Autonomous Commercial Vehicle Market Outlook and Opportunities in Growing Regions

With the rising incidence of road accidents, rapid technological advancements, and the
growing popularity of autonomous technologies among the masses, autonomous vehicles are
rapidly becoming the talk of the town these days. While the deployment of autonomous cars
has increased significantly over the past several years, the adoption of autonomous
technologies has gained traction in the commercial trucking industry only in recent years.
However, with the emergence of connected vehicle technologies, things are about to change
drastically in future.
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This is because the incorporation of autonomous technologies is much easier in connected
vehicles than the conventionally used ones. Moreover, the numerous unique features offered
by connected vehicles such as traffic and collision warnings, real-time traffic monitoring,
automobile diagnostics, and roadside assistance that are not available in the traditional
vehicles, is pushing up the popularity of these vehicles all over the globe. Additionally, the
growing digitization in connected vehicles is further boosting the popularity of autonomous
vehicles.
The implementation of such favorable government policies in not just the U.S., but in many
other countries around the world, is fueling the sales of autonomous commercial vehicles.
This is, in turn, driving the progress of the global autonomous commercial vehicle market.
As a result, the market is predicted to generate a revenue of $499.5 billion in 2030.
Furthermore, the market is expected to progress at a CAGR of 8.2% between 2020 and 2030.
Geographically, the autonomous commercial vehicle market will exhibit the highest growth in
North America in the upcoming years, as per the estimates of P&S Intelligence, a market
research firm based in India. The key factors driving the expansion of the industry in this
region are the soaring research and development (R&D) activities being conducted for the
development of autonomous commercial vehicles and the increasing enactment of government
policies aimed at powering advancements in autonomous driving technologies in the regional
countries.
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Market Segmentation by Vehicle Autonomy
• Semi-Autonomous
o Level 1
o Level 2
o Level 3
• Semi-Autonomous
o Level 4
o Level 5
Market Segmentation by Vehicle Type