Robust distribution and sales strategies are becoming crucial tools to increase the supply of automated trucks among high-income investors and buyers during the ongoing COVID-19 crisis. Since companies in the automated trucks market are under scrutiny for vehicle emissions, manufacturers should innovate in electric and hybrid automated trucks to comply with stringent government regulations. This trend is prominent in European countries since both governments and stakeholders in the value chain are conscious of controlling vehicle emissions. Moreover, according to UNECE Europe, vehicle manufacturers should comply with several EV (electric vehicle) norms for battery recycling, charging infrastructure, energy consumption, battery performance, electric range, battery durability, and EV recycling.
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Multi-purpose Applications of Automated Trucks Fueling Market Growth
Automation technology is gaining strong foundations in virtually all industries such as packaging, automotive, food & beverages (F&B), and pulp & paper industries, among others. This explains why the automated trucks market is slated to register an astonishing CAGR throughout the assessment period.
New trends including last-mile delivery and the burgeoning growth of the eCommerce industry are storming the automated trucks market. The ever-expanding construction industry, especially in emerging economies such as India, Bangladesh, and Indonesia is creating value-grab opportunities for the providers of automated trucks. Waste collection and disposal are mission-critical activities that are generating stable revenue streams for providers of automated trucks. This is evident since automated trucks are self-propelled vehicles that require relatively little human involvement to operate.
Data-driven Decisions Help Companies to Make Inroads with Investors During COVID-19 Crisis
Apart from essential sectors such as agriculture and F&B, companies in the automated trucks market have been supporting stakeholders in the FMCG, pharmaceuticals, and eCommerce industries to keep the economies running amid COVID-19 crisis. However, truck providers are facing challenges in sales due to poor market sentiments amid business uncertainties.
An increasing number of business owners, plant or facility owners, and manufacturers are hesitant to invest in automated trucks, as they are functioning on strict financial budgets. Hence, truck providers are targeting deep-pocketed investors and buyers to offer the advantages of time and cost-efficiency with automated trucks. Truck providers are taking data-driven decisions before making inroads in new regions for maximizing distribution and sales.
Can Advantages of Automated Trucks Offset High Initial Cost?
Even though automated trucks come with a high initial cost, these trucks offer cost-efficiency in terms of an overall lifetime investment. This indicates that investors are able to recover the cost for investment in automated trucks in the long run.
Automated trucks are highly efficient and can be utilized to improve the efficiency of specific organizations in the transportation, logistics, and mining industries. Cutting-edge technologies such as adaptive cruise control (ACC), automatic emergency braking (AEB), blind-spot detection (BSD), and the like are significantly changing the automated truck market. Moreover, manufacturers are innovating in electric and hybrid automated trucks to help clients reduce environmental emissions. Other technologies such as traffic jam assist (JTA) and intelligent park assist (IPA) are leveraging automated trucks.
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Driverless Trucks Storming U.S. Automated Trucks Market
Since farmers in the U.S. have usually been proactive adopters of new technologies in the agricultural sector, companies in the market for automated trucks are scaling value-grab opportunities. This is evident since a significant percentage of the U.S. agricultural sector is largely automated with the help of smart agricultural equipment, software, and machinery. Thus, stakeholders in the North America automated trucks market can expect abundant sales in the U.S. and its several agriculture-rich states.
Moreover, North America is known as the technological leader in the field of driverless vehicles. Analysts at Transparency Market Research (TMR) opine that automated trucks will be extensively used for last-mile delivery, logistics, mining, and eCommerce sectors in the U.S.
Use of Ultrasonic Sensor Technology in Automated Trucks
Apart from RADAR and LiDAR, ultrasonic sensor technology is gaining popularity in the automated trucks market. Introduction to advanced technology-based cameras, including AI and ultrasonic sensors for driverless vehicles, is estimated to create considerable opportunities for automated truck manufacturers in the future.
Governments of developed countries have mandated the implementation of advanced technological features in automated trucks in order to enhance the safety and security of these vehicles. Furthermore, rise in the integration of smartphone applications in vehicles helps boost the demand for driverless trucks, which, in turn, is likely to drive the market for automated trucks.
Automated Trucks Market: Overview
- Automated trucks are also known as Robo-trucks or autonomous trucks, and do not require human drivers under certain environmental conditions. Conventional trucks are integrated with different levels of automation to form automation in vehicles. Levels of automation include level 1 to level 3 automation is semi-automated and levels 4 and level 5 are fully automated, which is considered as self-driving vehicles.
- The rate of adoption of automated trucks is high for different levels of automation in most off-highway applications, including ports, freight yards, and deports. Such sites have limited pedestrian traffic and vehicles; hence, vehicle tracking becomes easier. Most of the logistics and transportation companies use automated trucks for material and goods transport, from port to other warehouse locations. Different levels of automation are implemented in trucks to monitor the entire process and to avoid road accidents.
- Moreover, several start-up companies are focusing on the development of solutions to improve vehicle safety and efficiency, which, in turn, is further anticipated to boost the automated trucks market
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Drivers of Automated Trucks Market
- An increase in the rate of highway accidents across the globe is expected to propel automation in different truck classes. For instance, the U.S. records around 41,000 to 45,000 traffic deaths each year, while less than 10% of the total deaths are due to commercial vehicles including trucks and other vehicles.
- Among commercial vehicle accidents, approximately 4% of truck accidents are due to driver fatigue and other related issues. Hence, such accidents with other vehicles can cost tens of thousands of dollars to fleet operators, and consequently, truck automation is adopted in order to reduce this expense. Therefore, the integration of different levels of automation in trucks such as cruise control systems, driver monitoring systems, lane assist, and traffic monitoring is projected to reduce highway accidents and further drive the automated truck market.
- Commercial trucks play an important role in the logistic industry, as they are used right from docking of goods, transport of goods from point A to B, and undocking. All these trucking processes require significant time and labor. Moreover, as per Armstrong & Associates, the logistics industry across the globe accounts for around 12% of the entire world’s GDP, and the trucking industry currently accounts for 43% of total global logistics costs. However, it’s believed that technology integration in the logistics industry continues to generate new competence and efficiencies for the transport of goods from point A to B, which in turn is estimated to further significantly reduce the cost of goods transport, and the cost of drivers and labors.
- The stringency of government regulations for vehicle emissions is rising across the globe, which subsequently augments the demand for electric trucks. Moreover, according to UNECE Europe, vehicle manufacturers should comply with several EV norms for energy consumption, battery performance, electric range, battery durability, EV recycling, battery recycling, and charging infrastructure. Therefore, an increase in stringency of EV regulations fuels the automated truck market.
Challenges to Automated Trucks Market
- Automated trucks are likely to heavily rely on cloud and software services; hence, they are extremely vulnerable to hackers. Furthermore, these vehicles are highly exposed to various security threats. The operation of an automated vehicle on the road could become a significant safety issue, as any system or software malfunction is likely to result in serious accidents. Apart from technology, automated truck laws and regulations must be properly enforced.
- As a result of COVID-19, some countries across the globe have had to enforce lockdowns, which further affected people’s income levels. Vehicle sales reduced drastically. The industrial and research and development sector has also been hit by the pandemic. Governments implemented several safety measures, such as working from home, social distance, self-quarantine and crowding gathering, in order to curb the spread of the virus. Consequently, COVID-19’s impact on the automotive and logistics industries also hindered the automated truck market.
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