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InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the “Global Heavy-Duty Autonomous Vehicle Market- (By Application (Logistics, Public Transportation, Construction and Mining, Others), By Propulsion Type (Internal Combustion Engine Vehicles, Electric Vehicles), By Vehicle Type (Heavy Trucks, Heavy Buses, Roboshuttles), By Level of Autonomy (Fully Autonomous Vehicles, Semi-Autonomous Vehicles), By Sensor Type (LiDAR, RADAR, Camera, Others)) Trends, Industry Competition Analysis, Revenue and Forecast To 2031.”
According to the latest research by InsightAce Analytic, the Global Heavy-Duty Autonomous Vehicle Market is valued at US$ 133.10 Bn in 2022, and it is expected to reach US$ 988.57 Bn by 2031, with a CAGR of 25.1% during a forecast period of 2023-2031.
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Heavy-duty autonomous vehicles are self-driving vehicles that require a large load-carrying capacity and the ability to negotiate difficult terrains, such as transporting materials and cargo across construction sites and mines. LiDAR sensors, GPS, and sophisticated algorithms are just a few of the technology heavy-duty autonomous vehicles employ to navigate their surroundings and decide how to operate safely and effectively. They can run on electricity or internal combustion engines and are often made to run continuously with little assistance from people. Heavy-duty autonomous vehicles provide a number of advantages, including improved production and efficiency as well as lower labour costs.
List of Prominent Players in the Heavy-Duty Autonomous Vehicle Market:
Market Dynamics:
Drivers-
The integration of autonomous cars in public transport is being supported by rising R&D spending as well as the global development of a number of autonomous software and hardware technologies. Buses can transport passengers without the need for a driver thanks to the application of artificial intelligence (AI), cameras, sensors, and GPS technology. With significant investments in the automotive industry for research and development, Europe is at the forefront of the world in adopting autonomous buses for public transportation. The automotive industry in the area invested around $64 billion for FY2020, placing it in first place among the top 10 industrial sectors in the European Union (EU), according to a report from the European Automobile Manufacturers’ Association (ACEA) that was published in April 2022.
Challenges:
The expansion of the World market is hampered by issues like growing component and raw material prices, a shift in the end-use market from developed to emerging nations, and skyrocketing production costs. The lack of industry-wide uniform testing methods and sensor certification standards is another problem facing autonomous technology and components. Companies have continued to struggle with accuracy and performance assurance due to the lack of standardised testing standards for advanced hardware and software technologies, with many relying on internal testing protocols. Furthermore, the impact on end-user prices is increased by the rising logistical costs of shipping hardware components across international borders. The expenses of technology development for some components are also higher, which adds another level of expense to the pricing of components. Any sector or company that uses level 4 and higher technology sensors in the production of its value chain has additional challenges due to pricing variations. The influence of uncertainty on fully autonomous vehicle sensor values is amplified in times of market volatility, highlighting that sharp spikes in market volatility lead to market breakdowns for heavy-duty autonomous vehicles.
Regional Trends:
It is projected that the area in North America will dominate the market. The government’s encouragement for the use of autonomous driving technologies, the rising demand for transport in the area’s quickly expanding economy, and a firmly established manufacturing sector all contribute to this. Additionally, as heavy-duty vehicles are needed in sectors like mining, construction, logistics, and transportation to deliver materials and cargo, the demand for autonomous trucks in the area is anticipated to be highest in these sectors.
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Recent Developments:
Segmentation of Heavy-Duty Autonomous Vehicle Market-
By Application-
By Propulsion Type –
By Vehicle Type –
By Level of Autonomy-
By Sensor Type-
By Region-
North America-
Europe-
Asia-Pacific-
Latin America-
Middle East & Africa-
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InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain a competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets, and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.
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