Press Release
“What Is the Forecasted Market Size and Growth Rate for the Heavy-Duty Autonomous Vehicle Market?
The market size for autonomous heavy-duty vehicles has seen an exponential increase in its growth in the past few years. The market, which is projected to grow from $146.41 billion in 2024 to $179.51 billion in 2025, is expected to see a compound annual growth rate (CAGR) of 22.6%. Factors contributing to this growth during the historic period include a rise in demand for operational efficiency, attempts to reduce human error in operations, the implementation of enhanced safety protocols, improvements in the timeline for large-scale projects, increased demand for driver safety and larger investments in research and development.
The size of the heavy-duty autonomous vehicle market is set to experience significant growth in the coming years, expanding to $402.5 billion by 2029 with a Compound Annual Growth Rate (CAGR) of 22.4%. This growth during the projected period is due to the escalating need for automobile safety and efficiency, stressed focus on enhancing sustainability in cars, growing demand to enhance goods transportation efficiency, the need for optimizing final chain logistics, and smart infrastructure development. The major trends dominating the forecast period include the rise in adoption of wholly self-driving vehicles, increased use of battery-powered vehicles, expansion in inductive and supercharged technologies, breakthroughs in AI-based navigation systems, advancements in machine learning algorithms, and the rise in remote monitoring capabilities.
What Factors Are Propelling the Expansion of the Heavy-Duty Autonomous Vehicle Market?
The surging growth of the e-commerce industry is anticipated to significantly contribute to the expansion of the heavy-duty autonomous vehicle market. Companies in the e-commerce industry engage in buying and selling goods and services via the internet through digital platforms that simplify and support commercial trading. The rise of this sector is fueled by various elements including internet accessibility, mobile-oriented commerce, advanced payment technologies, and the incorporation of social media. Heavy-duty autonomous vehicles (HDAVs) enrich e-commerce operations by enabling quicker, more reliable, and far-reaching transportation. They also reduce human mistakes and optimize supply chain execution, collectively improving the speed and safety of deliveries. For example, in November 2023, the US-based International Trade Administration from the Department of Commerce projected e-commerce consumer revenue to reach $285.60 billion by 2025, representing 36.3% of the UK retail market as of January 2021. Furthermore, the UK is expected to see eCommerce revenues grow at an annual average rate of 12.6% by 2025. Consequently, the flourishing e-commerce sector is fostering the growth of the heavy-duty autonomous vehicle market.
Which Businesses Are at the Forefront of Heavy-Duty Autonomous Vehicle Market Development?
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.
What Are the Latest Innovations in the Heavy-Duty Autonomous Vehicle Market?
Leading corporations involved in the heavy-duty autonomous vehicle market are concentrating their efforts on creating cutting-edge technology, including a new type of autonomous public transport, to improve efficiency and boost safety for urban transportation solutions. The latest advancement in public travel systems is a fresh iteration of autonomous public transportation. This technology is designed to navigate highways, interact with traffic and provide safe transportation for passengers – making it a dependable and eco-friendly alternative for public transit. For example, in August 2023, Schaeffler AG, a Germany-based firm in the auto industry, formed a partnership with VDL Groep, a manufacturing corporation based in the Netherlands, to introduce autonomous electric shuttles. These shuttles are equipped with Mobileye’s self-driving systems, which have achieved SAE Level 4 for comprehensive self-driving abilities, thus removing the need for a human at the wheel. Each shuttle measures around 5 meters in height, 2.2 meters in width, and 2.8 meters in length and has six permanent seats and three movable ones, allowing for up to nine passengers in total. The vehicle, with a carry capacity of 1,000 kg and a weight limit of up to 5,000 kg, can reach speeds of up to 70 km/h.
How Is the Heavy-Duty Autonomous Vehicle Market Segmented?
The heavy-duty autonomous vehiclemarket 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
Sub-Segments:
1) By Heavy Trucks: Autonomous Freight Trucks, Long-Haul Autonomous Trucks, Autonomous Dump Trucks, Autonomous Delivery Trucks, Electric Autonomous Trucks, Autonomous Construction Trucks
2) By Heavy Buses: Autonomous City Buses, Autonomous Shuttle Buses, Autonomous Coach Buses, Electric Autonomous Buses, Autonomous Transit Buses
3) By Roboshuttles: Autonomous Airport Shuttles, Autonomous Public Transit Shuttles, Autonomous Corporate Campus Shuttles, Electric Roboshuttles, Low-Speed Autonomous Shuttles For Urban Mobility
Where Is the Heavy-Duty Autonomous Vehicle Market Growth Most Prominent?
North America was the largest region in the heavy-duty autonomous vehicle market in 2024. 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.
What Is Covered In The Heavy-Duty Autonomous Vehicle Global Market Report?
– Market Size Analysis: Analyze the Heavy-Duty Autonomous Vehicle Market size by key regions, countries, product types, and applications.
– Market Segmentation Analysis: Identify various subsegments within the Heavy-Duty Autonomous Vehicle Market for effective categorization.
– Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
– Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
– Market Contribution: Evaluate contributions of different segments to the overall Heavy-Duty Autonomous Vehicle Market growth.
– Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
– Industry Challenges: Analyze challenges and risks affecting the Heavy-Duty Autonomous Vehicle Market.
– Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
