The global Autonomous Truck Market size is projected to reach USD 1,550 million by 2030, from USD 460 million in 2024, at a CAGR of 22.4%. The forecast period is from 2024 to 2030. The autonomous truck segment is the future of the trucking and transportation industry. Especially after the global pandemic of COVID-19, many e-commerce and shipping companies will be looking to develop autonomous truck deliveries to avoid human contact.
Key Drivers:
· Increasing emphasis on better road safety and traffic control
· Ability of autonomous and semi-autonomous trucks to alleviate the truck driver shortage
· Economic effect of autonomous & semi-autonomous trucks on the trucking industry
Top Players:
AB Volvo (Sweden), Robert Bosch (Germany), Continental AG (Germany), Denso (Japan), Aptiv (UK), Daimler (Germany), Paccar (US), Nvidia (US).
Top Start-ups:
Embark (US), Waymo (US), TuSimple (US), Tesla (US).
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The North American region is estimated to account for the largest share of the semi-autonomous and autonomous truck market. North America is the technology leader in autonomous technology. The region is home to some of the leading technology developers, such as Waymo, Uber, Intel, and Embark. These companies are focusing on the development of autonomous technology. Also, in the US, the testing of autonomous vehicles has started in some states. This will create an opportunity for further development of autonomous trucks. For instance, Daimler tested its level 4 autonomous truck on the streets of Virginia, US. Also, the region is dominated by pickup trucks having advanced semi-autonomous driving features. Ford and GMC are some of the leading players offering pickup trucks in the country. Tesla will enter the market soon with its ‘Cybertruck’ having all the semi-autonomous features and an optional autonomous driving feature as well.
The ultrasonic segment is projected to have the largest market share in the semi-autonomous truck market by volume. Ultrasonic has a short-range and small Field of View (FoV). Hence, many ultrasonic sensors are used in semi-autonomous and autonomous trucks. Ultrasonic sensors are typically used for short-range object detection, which is applicable for parking ADAS features such as intelligent park assist. The cost of the ultrasonic sensors is less than other sensors. Currently, the cost of LIDARs is high, and generally, they are not installed in level 1 and level 2 semi-autonomous trucks.
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Autonomous Truck Market and Key Application:
Level 4 Autonomous Truck –
Level 4 trucks are highly automated trucks in which the system controls the steering, acceleration, and braking. The driving environment and dynamic driving tasks are also monitored and performed by the system. A vehicle with level 4 capability can do all the driving, but only in certain circumstances. The autonomous driving system notifies the driver when he can switch to the autonomous driving mode.
Last-Mile Delivery Truck –
Last-mile delivery trucks are used for logistics purposes in the distribution centre or facility to the end-user. These trucks are witnessing high demand due to the rise of the e-commerce sector. The aim is to be able to deliver goods at the consumer end in a specific time without delays and to reduce the delivery cost to the company. Using autonomous last-mile delivery trucks can help companies save 40% of the total cost.
Truck Platooning –
In truck platooning, two or more trucks are connected in a group with the help of connectivity technologies, autonomous driving, and artificial intelligence support systems such as adaptive cruise control and lane assist. These vehicles automatically keep a set close distance between each other. The truck at the head of the platoon acts as a leader, with the vehicles behind adapting and reacting to changes in its movement, requiring little or no action from the driver.
According to the new market research report "Semi-Autonomous & Autonomous Truck Market By Level of Automation (Level 1, Level 2 & 3, Level 4, and Level 5), Propulsion (Diesel, Electric, and Hybrid), Application, Truck Class, ADAS Features, Sensor, and Region - Global Forecast to 2030" The global semi-autonomous truck market size is projected to grow from 948 thousand units in 2020 to reach 3,254 thousand units by 2025, at a CAGR of 28.0%The global autonomous truck market size is projected to grow from USD 460 million in 2024 to reach USD 1,550 million by 2030, at a CAGR of 22.4%.The growth of the semi-autonomous truck market can be attributed to the increasing road accidents, the need for efficient truck operations, and demand for ADAS features in the trucks.
Government bodies across the world have started regulating the safety standards in trucks to reduce fatalities in road crashes.Factors such as shortage of drivers, companies eyeing a reduction in delivery & transportation cost, and increasing research and development in technologies such as V2X, 5G, connected trucks, ADAS, and platooning will drive the market for autonomous trucks in the forecast.
The pandemic COVID-19 might benefit the autonomous truck market, as companies will be looking for autonomous options for delivering and shipping to the customers.The global semi-autonomous truck market is dominated by major players such as Continental (Germany) Bosch (Germany), Aptiv (UK), AB Volvo (Sweden), and Denso (Japan).
On the other hand, Embark (US), Tesla (US), TuSimple (US), Caterpillar (US), and Waymo (US) are some of the companies that are focusing on developing autonomous trucks.Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=224614273North America is expected to lead the global market during the forecast periodNorth America is the technology leader in autonomous technology.
Tesla will enter the market soon with its ‘Cybertruck’ having all the semi-autonomous features and an optional autonomous driving feature as well.The last-mile delivery truck segment is expected to be the largest market during the forecastUsing autonomous last-mile delivery trucks can help companies save 40% of the total cost.
Also, the shortage of human delivery driver/personnel and increasing e-commerce will be driving the autonomous truck market for last-mile delivery applications.
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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