ID: MRFR/AM/4668-HCR | February 2021 | Region: Global | 100 pages
Autonomous truck market share is expected to grow at a 15.6% CAGR
The autonomous trucks market helps in fulfilling the needs related to electrically used vehicles. These vehicles make use of different kinds of techniques that help in enabling them to understand the surroundings, as well as, conduct the navigation process that is related to any kind of human input. The autonomous trucks majorly draw their dependence on satellites, ground sensors, as well as, the guided systems. The systems function to identify the obstacles, along with the relevant signage to push for proper navigation of the truck locations and reducing any chances of damage.
Owing to a variety of factors like increase in the number of road accidents, shortage in the number of drivers, changing 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 reducing the transportation and delivery costs, are driving the market towards growth on a global scale. The autonomous truck market share is expected to grow at a 15.6% CAGR by the end of the global period in 2023. The market valuation is expected to read USD 460 million.
The COVID 19 pandemic is contagious. The spread is quick and patients belong to both symptomatic, as well as, asymptomatic categories. Hence, to ensure that the spread of the pandemic is contained, the government imposed lockdowns in regions, national, and international locations. The ban on interstate travel forced people to sit at homes and not continue any kind of business operations. Hence, the market was unable to register a considerable amount of growth during the pandemic year of 2020. To overcome the losses, the business was quick to resume its transportation services and make use of trucks to cover long distances.
The government laid down guidelines to accomplish the deliverables through the help of the movement of trucks from one place to the other. The drivers of transportation services like trucks are following the safety and health protocols on priority and helping the business resume its operations slowly as the restrictions are being lifted. We just hope that things will be back to business soon.
It is observed that the autonomous truck market is expected to rise owing to the rise in shortage of truck drivers, as well as, the increase in the quantum of supply of raw materials and goods to various end-users of the market. The American Truck Association discusses that in the historic year of 2016, there was a decline in the availability of the drivers in the market, but, it increased subsequently, in the following year of 2017. There is a growth in the shipment volume that is likely to estimate the quantum of the autonomous truck sales. All these factors are well collaborating the market for considerable growth by the end of the future forecast in 2023.
The labor cost associated with the availability of drivers and their services is likely to emerge as a restraint in the way of growth. The market is witnessing an increased requirement of use of fuel efficiency, along with stricter regulations for bad fuel emission, the market has restraints to overcome while registering a good market growth.
The labor costs have a considerable role to play in generating demand for autonomous trucks on a global level and provide a platform for the new entrants to establish their service lanes. The market working is based on various techniques that come with minimum human input for the elimination of damages, as well as, errors. All these factors are likely to increase the availability of technology in the market that will help it grow at a 15.6% CAGR by the end of the global forecast period.
The autonomous trucks’ market value can be estimated to help in analyzing the performance of the market segments. The autonomous trucks’ market revenue can be estimated based on the performance of these segments. The market is segmented based on the understated:
Hardware and software products
The market extended its technology services to the semi-automated, as well as, the fully automated trucks
The autonomous trucks market value is estimated to grow at a 15.6% CAGR due to its services in 4 major regions. These are the North American region, APAC region, Europe, along with the rest of the world.
Type of sensor
The sensors are fitted into the autonomous trucks like imaging and radars, ultrasonic, as well as, LiDAR.
The key players are extending their services and products in different geographical locations. The North American market including the USA, and Canada, are expecting a steep rise in the growth of the market. The second position for growth belongs to the European nations. The main reason that is helping these markets grow is an increased adoption rate of technologies, along with an increase in the volume of the foreign tonnage. Also, the market is welcoming and accepting the autonomy of major truck manufacturers benefitting the target audience on a large scale. Also, these geographical locations in collaboration with the government are working on providing great infrastructural opportunities and facilities to the manufacturers for the audience. The rise in the disposable income of people is pushing them to demand automobiles in large numbers. With an increase in the demand for automobiles, the growth of the autonomous trucks market is expected to rise in a considerable proportion.
The prominent players extending their services to the regional markets are helping them grow by the end of the global forecast year of 2023. The key market players helping the autonomous trucks market grow are:
The infrastructure facilities rendered by these players attempt to develop the product portfolios to reach a larger target audience. Also, the market is filled with key players that are on the lookout for acquisitions and mergers. This will help them expand their name in the market by the end of the future forecast period in 2023.
The global autonomous trucks market report conducts extensive cum primary research for the market dynamics. The report contains a detailed analysis of both the qualitative and quantitative market aspects and considers the opinions of the industry experts, as well as, the leaders. The market is a clear depiction of the trends of historic, current, and future periods.
The tentative market size is also depicted taking into consideration the values, technological advancements, volumes, governing factors, along with the key market strategies taken up by the prominent companies to create a niche for themselves in the market. Also, the report consists of engaging information relating to the growth of the market segments in various regions amid the spread of the novel coronavirus. Also, the global report discusses the growth prospects for companies and regions based on the recent developments. Read all the market analysis reports and learn about the future behavior of this market in no time.
|Market Size||2027: USD 460 Million|
|CAGR||15.6% CAGR (2020 to 2027)|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Components, Sensor Type and Technology|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||AB Volvo (Sweden), BMW AG (Germany), General Motor Company (U.S.), Volkswagen AG (Germany), Ford Motor Co. (U.S.), Delphi Automotive PLC (Ireland), Embark Trucks (U.S.), Robert Bosch GmbH (Germany), Uber Technologies Inc. (U.S.), Tesla Inc. (U.S.), Google Inc (U.S.)|
|Key Market Opportunities||Increased requirement of use of fuel efficiency|
|Key Market Drivers||Increase in the quantum of supply of raw materials|
Frequently Asked Questions (FAQ) :
15.6% Is the value the CAGR of this market is expected to take.
North America, Europe, Asia Pacific, and Rest of the World are the key regions where the study for the global market of autonomous trucks market is conducted to understand the market scenario.
AB Volvo (Sweden), BMW AG (Germany), General Motor Company (U.S.), Volkswagen AG (Germany), Ford Motor Co. (U.S.), Delphi Automotive PLC (Ireland), Embark Trucks (U.S.), Robert Bosch GmbH (Germany), Uber Technologies Inc. (U.S.), Tesla Inc. (U.S.), Google Inc (U.S.) are the key market players who are actively investing in the market share, globally.
The factors are growing volumes of shipment at a rapid pace, rising driver labor cost, the shift of production footprint to the developing countries, increasing economic growth. These are laboriously creating opportunities for the market to expand double-digit in the coming years.