Semi-Autonomous & Autonomous Truck Market By Level of Automation, Propulsion, Application, Truck Class, ADAS Features, Sensor And Region - Global Forecast to 2030
NEW YORK, June 1, 2020 /PRNewswire/ -- Factors such as a rise in road accidents, shortage of drivers, government regulations regarding safety features, companies eyeing a reduction in delivery & transportation cost, and the increasing need for efficient yet feature-rich modern trucks are the significant growth drivers of the global semi-autonomous and autonomous truck market.
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The global semi-autonomous truck market size is projected to reach 3,254 thousand units by 2025, from an estimated 948 thousand units in 2020, at a CAGR of 28.0%. 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 advent of autonomous technology will have a significant impact on commercial vehicles, including trucks.
The entry of autonomous trucks in the trucking industry will change the way freight transportation is done across the world.The autonomous truck technology enhances safety, efficiency, and productivity.
Autonomous trucks can help decrease the number of road accidents significantly, thus increasing road safety in different scenarios or conditions.These vehicles follow the traffic rules and keep a distance from other vehicles.
In this way, these vehicles would help decrease traffic congestion and increase efficiency and productivity.
Impact of COVID-19 pandemic would drive the last mile delivery truck segment in the forecast.
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.
For instance, the E-commerce giant, Amazon, has been eyeing the usage of autonomous last-mile delivery technology to cut the delivery cost and has invested in many tech companies related to it as well. Waymo and Embark are some of the companies that have involved in the development of such delivery truck technologies.
Apart from this, autonomous truck technology might get benefitted shortly, as many e-commerce and shipping companies will be looking to develop autonomous truck deliveries to avoid human contact.For instance, Amazon has been delivering packages with autonomous robots since 2019 in a few areas.
The company might incorporate such technology in small delivery trucks, as an option for contact-less delivery post-COVID-19 pandemic.
Asia Pacific is expected to be the fastest-growing market during the forecast period
The Asia Pacific region is expected to be the fastest-growing market.The region comprises countries, such as China, Japan, and South Korea, which have a technologically advanced automotive industry.
Chinese AI company, FABU, developed a self-driving truck in March 2019, which will be used for delivery services by companies, China Post and Deppon Express.A Japanese truck manufacturer, UD Trucks, revealed a level 4 autonomous truck in September 2019, which will be operated on a specified delivery route.
Also, a South Korean company, Hyundai, successfully demonstrated a truck platooning technology in November 2019, which was the company's first attempt at truck platooning.From all these developments, it is evident that the region will have a significant market share in the autonomous truck market.
Apart from these testing and trials, the region is one of the biggest mining region, especially China. Thus, recent developments in the autonomous technologies for mining trucks would help the Asia Pacific market to grow rapidly.
North America is expected to be the largest market in the forecast period
The North America region is estimated to be the largest semi-autonomous truck market.The US is at the center of autonomous driving technology developments.
Technology companies such as TuSImple, Embark, Plus.ai, and Torc Robotics are developing autonomous driving technologies in the region. The region is facing a shortage of drivers as well, which would further help the autonomous market grow in the forecast. Also, the region is dominated by pickup trucks, which are equipped with advanced semi-autonomous features. Companies such as Ford and General Motors have been offering such pickup trucks in the region. Substantial sales of these modern pickup trucks to help the North American market grow in the semi-autonomous truck market.
In-depth interviews were conducted with CEOs, marketing directors, other innovation and technology directors, and executives from various key organizations operating in this market.
• By Company Type: Tier I - 40%, Tier II - 42%, and Tier III - 18%
• By Designation: C Level - 57%, D Level - 29%, and Others - 14%
• By Region: North America - 39%, Europe - 33%, and Asia Pacific - 28%
The semi-autonomous and autonomous truck market comprises major manufacturers such as Continental (Germany) Bosch (Germany), Aptiv (UK), AB Volvo (Sweden), and Denso (Japan).
Research Coverage:
The market study covers the semi-autonomous and autonomous truck market size and future growth potential across different segments such as by propulsion type, application, truck class, ADAS feature, sensor, level of automation, and region. The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report:
• The report will help market leaders/new entrants in this market with information on the closest approximations of revenue numbers for the overall semi-autonomous and autonomous truck market and its subsegments.
• This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.
• The report also helps stakeholders understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities.
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