Autonomous Truck Market -Growth, Trends, and Forecasts (2022-2029)

The Autonomous Truck Market was valued at US$ 2.1 Bn in 2021. The Global Autonomous Truck Market size is estimated to grow at a CAGR of 17 % over the forecast period.
Autonomous Truck Market Overview:
The Global Autonomous Truck Market report gives a comprehensive assessment of the market for the forecast period. The report involves different sections as well as an investigation of the patterns and factors that are assuming a significant part on the lookout. The market elements include the drivers, limitations, opportunities, and difficulties through which the effect of these variables in the market is illustrated. The drivers and restrictions are inborn variables though valuable opportunities and difficulties are inessential elements of the market. The Global Autonomous Truck Market study gives a point of view toward the advancement of the market regarding income all through the forecast period.To know about the Research Methodology :- Request Free Sample Report

2021 is considered as a base year to forecast the market from 2022 to 2029. 2021’s market size is estimated on real numbers and outputs of the key players and major players across the globe. The past five years' trends are considered while forecasting the market through 2029. 2021 is a year of exception and analysis, especially with the impact of lockdown by region.
Autonomous Truck Market Dynamics:
The major factors which accelerate the growth of the global autonomous truck market include rising awareness about the benefits of advanced technology such as ADAS systems in their vehicles across the globe. The electrification of a vehicle diminishes the degree of contamination and discharge of CO2 gas. In addition, the rising disposable income of individuals builds the spending power, likewise improve foundation of non-industrial countries are the main considerations which drive the global autonomous truck market over the forecast period.

In any case, the significant expense of autonomous truck and higher maintenance cost is expected to prevent the development of the market. The lack of infrastructure and information technology in developing countries hinders market growth. Moreover, disturbed supply chain because of pandemic additionally blocks the development of the market. The information protection concerns and network safety is additionally a key control for the global autonomous truck market in near future.

Increase in number of road accident globally due to several factors such as drink and drive, speed, distraction, and others create demand for autonomous truck industry. Further, the truck is supposed to limit the road accident owing to its features such as following speed limits, for example, following speed limits, changing the speed every one of the times, and assuming control over the directing. As indicated by National Highway Transportation Safety Administration, in 2021-35,092 individual’s crashes on the U.S. roadways increment from 32,744 of every 2021. Hence, the rise in the number of road accidents majorly drives the market globally. Thus, an increase in the number of road accidents will propel the growth of the self-driving truck market.

Self-driving truck has transformed the traveling experience, owing to their benefits such as minimum cost, high speed, environment-friendly nature, and energy-efficient approach. In any case, protection and security concerns connected with information access from the working programming are supposed to hinder autonomous driving truck market development as these products are vulnerable to hackers. Besides, regardless of whether an autonomous truck has a supervisor inside the vehicle, there is the likelihood that hackers can penetrate the product and overrule the controls. Thus, an increase in threat from hackers and a rise in cybercrime is expected to limit the self-driving truck market growth in the coming years

Various technologies, such as autonomous trucks are being presented in the market that help the eco-friendly idea to support the climate, owing to rise in concerns of environment degradation and depletion of natural resources. Additionally, expansion in mindfulness towards the results of air contamination and ascend in gridlock drive the adoption of autonomous trucks, as they are eco-friendly and utilize fundamentally less gas and energy while driving when contrasted with customary vehicles.
Autonomous Truck Market Trends:
The self-driving trucks market is poised to see an upward trend due to significant investments by OEMs in R&D for new truck innovations. Market players, for example, Daimler Truck, AB Volvo, and TuSimple, Inc., are exceptionally underlining on testing their self-driving truck models to enhance their brand positioning, adding to industry share. For example, in December 2021, TuSimple, Inc. effectively finished the preliminary of its independent truck without driver on Open Street in the U.S. The truck was worked completely on ADAS innovation, and the organization expect it’s most memorable bunch of self-driving truck will be produced by 2024, further developing the market extension.
Autonomous Truck Market Segment Analysis:
Based on Sensors, The Autonomous Truck Market is segmented into Ultrasonic, Camera, LiDAR, and Radar. The ultrasonic segment has dominated the market share accounting for 44.7% in 2021. Ultrasonic has a short-reach and little Field of View (FoV). Thus, numerous ultrasonic sensors are utilized in semi-independent and independent trucks. Ultrasonic sensors are regularly utilized for short-range object identification, which is pertinent for stopping ADAS elements, for example, savvy park help. The expense of the ultrasonic sensors is not exactly different sensors. At present, the expense of LIDARs is high, and by and large, they are not introduced in level 1 and level 2 autonomous trucks.

