Investment Rating - The report rates the smart logistics vehicle industry with a compound annual growth rate (CAGR) of 74.76% from 2025 to 2030, with the market size expected to grow from 0.511 billion to 8.337 billion [30]. Core Insights - The smart logistics vehicle industry has evolved from a technology incubation phase (2015-2019) to a large-scale development phase (2020-2022), and is currently in a scenario pilot phase since 2023, with significant cost reductions and regulatory improvements facilitating commercialization [4][13]. - The industry faces three main bottlenecks: technological limitations, insufficient infrastructure, and a lack of regulatory frameworks [12]. - The logistics cost pressure is driving the adoption of smart logistics vehicles, as last-mile delivery costs have risen significantly, prompting companies to seek automation solutions [11]. Summary by Sections Industry Definition - The definition of unmanned delivery vehicles varies, with the industry leaning towards classifying them as N1 (total mass less than 3,500 kg) and A class (equipped with autonomous driving systems) vehicles [5]. Industry Classification - Unmanned logistics vehicles are categorized into low-speed, medium-speed, and other unmanned delivery vehicles based on their maximum design speed [6][7][8]. Development History - The industry has undergone a complete development cycle since 2015, with key milestones including the introduction of various unmanned delivery vehicles and significant policy support in China [13][14][16][17]. Industry Chain Analysis - The industry chain consists of upstream core component suppliers, midstream solution providers, and downstream application segments focused on reducing last-mile delivery costs [18]. Cost and Technology Drivers - The significant reduction in core component prices has led to a drastic decrease in vehicle costs, facilitating commercialization [19][23]. - The industry is transitioning towards a lightweight perception approach, utilizing visual systems supplemented by minimal laser radar [27]. Market Size and Growth - The smart logistics vehicle market is projected to grow from 0.511 billion to 8.337 billion from 2025 to 2030, driven by the need for cost reduction and efficiency improvements in logistics [30][31]. Policy Overview - Various policies have been introduced to support the application of unmanned delivery vehicles, emphasizing their role in enhancing logistics efficiency and reducing costs [36][37]. Competitive Landscape - The competitive landscape is characterized by a tiered structure, with leading companies like Jiusi and New Stone Technology at the forefront, while others are positioned in the second and third tiers based on their market strategies and capital investments [38][39][40].

Investment Rating - The report indicates a positive outlook for the intelligent logistics vehicle industry, highlighting significant growth potential and technological advancements. Core Insights - The Chinese intelligent logistics vehicle industry is experiencing rapid development driven by digital transformation, with increasing demand for e-commerce logistics and automated delivery solutions [2][3] - The market size is projected to grow from 510 million yuan in 2025 to 8.34 billion yuan by 2030, driven by the expansion of the express delivery sector and the increasing penetration of unmanned delivery vehicles [5][49] - The report emphasizes the importance of balancing technological breakthroughs with cost control for sustainable growth in the industry [2] Summary by Sections Industry Overview - The intelligent logistics vehicle industry is entering a critical commercialization phase in 2025, with ongoing technological iterations and ecosystem collaborations [2] - The logistics industry's total social costs as a percentage of GDP remain high at 14-15%, compared to 7-8% in the US, indicating room for efficiency improvements [3][6] Market Dynamics - The demand for cost reduction and efficiency in logistics is urgent, with the expectation of reducing logistics costs by 300 billion yuan by 2025 [3][8] - The industry has established a complete ecosystem, with leading companies dominating the market and a production capacity exceeding 200,000 units [4] Technological Advancements - The report highlights significant advancements in L4 autonomous driving technology, with costs of key components like ADAS lidar and lithium batteries decreasing substantially, leading to a drop in the overall vehicle price to 20,000 yuan by 2025 [26][28] - The development of a comprehensive policy framework since 2021 has supported the growth of autonomous driving and unmanned delivery technologies [15][16] Competitive Landscape - The market is characterized by a diverse range of products, including unmanned delivery vehicles and intelligent heavy trucks, with a focus on various application scenarios from last-mile delivery to industrial logistics [30][45] - Major players in the market include companies like New Stoneware and KargoBot, which are advancing their autonomous driving capabilities and expanding their product offerings [41][42] Future Outlook - The report anticipates that the demand for unmanned logistics vehicles will increase significantly, with the number of vehicles required expected to rise from 10,000 in 2025 to 163,000 by 2030 [49] - The ongoing optimization of operational efficiency and the rise in delivery volumes are expected to drive this growth, with unmanned vehicles projected to handle half of the express delivery business by 2030 [49]