Autonomous Commercial Vehicle Market Dynamics Trends, Segmentation, Key Players, Application And Forecast

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Autonomous Commercial Vehicle Market Analysis
and Growth Forecast to 2030
Vehicles have certainly made the lives of human
being easier, however, the technology has
certain drawbacks as well, one of which is the
increasing number of road accidents. The major
cause of road accidents is human error, since
drivers often fail to pay attention properly,
drive vehicles at inappropriate speed, and fail
to keep safe distance from vehicles moving in
front. It is ascribed to such factors that the
need for enhancing safety on roads and
requirement for safer and more efficient driving
option has been surging rapidly across the globe.
This, in turn, is resulting in the growth of the
autonomous commercial vehicle market, since the
autonomous technology offers safer performance.
In addition to this, the evolution in connecting
vehicle technologies has also been leading to the
growing demand for autonomous commercial
vehicles. It is much easier to integrate
autonomous technologies in connected vehicles as
compared to traditional vehicles. Connected cars
are being equipped with vehicle-to-interface and
vehicle-to-vehicle
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connectivity, which are the key requirements for
achieving autonomy of vehicles. This rising
digitization in the industry is expected to
result in the growth of the domain. Request to
Get the Sample Report https//www.psmarketresearc
h.com/market- analysis/autonomous-commercial-vehi
cle-market/report-sample Number of investments
are being made for developing autonomous
commercial vehicles, which is predicted to
further the growth of the market. For example,
Volkswagen AG made an announcement regarding
investing 34 billion research development of
autonomous technologies in 2018. Similarly, the
French government invested more than 45 million
in 2018 for boosting the development of
autonomous vehicle technology. Governments of
several other countries are also investing
extensively for developing autonomous driving
technologies, which is expected to result in the
growth of the market in the years to
come. According to a report by PS Intelligence,
the global autonomous commercial vehicle market
size is expected to progress at an 8.2 CAGR
during the forecast period (20202030). In terms
of vehicle autonomy, the market is bifurcated
into semi- autonomous and fully-autonomous.
Between which, the semi-autonomous bifurcation
held the major share of the market in 2019. For
achieving level 1 automation, vehicle needs to
be equipped with at least one of the advanced
driver assistance system (ADAS) features or
electronics stability control. Furthermore,
countries in Europe and the U.S. have mandated
the installation of basic ADAS features in new
commercial vehicles, thereby making them
semi-autonomous. Speak to Analyst
https//www.psmarketresearch.com/speak-analyst/aut
onomous- commercial-vehicle-market Geographicall
y, North America dominated the global autonomous
commercial vehicle market in the past, as per a
PS Intelligence report. The demand for the
technology is further expected to be the highest
in the region during the forecast period. The
rising research development activities and
increasing support from state and federal
governments for the evolution of autonomous
driving technologies are resulting in the growth
of the regional market. The Asia-Pacific region
is projected to exhibit the highest CAGR during
the forecast period, due to the fact that the
region is the largest automobile manufacturing
industry across the globe. In conclusion, the
demand for autonomous commercial vehicles is
growing due to the surging need for enhancing
safety on roads, advancements in connected
technologies, and heavy investments.