The Global Automated Truck Market is projected to reach USD 2.12 billion by 2028, growing at a CAGR of 17.4% during a forecast period.
Automated Truck Market
An automated truck is also known as a self-driving truck and robotic truck. The self-driving system uses infrared radars, LIDAR (laser radar), cameras, sophisticated motion sensors, incredibly accurate sensors, and complex algorithms among others that allow the truck to drive itself. Furthermore, the decongestion of traffic is a remarkable self-driving truck market opportunity. Governments of various states are allowing the testing of the autonomous trucks on the public roads which in turn is anticipated to boost the growth of the automated truck market. For instance, In April 2019, a rule proposed by the state’s Department of Motor Vehicles was announced by the government of California, which will allow the testing of self-driving trucks on the public roads. According to the rule trucks weighing less than 10,001 pounds which are Class 1 and Class 2 trucks, are allowed for testing. All other vehicles from Class 3 to Class 8 such as semi-trucks, buses, heavy-duty construction vehicles, and others are not included under this permitting system.
In addition, the leading truck manufacturers are acquiring robotics companies for developing technologies for autonomous trucks. For example, Daimler, a multinational automaker, purchased an independent American car business, Torc Robotics to integrate autonomous technology into the trucks. The self-driving trucks are fully electric and therefore use much less gas and energy than standard trucks. This, in turn, helps reduce pollution, which majorly drives the growth of the self-driving truck market size.
Moreover, increasing awareness of the effects of air pollution and increasing rates of traffic & noise exposure are driving the implementation of self-driven trucks and robotic trucks which will boost the growth of the automated truck market in near future. Also, a shortage in the availability of truck drivers will help the expansion of the automated truck market. These self-driving trucks are expected to limit the road accident owing to its features such as following speed limits, adjusting the speed all the times, and taking over the steering. According to the National Highway Transportation Safety Administration, in 2014, 32,744 people were involved in crashes on the U.S. roadways and the number increased to 35,092 in 2015. Thus, the increase in the number of road accidents is expected to increase the sale of self-driving trucks which will, in turn, propel the growth of the automated truck market.
The self-driving truck has transformed the traveling experience, owing to its benefits such as minimum cost, high speed, environment-friendly nature, and energy-efficient approach. Various technologies such as self-driving trucks are being introduced in the automated truck market that supports the eco-friendly concept to sustain the environment, owing to the rise in concerns of environmental degradation and depletion of natural resources. Moreover, an increase in awareness towards the consequences of air pollution and a rise in traffic congestion drive the adoption of self-driven trucks, as they are fuel-efficient and use significantly less gas & energy while driving as compared to conventional vehicles.
However, privacy and safety issues related to operating software access to data are anticipated to hamper the automated truck market growth especially the purchase of self-driving trucks as this software are susceptible to hackers. Moreover, even if a self-driving truck has a supervisor inside the vehicle there is the possibility that hackers can infiltrate the software and overrule the controls. Thus, the increase in threat from hackers and the rise in cybercrime are expected to limit the sale of self-driving trucks which can affect the growth of the automated truck market in the coming years.
Based on Truck Type, The cab-integrated segment is expected to hold a large share of the automated truck market, as most tests are presently conducted only on cab-integrated trucks, and cables trucks are only showcased by manufacturers and have not yet been effectively tested. Moreover, the high cost of cabless trucks is likely to hinder the cabless segment in the automated truck market.
Based autonomy level, the automated truck market has been segregated into level 3, level 4, and level 5. Level 3 represents the partial automation of trucks, such as truck platooning. Level 4 represents trucks that are autonomous and require the assistance of a driver only for a few functions, while level 5 trucks are completely autonomous and do not require the assistance of a driver. Level 5 trucks for the logistics industry are under development; however, automated trucks for the mining industry are included in the level 5 segment. Consequently, the segment initially is expected to account for a high share of the automated truck market, while the level 3 segment is projected to expand at a rapid pace for automated truck market during the forecast period, due to the rising popularity of truck platooning across the logistics industry.
In terms of the end-use industry, the logistics segment of the automated truck market is anticipated to expand at a rapid pace and is likely to generate a higher revenue than the mining segment, owing to the large consumer base for trucks in the logistics industry as compared to the mining industry.
The Asia Pacific dominated the automated truck market due to the presence of Australia in the region, which has significantly large and highly advanced mines in the world. In 2018, the country adopted a large number of automated haul trucks. Furthermore, the demand for automated trucks in the logistics industry is likely to rise in countries such as Japan, Singapore, and China, due to the presence of large logistics and transport industries in these countries. The decline in the young and working population in Japan is anticipated to rapidly boost the automated truck market in the country in the near future.
Key Factors Impacting the Growth of Automated Truck Market:
- Reducing the repercussions of the truck driver shortage
- Cybersecurity and data security concerns
- Lack of information technology, communication infrastructure in developing nations
- Increasing demand for vehicle connectivity technology with 5 G
- Recent demand for semi-autonomous and autonomous truck platooning
Key Developments in Automated Truck Market:
- In March 2019, Dailmer Group (Germany) acquired the major stakes in Torc Robotics (US) which is a pioneer in autonomous driving solutions to commercialize highly automated trucks (SAE Level 4) on the U.S. roads.
- In June 2019, AB Volvo (Sweden) partnered with Nvidia (US) to jointly develop advanced AI platforms for autonomous trucks.
What Does This Report Provide?
This report provides a detailed understanding of the global automated truck market from qualitative and quantitative perspectives during the forecast period. The report also provides dynamic indicators with a potential impact on the automated truck market during the forecast period and an in-depth analysis of the leading companies operating in the automated truck fmarket.
By Truck Type:
By Autonomy Level:
By End-Use Industry:
- By Country (US, Canada, Mexico)
- By Country (Germany, UK, France, Spain, Rest of Western Europe)
- By Country (Russia, Turkey, Rest of Eastern Europe)
- By Country (China, Japan, India, Rest of Asia Pacific)
- By Country (UAE, Qatar, Iran, Saudi Arabia, Rest of Middle East)
- By Region (South America, Africa)
Companies Covered: Major Companies profiled in the report which are key players in the automated truck market include AB Volvo, Aptiv, EMBARK, Continental AG, Daimler AG, Intel Corporation, NVIDIA, Qualcomm Technologies Inc., Robert Bosch GmbH, Waymo LLC, Valeo, WABCO, ZF Friedrichshafen AG, and Autonomous Solutions Inc...
Years Considered In The Study
Reasons to Buy This Report:
- Market size estimation of the global automated truck market on a regional and global basis
- The unique research design for market size estimation and forecast
- Profiling of major companies operating in the market with key developments
- Broad scope to cover all the possible segments helping every stakeholder in the market
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