Pune, July 10, 2023 (GLOBE NEWSWIRE) -- The global autonomous truck market size was valued at USD 30.70 billion in 2022 and is expected to be worth USD 33 billion in 2023. The market is projected to reach USD 67.73 billion by 2030, recording a CAGR of 10.8% during the forecast period. Fortune Business Insights™ displays this information in a report titled, "Autonomous Truck Market, 2023-2030."
Autonomous trucks use cutting-edge technologies, such as LiDAR, AI, optical cameras, and sensors, to automate truck transportation activities with minimal or no human interference. These trucks can perform a wide range of functions, such as braking, acceleration, and steering, and have the potential to revolutionize the transport & logistics sector. These factors are expected to accelerate the autonomous truck market growth.
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Report Highlights:
| Report Coverage | Details | |
| Forecast Period | 2023-2030 | |
| Forecast Period 2023 to 2030 CAGR | 10.8% | |
| 2030 Value Projection | USD 33 Billion | |
| Base Year | 2022 | |
| Market Size in 2022 | USD 30.70 Billion | |
| Historical Data for | 2019-2021 | |
| No. of Pages | 200 | |
Drivers & Restraints-
Rising Focus on Road Safety to Boost Market Growth
A growing percentage of automobile manufacturers are using the Advanced Driver Assistance System (ADAS) to improve the safety of their vehicles on busy highways. This was according to a study carried out by the Federal Motor Carrier Safety Administration in partnership with leading truck manufacturers. This initiative by prominent market players has slashed the incidence of rear-end crashes by almost 50% and boosted driver retention rate and asset uptime. Therefore, the growing focus of key truck manufacturers on road safety may accelerate the market’s development.
However, the lack of a proper regulatory framework might restrict the market growth.
COVID-19 Impact-
Growing Need for Autonomous Trucks to Strengthen E-Commerce Logistics Boosted Market Progress
The COVID-19 pandemic had an adverse impact on the transportation sector due to severe disruptions in the industry’s supply chains caused by government-imposed lockdowns and restrictions. However, these restrictions fueled the demand for autonomous trucks as the e-commerce and logistics sectors witnessed a tremendous boom during this period. This further augmented the deployment of fully-autonomous trucks, thereby boosting the market growth.
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Segments-
Growing Need for Pickup Trucks to Augment Adoption of Level 1 Trucks
By level of automation, the market is segmented into level 1, level 2, level 3, and level 4. The level 1 segment holds the largest share of the market in 2022 as the demand for pickup trucks with semi-autonomous features is rising in the U.S.
Strict Emission Rules to Accelerate Demand for Trucks with Electric Propulsion
By propulsion type, the market is classified into IC engines and electric. The electric segment is expected to show the fastest growth in the market as governments across the world are introducing stringent emission control regulations.
Increasing Shortage of Drivers to Boost Sales of Heavy-Duty Trucks
By truck type, the market is categorized into light-duty trucks, medium-duty trucks, and heavy-duty trucks. The heavy-duty trucks segment is anticipated to exhibit a high CAGR during the forecast period as there is a rising shortage of drivers, and automated heavy-duty trucks can solve this problem by eliminating the need to pay drivers.
Growing Transportation of FMCG Products to Support Vehicle Adoption
By industry, the market is categorized into manufacturing, construction & mining, FMCG, military, and others. The FMCG segment dominated the market in 2022 and might continue its dominance during the forecast period as there is a growing demand for the efficient transportation of FMCG products and rising preference for e-commerce platforms after the pandemic.
With respect to region, the market covers North America, Europe, Asia Pacific, and the rest of the world.
Report Coverage-
The report analyzes the market in detail and highlights important aspects such as prominent companies, designs, technologies, and vehicle types. It also offers valuable insights into the latest market trends and covers key industry developments. Besides the factors mentioned above, the report underlines several factors that have contributed to the growth of the market in recent years.
Regional Insights-
North America to Dominate Global Market with Robust Presence of Leading Truck Manufacturers
North America might account for a dominant autonomous truck market share during the forecast period as the region has a notable presence of well-established truck manufacturing companies. These firms are creating cutting-edge trucking technologies and carrying out trials across the region.
Asia Pacific is predicted to record the fastest CAGR during the forecast timeframe due to the rollout of strict road safety norms and notable advancements in autonomous vehicles.
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Competitive Landscape-
Daimler AG to Lead the Market Due to its Strategic Initiatives
The market has a vast presence of leading players such as Continental AG, AB Volvo, Daimler AG, and Caterpillar, among others. However, Daimler AG is set to lead the market as the company is engaged in multiple strategic investments and partnerships to accelerate the production of highly automated trucks.
List of Key Players Covered in Autonomous Truck Market Report:-
- TuSimple, Inc. (U.S.)
- Waymo LLC (U.S.)
- Embark Trucks (U.S.)
- Tesla (U.S.)
- Caterpillar (U.S.)
- AB Volvo (Sweden)
- Daimler AG (Germany)
- Continental AG (Germany)
- Robert Bosch GmbH (Germany)
- NVIDIA Corporation (U.S.)
- Aptiv (Ireland)
Autonomous Truck Market Segmentation:-
By Level of Autonomy
- Level 1
- Level 2
- Level 3
- Level 4
By Propulsion Type
- IC Engine
- Electric
By Truck Type
- Light-Duty Truck
- Medium-Duty Truck
- Heavy-Duty Truck
By Industry
- Manufacturing
- Construction & Mining
- Military
- FMCG
- Others
Key Industry Development:
April 2023 – Aurora teamed up with Continental AG to design and produce autonomous systems for big rigs. The companies expect the system to be installed in class 8 trucks in the U.S. by 2027.
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Table of Content:-
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Market Trends
- Key Insights
- Key Industry Developments - Mergers, Partnerships, and Collaborations
- Porters Five Forces Analysis
- Technological Developments
- Impact of COVID-19
- Global Autonomous Truck Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Definition
- Market Analysis, Insights and Forecast - By Level of Autonomy
- Level 1
- Level 2
- Level 3
- Level 4
- Market Analysis, Insights and Forecast - By Propulsion Type
- IC Engine
- Electric
- Market Analysis, Insights and Forecast - By Truck Type
- Light-Duty Truck
- Medium-Duty Truck
- Heavy Duty Truck
- Market Analysis, Insights and Forecast - By Industry
- Manufacturing
- Construction & Mining
- FMCG
- Military
- Others
- Market Analysis, Insights and Forecast - By Region
- North America
- Europe
- Asia Pacific
- Rest of the World
- Market Analysis, Insights and Forecast - By Level of Autonomy
- North America Autonomous Truck Market Analysis, Insights and Forecast, 2019-2030
- Market Analysis, Insights and Forecast - By Level of Autonomy
- Level 1
- Level 2
- Level 3
- Level 4
- Market Analysis, Insights and Forecast - By Propulsion Type
- IC Engine
- Electric
- Market Analysis, Insights and Forecast - By Truck Type
- Light-Duty Truck
- Medium-Duty Truck
- Heavy Duty Truck
- Market Analysis, Insights and Forecast - By Industry
- Manufacturing
- Construction & Mining
- FMCG
- Military
- Others
- Market Analysis, Insights and Forecast - By Country
- The U.S.
- Market Analysis, Insights and Forecast - By Level of Autonomy
- Canada
- Market Analysis, Insights and Forecast - By Level of Autonomy
- Mexico
- Market Analysis, Insights and Forecast - By Level of Autonomy
- Market Analysis, Insights and Forecast - By Level of Autonomy
- The U.S.
- Market Analysis, Insights and Forecast - By Level of Autonomy
Toc Continues…..
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