The autonomous truck market size is expected to reach USD 2.14 Billion by 2028 according to a new study by Polaris Market Research. The report “Autonomous Truck Market Share, Size, Trends, Industry Analysis Report By Level of Autonomy (Level1, Level2, Level3, Level4, Level5); By Sensor Type (Radar, LiDAR, Camera, Ultrasonic); By End-Use (Logistics, Construction & Manufacturing, Mining, Port); By Region – Segment Forecast, 2020 – 2028” gives a detailed insight into current market dynamics and provides analysis on future market growth.
A rapid growth has been seen in the shipment of autonomous vehicles in the recent past, which has significantly encouraged truck manufacturers or new entrants in the market to invest in this novel technology. An increase in labor costs will create possibilities for self-driving Truck that use methods that reduce errors and risks with minimized human input, especially in emerging markets. Moreover, shifting production capacities to developing countries and improving economic conditions would result in the growth of the Autonomous Truck market. Consequently, new entrants will have possibilities in the industry. This is expected to be a major driving factor in the global self-driving trucks market.
The self-driving truck works on electricity; therefore, they are considered far more environment friendly, as compared to standard trucks. The electricity-based vehicle consumes less oil and gas and reduces fuel emissions, which in turn, contributes to the growth of the global market. However, there are certain factors that impede the market growth such of risk from hackers and increase cybercrime has limit the adoption of Autonomous Truck among consumers.
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The adoption of self-driving trucks has changed travel experience due to several advantageous features, such as minimum prices, high-speed, environmentally friendly nature and energy efficiency. Driving software glitches, however, are likely to hinder the growth of the market, as this software is prone to hackers. In addition, even though there’s an autonomous truck supervisor inside the vehicle, hackers can enter the software and override the controls. Thus, the growing threat from hackers and increased cybercrime are expected to limit autonomous truck industry developments in the coming years.
A variety of techniques in Autonomous Truck are being implemented in the market that promotes environmentally friendly service, due to increasing environmental degradation and natural resource depletion. In addition, increasing sensitivity to air pollution effects and increased congestion in traffic drive the adoption of self-driven trucks, as they are fuel effective and use much less gas & power while driving than standard cars. Michelin, a tire manufacturer based in France, developed a tire-monitoring system using telematics and predictive analytics, providing a real-time view into the performance and wearing of specific tires on individual trucks to anticipate problems before they occur.
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Polaris Market research has segmented the autonomous truck market report on the basis of:
Autonomous Truck Autonomy Level Outlook (Revenue, USD Million, 2018 – 2028)
- Level 1
- Level 2
- Level 3
- Level 4
- Level 5
Autonomous Truck Sensor Type Outlook (Revenue, USD Million, 2018 – 2028)
- Radar
- LiDAR
- Camera
- Ultrasonic
Autonomous Truck Vertical type Outlook (Revenue, USD Million, 2018 – 2028)
- Logistics
- Construction & Manufacturing
- Mining
- Port
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New York, NY 16 Feb 21: The global autonomous truck market size is expected to reach USD 2.14 Billion by 2027 according to a new study by Polaris Market Research.
The report “Autonomous Truck Market Share, Size, Trends, Industry Analysis Report By Level of Autonomy (Level1, Level2, Level3, Level4, Level5); By Sensor Type (Radar, LiDAR, Camera, Ultrasonic); By End-Use (Logistics, Construction & Manufacturing, Mining, Port); By Region – Segment Forecast, 2020 – 2027” gives a detailed insight into current market dynamics and provides analysis on future market growth.
An increase in labor costs will create possibilities for self-driving Truck that use methods that reduce errors and risks with minimized human input, especially in emerging markets.
These systems integrate a broad range of AI-enabled technologies, including NLP and neural networks.
With the ever-increasing demand in urban mobility and modern logistics sector, the vehicle population has been steadily growing over the past few decades.
Thus, the growing threat from hackers and increased cybercrime are expected to limit autonomous truck industry developments in the coming years.
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