA.
Reasons to Purchase
- Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
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- Assess the Russia - Ukraine war's impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
- Measure the impact of high global inflation on market growth.
- Create regional and country strategies on the basis of local data and analysis.
- Identify growth segments for investment.
- Outperform competitors using forecast data and the drivers and trends shaping the market.
- Understand customers based on the latest market shares.
- Benchmark performance against key competitors.
- Suitable for supporting your internal and external presentations with reliable high quality data and analysis
Scope
Markets Covered
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
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 175 |
| Forecast Period | 2023 - 2027 |
| Estimated Market Value (USD) in 2023 | $7.95 billion |
| Forecasted Market Value (USD) by 2027 | $16.24 billion |
| Compound Annual Growth Rate | 19.6% |
| Regions Covered | Global |
Key Topics Covered:
1. Executive Summary
2. Autonomous Commercial Vehicle Market Characteristics
3. Autonomous Commercial Vehicle Market Trends And Strategies
4. Autonomous Commercial Vehicle Market - Macro Economic Scenario
5. Autonomous Commercial Vehicle Market Size And Growth
6. Autonomous Commercial Vehicle Market Segmentation
7. Autonomous Commercial Vehicle Market Regional And Country Analysis
A selection of companies mentioned in this report includes
- Volkswagen
- Daimler
- Tesla
- Denso
- Continental
- Waymo
- BMW AG
- Isuzu Motors Limited
- General Motors
- AB Volvo
- Beiqi Foton Motor
- Skywell
- Dongfeng Motor
- SINOTRUK Group
- FAW Jiefang
- China Shaanqi
- Beiben Trucks
- SAIC Hongyan
- JMC
- Zhengzhou Yutong Bus
- King Long Bus
- CRRC Electric Vehicle
- Xiamen Golden Dragon Bus
- Anhui Ankai Automobile
For more information about this report visit https://www.researchandmarkets.com/r/as908q
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