NEW YORK, Nov. 23, 2020 /PRNewswire/ -- With advancements in the automotive technology, people's demand for roadside assistance, smartphone connectivity, automobile diagnostics, traffic and collision warnings, and real-time traffic monitoring features in commercial vehicles is rising. This is leading to the increasing sale of connected vehicles, which, along with all these functionalities, also provide vehicle-to-infrastructure (V2I) and vehicle-to-vehicle (V2V) connectivity.
Due to this reason, the global autonomous commercial vehicle market for fully autonomous automobiles would reach $499.5 billion in 2030. This is because, being already equipped with V2I and V2V connectivity, such automobiles are easier to transform into autonomous vehicles, compared to conventional automobiles, says P&S Intelligence.
The automotive sector has been among the worst-hit due to the coronavirus pandemic. With countries entering a self-imposed lockdown, to limit the transmission of the virus among people, auto manufacturing plants have ceased operations or are working at a fraction of their actual capacity. In addition, since a partial or complete ban has been imposed on the transportation of non-essential goods, the supply of automotive components, both within and across countries, has been badly affected. As a result, the automotive industry is expected to suffer an up to 30% reduction in production and sales in 2020, compared to 2019.
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Till 2030, the sale of alternative-fuel vehicles would rise faster than conventional-fuel variants, under the fuel type segment, due to the less-complex powertrain of automobiles running on alternative fuels, which makes the integration of autonomous-driving features easier. Moreover, in many countries, stringent emission-control regulations have been implemented and the government is offering grants, tax rebates, and other financial incentives to boost the uptake of eco-friendly vehicles. Another reason for the increasing deployment of alternative-fuel (primarily electric) autonomous commercial vehicles would be the declining cost of batteries and increments in their storage capacity.
The autonomous commercial vehicle market was dominated by the logistics category, under segmentation by application, till 2019. This is attributed to the rapid growth in the retail, e-commerce, and manufacturing industries, which has, in turn, helped the logistics sector expand. The increasing demand for logistical services would birth the need for an enhanced delivery option, to minimize loss in transit and offer more-cost-effective deliveries to end users. Autonomous truck convoys would have enhanced communication abilities and operational algorithms, thereby benefiting the overall logistics sector.
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The highest revenue in the industry has been generated by North America till now, owing to the fact that the region was the earliest deployer of the autonomous vehicle technology. Further, numerous automakers and software developers, such as General Motors Co., Waymo LLC,Tesla Inc., and Ford Motor Co., are involved in related research and development (R&D) in the region.
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To bring more certainty in their R&D and deployment efforts, companies offering autonomous commercial vehicles or the requisite components and software are increasingly raising funding.
The major companies in the global autonomous commercial vehicle market include General Motor Co., Ford Motor Co., Toyota Motor Corp., Fiat Chrysler Automobiles N.V., TuSimple Inc., Renault–Nissan–Mitsubishi Alliance, Kodiak Robotics Inc., Embark Trucks Inc., Einride AB, and Inceptio Technology (Shanghai) Co. Ltd.
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About P&S Intelligence
P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.
SOURCE P&S Intelligence