Autonomous Trucks Market: Increased requirement of use of fuel efficiency and Increase in the quantum of supply of raw materials are expected to augment the market at a healthy CAGR of ~ 15.6% during the forecast period of 2023 to 2030

PRESS RELEASE

Published January 29, 2023

Market Research Future Insights

According to MRFR analysis, the global Autonomous Trucks Market is expected to register a CAGR of ~ 15.6% from 2022 to 2030 and hold a value of over USD 460 million by 2030.

The autonomous trucks market aids in fulfilling the needs related to electrically used vehicles. These vehicles make use of different kinds of techniques that benefit in enabling them to understand the surroundings, as well as, conduct the navigation process that is connected to any kind of human input. Autonomous trucks majorly draw their requirement on satellites, ground sensors, also, guided systems. The systems function to recognize the obstacles, along with the relevant signage to push for proper navigation of the truck locations and falling any chances of damage.

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Due to a variety of factors like an upsurge in the number of road accidents, lack in the number of drivers, shifting government regulations guarding the safety measures, efficient features in different truck models, as well as, the key market players eyeing on elaborating their services in the form of decline the transportation and delivery costs, are driving the market towards growth on a global scale.

The COVID-19 pandemic had a relatively slight impact on this automotive industry segment compared to the whole. The demand for autonomous trucks was slightly delayed owing to the lockdown and global transportation halt due to the pandemic. However, with market and trade gradually opening up and the augmented need for automation, the autonomous truck market is hoping for an economic revival.

Regional Analysis

Asia Pacific is projected to be the fastest-growing semi-autonomous as well as Autonomous Trucks Market over the forecast period. The Asia Pacific region is expected to be a technology trailblazer. Once a reliable technology is developed, the region will rapidly adopt it. In addition, Asia is the world’s largest truck producer, accounting for more than 65 percent of all vehicles formed worldwide. Concerns about road safety will fuel the expansion of the autonomous truck business in the region. In addition, because China is the world’s largest mining country, the deployment of autonomous technology in mining trucks will fuel the Asia Pacific autonomous truck manufacturing.

Market Segmentation

The Global Autonomous Trucks Market has been segmented into the level of automation, and sensor type

Based on the Level of Automation, The Global Autonomous Trucks Market has been segmented into Semi-Autonomous Trucks and Autonomous trucks. This can be further segmented into different levels. The first step toward automatic driving is level one. This driver assistance level denotes that the automated assistance system controls the mainstream of the functions, such as steering, acceleration, and braking. Furthermore, human drivers are responsible for all lasting components of the dynamic driving activity, contain monitoring the environment and taking over the support system as necessary. Furthermore, level one automation includes vehicle-to-vehicle communication software that allows trucks to survey each other across short distances of up to 20-50 feet.

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Based on Sensor Type, The Global Autonomous Trucks Market has been segmented into Camera, LiDAR, Radar, and Ultrasonic. In terms of volume, the ultrasonic sector is projected to hold the highest proportion of the semi-autonomous truck market. Ultrasonic has a tiny field of view and a short range. As a result, semi-autonomous and autonomous trucks usage a lot of ultrasonic sensors. Ultrasonic sensors are usually employed for short-range object recognition, which is useful for ADAS parking features like intelligent park assist. Ultrasonic sensors are less exclusive than other sensors. LIDARs are presently expensive, and thus are not normally used in level 1 and level 2 semi-autonomous trucks.

Key Players

Some of the key market players are B Volvo (Sweden), BMW AG (Germany), General Motor Company (U.S.), Delphi Automotive PLC (Ireland), Ford Motor Co. (U.S.), Embark Trucks (U.S.), Robert Bosch GmbH (Germany), Volkswagen AG (Germany), Uber Technologies Inc. (U.S.), Tesla Inc. (U.S.), and Google Inc (U.S.)