Self-Driving Industrial Vehicles Market size shall reach a value of $2x61.4 Million in 2027, growing with a CAGR of 12.13% during the forecast period of 2020 to 2027.
Market Definition / Research Scope
A self-driving industrial vehicle is a car that has the ability of sensing its environment and moving safely without any human interaction. They are also called autonomous vehicles, driverless cars or robotic cars. Human drivers or passengers are not required to be inside the vehicle at all. The vehicle can go anywhere a normal car goes and do everything a human driver does.
Levels of vehicle automation include:
•Level 0 (Zero automation).
•Level 1 (Driving assistance)
•Level 2 (Partial automation)
•Level 3 ( Conditional automation)
•Level 4 (High automation)
•Level 5 (Total automation)
Self-driving industrial vehicles rely on sensors, actuators, algorithms and processors to execute software. These features enable them to sense the position of nearby vehicles, detect traffic lights, read road signs, watch out for pedestrians, measure distances, detect road edges, identify lane markings and even sense other vehicles while parking.
Self-driving industrial vehicles use the cars coded rules, obstacle avoiding algorithms, predictive modeling and object recognition to help it follow traffic rules and navigate obstacles.
Self-driving industrial vehicles will be able to reduce traffic congestion by having fewer vehicles on the road, eliminate environmental pollution by reducing carbon dioxide emission, curb road accidents and even reduce transport costs.
Self-Driving Industrial Vehicles Market Growth and Trends
• Industrialization and transportation go hand in hand. Both of these sectors exist in a direct proportion to each other. Thus, an expansion in the self-driving industrial vehicle market anticipates a gradual hike with technological advancement in the following areas:
Artificial intelligence
Computing
Robotics
• In fact, the idea of self-driven electric vehicles is a potent force to make one vision a spectacular performance by an automotive machine. This engenders its end users comfortably occupying the back seat while the car drives them to their desired destinations.
• Next, the automotive sector continues to entice noteworthy investors within its ever developing dynamics. For this reason, the self-driving industrial vehicle market is expected to skyrocket in the long run. Furthermore, a combination of this stakeholder’s dimension wit technological improvisations and a consumer-centric approach is a boon for the propulsion for self-driving industrial vehicle market.
• Lastly, a hike in the maintenance frequency for automotive structures features as another potential driver to boost the future demand for global self-driving industrial vehicle market.
Challenges to Self-Driving Industrial Vehicle Market
Some of the inevitable challenges which the self-driving industrial vehicle market may encounter are as follows:
• High maintenance charges of self-driving industrial vehicle components.
• Less global adoption and preference rate for these automatic vehicles.
• Both the aforementioned challenges can hinder the accomplishable market for self-driving industrial vehicles.
Self-Driving Industrial Vehicles Market Regional Analysis
Currently, the self-driving industrial vehicles market is valued at USD 1.004 billion. Tech futurists estimate that this market will undergo unprecedented growth that will eventually achieve a global market size of USD 1.669 billion before 2025. North America has the largest global market share due to advanced industrialization and technology in this region. The United States has a high demand for these automobiles. Europe is second as its automotive industries continues to grow significantly. The globalization that is currently very rampant in the Asia Pacific region is expected to drive the market for self-driving industrial vehicles in the region to global standards. Some of the companies dominating this sector are Seegrid Corporation, America In Motion, Scania CV AB, and Ward Systems, Inc.
Self-Driving Industrial Vehicles Market Share and Competition
Key companies operating in this industry are: Seegrid Corporation, Scania CV AB, Otto GmbH & Co KG, Savant Automation, Inc., America In Motion, Ward Systems, Inc., and Scott Systems International Inc. (Transbotics).
Self-Driving Industrial Vehicles Market Research Report Analysis Highlights
• Historical data available (as per request)
• Estimation/projections/forecast for revenue and unit sales (2020 – 2027)
• Data breakdown for every market segment (2020 – 2027)
• Gross margin and profitability analysis of companies
• Price analysis of each product type
• Business trend and expansion analysis
• Import and export analysis
• Competition analysis/market share
• Supply chain analysis
• Client list and case studies
• Market entry strategy
Industry Segmentation and Revenue Breakdown
Type Analysis (Revenue, USD Million, 2020 - 2027)
• Forklift Self-Driving Industrial Vehicles
• Load Transfer Self-Driving Industrial Vehicles
• Pallet Trucks
• Assembly Line Vehicles
• Light Load Transporters
• Tugger AGVs
• Others
Industry Analysis (Revenue, USD Million, 2020 - 2027)
• Manufacturing
• Logistics & Warehouse
• Automotive
• Aerospace
• Others
Region Analysis (Revenue, USD Million, 2020 - 2027)
• United States
• Canada
• Mexico
• France
• Germany
• Italy
• Spain
• United Kingdom
• Russia
• China
• India
• Philippines
• Malaysia
• Australia
• Austria
• South Korea
• Middle East
• Japan
• Africa
• Rest of World
Self-Driving Industrial Vehicles Market Companies
• Seegrid Corporation
• Scania CV AB
• Otto GmbH & Co KG
• Savant Automation, Inc.
• America In Motion
• Ward Systems, Inc.
• Scott Systems International Inc. (Transbotics)
Available Versions: -
United States Self-Driving Industrial Vehicles Market Research Report
Europe Self-Driving Industrial Vehicles Market Research Report
Asia Pacific Self-Driving Industrial Vehicles Market Research Report
India Self-Driving Industrial Vehicles Market Research Report
