Self-driving Industrial Vehicles: Introduction
- Self-driving industrial vehicles also known as autonomous industrial vehicles or driverless vehicles use an arrangement of cameras, sensors, artificial intelligence (AI), and radars, to travel between destinations, without the need for any human effort.
- Self-driving industrial vehicles are used mostly by industries where stringent safety requirements and regulations that exist for passenger self-driving industrial vehicles either do not exist or are less restrictive. These industries include, but are not limited to retail, agriculture, logistics and delivery, manufacturing, commercial freight transport, public transport, and mining.
- The global self-driving industrial vehicles market is projected to expand at a rapid pace during the forecast period due to continuous research and development in autonomous industrial vehicle technologies over the past two decades.
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Global Self-driving Industrial Vehicles Market: Dynamics
Global Self-driving Industrial Vehicles Market: Key Drivers and Restraints
- Transportation is an integral part of industrialization. Rapid advances in artificial intelligence, robotics, edge computing capabilities, and computer vision are expected to boost the demand for self-driving industrial vehicles during the forecast period.
- Rise in demand for industrial vehicles or machines that can potentially think, hear, see, and move more deftly than humans are anticipated to fuel the demand for self-driving industrial vehicles during the forecast period.
- Increasing growth of the automotive sector and increasing investments by automakers coupled with the rising consumer demand and technology advancements in the automotive industry are some of the major factors projected to boost the global automotive market in the next few years.
- Increasing automotive maintenance activities is anticipated to increase the demand for self-driving industrial vehicles. Rising automation in the automotive industry plays an important role in boosting the global self-driving industrial vehicles market.
High Initial Cost and Maintenance Cost Hampers the Self-driving Industrial Vehicles Market
- The cost of all components and the sensor assembly in self-driving industrial vehicles is high. Moreover, adoption ratio of self-driving industrial vehicles is less globally. Thus, high initial cost coupled with maintenance are the major factors anticipated to hamper the global self-driving industrial vehicles market in the next few years.
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North America to Hold Major Share of the Global Self-driving Industrial Vehicles Market
- In terms of region, the global self-driving industrial vehicles market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
- North America dominated the global self-driving industrial vehicles market in 2018, due to mature industrialization and presence of well-established technology advanced manufacturers in the region. The U.S. is a key market in North America, due to high demand for self-driving industrial vehicles in the country. Europe is anticipated to hold the second largest share of the global self-driving industrial vehicles market in 2018 due to the presence of numerous large automotive manufacturers in the region.
- The self-driving industrial vehicles market in Asia Pacific is projected to expand at a rapid pace during the forecast period. This can be attributed to increasing sales as well as production of automobiles owing to growing industrialization and globalization.