Based on Vehicle Type: The Autonomous Truck Market is segmented into light-duty trucks and heavy-duty trucks. The heavy-duty truck segment of vehicle type is expected to dominate the market of autonomous truck as it have the highest growth rate for its broad utilization in construction, infrastructure, and mining. Besides, the Autonomous Truck is utilized for long excursion. The electric truck segment is projected to have the highest growth pace of this market as OEMs are focused on electrification of vehicles in concern with zero emission of CO2.

Based on ADAS Features: The market is segmented into Adaptive Cruise Control, Automatic Emergency Braking, Highway Pilot, Intelligent Park Assist (IPA), Lane Assist (LA), Semi-Autonomous Truck and Others. The rising demand for vehicle safety and stringent government rules are driving the ADAS market growth. National Highway Traffic Safety Administration (NHTSA) makes it obligatory for every one of the trucks with weight territory 8501 lb. to 10000 lb. to be furnished with Automatic Emergency Braking by September 1, 2022. United Kingdom has additionally set up Center for Connected and Autonomous Vehicles (CAV) that is making progress toward laying out regulations and guidelines to permit vehicle testing on expressways and roads.
Autonomous Truck Market Regional Insights:
The Asia pacific region held the largest market share accounting for 48.6% in 2021. The Asia Pacific is expected to be a technology follower. Once a robust technology is created, the region will speedily adopt the technology. Also, Asia is the largest manufacturer of trucks and contributes more than 65% of the total number of trucks manufactured globally. Road safety concerns will further propel the growth of the semi-autonomous market and the autonomous truck market in the region

The North America region is expected to witness significant growth at a CAGR of 15% through the forecast period. The district is home to a portion of the main innovation designers, like Waymo, Uber, Intel, and Embark. These organizations are focusing in on the advancement of autonomous innovation. Additionally, in the US, the testing of independent vehicles has begun in certain states. As a result, this will create an opportunity for further development of autonomous trucks

The objective of the report is to present a comprehensive analysis of the global Autonomous Truck Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the Autonomous Truck Market dynamic, and structure by analyzing the market segments and projecting the Autonomous Truck Market size. Clear representation of competitive analysis of key players by Design, price, financial position, product portfolio, growth strategies, and regional presence in the Autonomous Truck Market make the report investor’s guide.
Autonomous Truck Market Scope: Inquire before buying



Autonomous Truck Market


Report Coverage
Details


Base Year:
2021
Forecast Period:
2022-2029


Historical Data:
2017 to 2021
Market Size in 2021:
US $ 2.1 Bn.


Forecast Period 2022 to 2029 CAGR:
17%
Market Size in 2029:
US $ 7.37 Bn.


 Segments Covered:
by Sensors
• Ultrasonic
• Camera
• LiDAR
• Radar


by Vehicle type
• Light duty vehicle
• Heavy duty vehicle


by ADAS Features
• Adaptive Cruise Control
• Automatic Emergency Braking
• Highway Pilot
• Intelligent Park Assist (IPA),
• Lane Assist (LA)
• Others.



Autonomous Truck Market by Region
• North America
• Europe
• Asia Pacific
• Middle East and Africa
• South America
Autonomous Truck Market Key Players:
• AB Volvo
• Uber Technologies Inc.
• Daimler AG
• Denso
• Ford Motor Co.
• Tesla Inc.
• Aptiv
• BMW AG
• Paccar
• IVICO
• Robert Bosch
• MAN
• DAF
• Scania
• Waymo

Frequently Asked Questions:

1. Which region has the largest share in Global Autonomous Truck Market?
Ans: Asia Pacific region held the highest share in 2021.

2. What is the growth rate of Global Autonomous Truck Market?
Ans: The Global Autonomous Truck Market is growing at a CAGR of 17% during forecasting period 2022-2029.

3. What is scope of the Global Autonomous Truck market report?
Ans: Global Autonomous Truck Market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period.

4. Who are the key players in Global Autonomous Truck market?
Ans: The important key players in the Global Autonomous Truck Market are – AB Volvo, Uber Technologies Inc., Daimler AG, Denso, Ford Motor Co., Tesla Inc., Aptiv, BMW AG, Paccar, IVICO, Robert Bosch, MAN, DAF, Scania, and Waymo

5. What is the study period of this market?
Ans: The Global Autonomous Truck Market is studied from 2021 to 2029.