PUBLISHER: The Business Research Company | PRODUCT CODE: 1619653
PUBLISHER: The Business Research Company | PRODUCT CODE: 1619653
A heavy-duty autonomous vehicle is a self-driving, large-scale vehicle engineered for demanding tasks that require substantial power and durability, such as transporting goods, construction, mining, or agriculture. These vehicles operate autonomously, leveraging advanced sensors, artificial intelligence (AI), and machine learning to navigate and execute tasks without human intervention, thereby enhancing efficiency and safety in challenging environments.
The main types of heavy-duty autonomous vehicles include heavy trucks, heavy buses, and robo shuttles. Heavy trucks are large commercial vehicles designed for long-distance cargo transport, playing a crucial role in moving bulk materials and products across regions and countries, and are integral to the supply chain. These trucks are equipped with various sensors like light detection and ranging (LiDAR), radio detection and ranging (RADAR), and cameras, and can vary in levels of autonomy, from semi-autonomous to fully autonomous. Their capacities range from 3.5 to 7.5 tons, 7.5 to 16 tons, and above 16 tons, with applications in logistics, public transportation, construction, mining, and more.
The heavy-duty autonomous vehicles market research report is one of a series of new reports from The Business Research Company that provides heavy-duty autonomous vehicles market statistics, including the heavy-duty autonomous vehicles industry global market size, regional shares, competitors with the heavy-duty autonomous vehicles market share, detailed heavy-duty autonomous vehicles market segments, market trends, and opportunities, and any further data you may need to thrive in the heavy-duty autonomous vehicles industry. These heavy-duty autonomous vehicles market research reports deliver a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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 during the historic period can be attributed to several factors, a rising demand for operational efficiency, a focus on reducing human error in operations, improved safety measures, faster completion times for large-scale projects, heightened concern for driver safety, and growing investments in research and development.
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 anticipated growth during the forecast period can be attributed to several factors, the increasing need to enhance the safety and efficiency of automobiles, a focus on improving sustainability in the automotive sector, rising demand for greater freight efficiency, efforts to optimize last-mile delivery logistics, and the development of smart infrastructure. Key trends expected to influence this period include the adoption of fully autonomous vehicles, a rise in the use of battery electric vehicles, advancements in inductive and supercharging technologies, the development of AI-driven navigation systems, progress in machine learning algorithms, and growth in remote monitoring capabilities.
The growth of the e-commerce sector is expected to drive the expansion of the heavy-duty autonomous vehicle (HDAV) market in the coming years. E-commerce includes businesses that buy and sell goods and services online, utilizing platforms to facilitate transactions. The rise in e-commerce is fueled by factors such as increased internet access, mobile commerce, digital payment solutions, and the integration of social media. HDAVs contribute to the e-commerce industry by enabling faster, more reliable long-distance transportation, reducing human error, and improving supply chain efficiency, all of which enhance delivery speed and safety. For example, in November 2023, the International Trade Administration, a US-based Department of Commerce, projected that consumer e-commerce in the UK would generate $285.60 billion in revenue by 2025, representing 36.3% of the UK retail market as of January 2021. Moreover, e-commerce revenues in the UK are expected to grow at an average annual rate of 12.6% by 2025. As a result, the expanding e-commerce sector is driving the growth of the heavy-duty autonomous vehicle market.
Key players in the heavy-duty autonomous vehicle market are focusing on developing advanced technologies, such as the next generation of autonomous public transportation, to improve efficiency and safety in urban mobility. This new generation of autonomous public transport represents a significant advancement in transit systems, capable of navigating highways, interacting with traffic, and transporting passengers safely, offering a more reliable and sustainable public transit option. For example, in August 2023, Schaeffler AG, a Germany-based automotive company, partnered with VDL Groep, a Netherlands-based manufacturer, to introduce self-driving electric shuttles. These shuttles will use Mobileye's autonomous driving systems, which have achieved Society of Automotive Engineers (SAE) Level 4 for full self-driving capability, removing the need for a human driver. The shuttles are approximately 5 meters long, 2.2 meters wide, and 2.8 meters high, with seating for nine passengers and a cargo capacity of 1,000 kg. They can travel at speeds up to 70 km/h.
In June 2024, Gatik, a US-based developer of autonomous trucks, partnered with Isuzu Motors Limited to establish a production facility for mass-producing SAE Level 4 autonomous trucks. Isuzu is investing $30 million in Gatik as part of this collaboration, aimed at accelerating the deployment of Gatik's freight-only operations, with initial deliveries anticipated from the new plant. Isuzu Motors Limited is a Japan-based automobile manufacturer.
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.
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.
The countries covered in the heavy-duty autonomous vehicle market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The heavy-duty autonomous vehicle market consists of revenues earned by entities by providing services such as navigation systems, vehicle-to-everything (V2X) communication, fleet management, cybersecurity solutions, and remote monitoring. The market value includes the value of related goods sold by the service provider or included within the service offering. The heavy-duty autonomous vehicle market also includes sales of processing units, control systems, and connectivity modules. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Heavy-Duty Autonomous Vehicle Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on heavy-duty autonomous vehicle market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for heavy-duty autonomous vehicle ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The heavy-duty autonomous vehicle market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
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