Advancement in technology and reduced operational costs are the two prime factors driving the growth of global autonomous logistics vehicles market.
PORTLAND, Ore., Aug. 22, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Autonomous Logistics Vehicles Market by Automation Level (Level-3, Level-4 and Level-5), Application (Civil, Robo Taxi, Ride Share, Ride Hail, Self-Driving Truck and Self-Driving Bus), and Component (Hardware, Software, and Service): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the autonomous logistics vehicles market was valued at $45.0 billion in 2023, and is estimated to reach $87.6 billion by 2033, growing at a CAGR of 7.0% from 2024 to 2033.
Prime determinants of growth
Advancement in technology and reduced operational costs are the two prime factors driving the growth of global autonomous logistics vehicles market. Furthermore, high investment expenditure and regulatory issues are the two main factors that can restrain the growth of global autonomous logistics vehicles market. Moreover, increase in productivity and cost efficiency in logistics operations can create an important opportunity for the growth of global autonomous logistics vehicles market.
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Report coverage & details:
Report Coverage | Details |
Forecast Period | 2024-2033 |
Base Year | 2023 |
Market Size in 2023 | $45.0 billion |
Market Size in 2033 | $87.6 billion |
CAGR | 7.0 % |
Segments Covered | Automation Level, Application, Component and Region. |
Drivers | Advancement in technology |
Reduced operational costs | |
Opportunities | Increase in productivity |
Cost efficiency in logistics operations | |
Restraint | High investment cost |
Regulatory Issues |
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Segment Highlights
The automotive logistics vehicles market is segmented into automation level, application, component and region. Based on automation level, the market is divided into level 3, level 4, and level 5. As per application, the market is divided into civil, robo-taxi, ride-share, ride-hail, self-driving truck, and self-driving bus. By component, the market is classified into hardware, software and services. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.
Based on automation level, level 3 segment dominated the market in 2023, as Level 3 automation involves vehicles that can operate autonomously under certain conditions but still require human intervention when situations exceed their capabilities. However, the level 4 segment is expected to grow at a significant rate in the market, as Level 4 automation involves high automation where the vehicle can perform all driving functions under certain conditions without human intervention.
Based on application, the self-driving truck dominated the market in 2023. This is primarily due to the efficiency and cost-effectiveness offered by autonomous trucks in long-haul freight transportation. However, robo taxi is expected to grow at a significant rate in the market as high amount of research and development work is in the process to build a final product for robo taxi.
Based on component, software dominated the market in 2023. This is because software is the main aspect of the autonomous vehicle that keeps the vehicle connected virtually. However, the hardware segment is expected to grow at a significant rate in the market, as hardware is required to support the software.
Regional Outlook
Based on region, North America dominated the market in 2023, due to high presence of technology related automobile companies in the region. However, the Asia-Pacific region is expected to grow at a significant rate in the market due to growing software and autonomous companies in the region.
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Key Players: -
- Rio Tinto
- CaterPillar Inc.
- Komatsu
- Westwell
- UISEE
- Dematic
- Daifuku Co., Ltd.
- Siasun Robot & Automation Co., Ltd.
- Meidensha Corporation
- Toyota Motor Corporation
- Swisslog
- CSG Systems, Inc.
- Beijing Idriverplus Technology Co., Ltd.
- Neolix
- JD.Com, Inc.
- Cruise LLC
- Enride
- Gatik, Inc.
- Nuro, Inc.
- Starship Technologies
- Tesla
- Waymo LLC
- Yandex
The report provides a detailed analysis of these key players in the global autonomous logistics vehicles market. These players have adopted different strategies such as new product launch, and collaboration to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Recent Developments:
- In January 2023, Caterpillar showcased autonomous logistics vehicles at CES, demonstrating their efficiency and safety in extreme environments. They also announced a collaboration with Freeport-McMoRan to convert their Cat 793 haul trucks to autonomous systems.
- In March 2024, Komatsu collaborated with Toyota to develop autonomous light vehicle that combine with Komatsu's autonomous haulage system. The main aim behind the project is to improve safety and productivity in mining operations.
- In June 2023, Westwell launched Terminal GPT, a digital port operating platform, at TOC Europe in Rotterdam. The platform integrates artificial intelligence and machine learning for smart decision-making and operational planning. Key products include the Q-Truck, an autonomous, battery-powered commercial vehicle with power-on air smart energy service for efficient battery swaps. The Q-Truck is known for its cab-less design, allowing it to operate in various environments such as seaports, airports, and factories without human intervention.
- In June 2023, Dematic launched its third-generation freezer-rated automated guided vehicles, to enhance safety and efficiency in extremely cold environments such as cold storage facilities by reducing human intervention and minimizing risks associated with cold stress and occupational hazards. The vehicles comprise of sensor and navigation features.
- In 2023, Meidensha Corporation launched the Meiden AGV Kit. The kit offers cost economy feature, efficient solution for companies to integrate autonomous vehicles in their logistics operations.
- In March 2023, Pony AI, collaborated with Neolix. The companies collaborated to design an automated driving domain controller for Neolix's X3 Plus, with delivery expected to reach thousands. The vehicle will be involved in logistics, retail, urban services, unmanned vehicle education and other fields.
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