CHICAGO, May 20, 2020 /PRNewswire/ -- 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", published by MarketsandMarkets™, 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.
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North America is expected to lead the global market during the forecast period
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 last-mile delivery truck segment is expected to be the largest market during the forecast
Using 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, the COVID-19 pandemic will drive the human contactless delivery of goods.
Asia Pacific is expected to be the fastest-growing market during the forecast period
Asia Pacific is expected to be the fastest-growing semi-autonomous as well as in the autonomous truck market during the forecast period, owing to China and Japan's rapid progress toward vehicle automation, especially mining and delivery trucks; and increasing safety regulations by various countries. For instance, South Korea's Transport Ministry has made Autonomous Emergency Braking and Lane Departure Warning systems mandatory in passenger cars from January 2019 and in trucks and other vehicles from July 2021. Currently, both these systems are mandatory in more than 11-meter commercial vehicles and trucks and special vehicles weighing more than 20 tons.
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 autonomous truck market in the region. Also, the introduction of autonomous technologies in mining trucks would drive the Asia Pacific autonomous truck market, as China is the biggest mining country in the world
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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). All the companies have strong distribution networks at a global level. In addition, these companies offer an extensive product range in this market. These companies have adopted strategies such as new product developments, collaborations, and contracts & agreements to sustain their market position. 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.
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