Autonomous Trucks Market Information on some prominent companies that were considered leaders in their respective industries. However, business landscapes are dynamic, and success depends on a company's ability to adapt to changing circumstances with respect to regions and countries. Companies that successfully integrate emerging technologies like AI, blockchain, and the IoT into their operations often gain a competitive edge.
*Disclaimer: List of key companies in no particular order
The burgeoning autonomous truck sector is presently a highly contested frontier within the transportation domain. It's a field attracting attention and competition from established industry players, tech giants, and startups, all eager to stake their claims in this fledgling yet potentially transformative market. To thoroughly understand this intricate landscape, an analysis of key player strategies, determinants of market share, and emerging trends that define the competitive landscape is imperative.
Seasoned Players: Leveraging Heritage and Diversification Truck manufacturers like Daimler, Volvo, and PACCAR boast a critical advantage owing to their established brand recognition, expansive dealer networks, and profound comprehension of the trucking sector. Daimler's Mercedes-Benz Trucks division collaborates actively with NVIDIA and Qualcomm to craft Level 4 autonomous trucks for highway usage. Volvo Trucks, in partnership with Aurora, concentrates on Level 3 automation for North American highway trucking routes. PACCAR's DAF Trucks division, employing a cautious approach, tests autonomous trucks in controlled environments while prioritizing safety adherence.
Tech Titans: Disrupting through Innovation and Scale Companies such as Google and Uber wield their prowess in AI, software development, and data analytics to disrupt the market. Google's Waymo subsidiary stands as a pioneer in autonomous vehicle technology, actively testing autonomous trucks on highways in Arizona and Texas. Uber's Freight division pilots Level 4 autonomous trucks for long-haul routes, collaborating with manufacturers like Volvo and startups like TuSimple. These tech giants possess the data, computational abilities, and skilled workforce requisite to revolutionize the industry.
Startups: Agility and Tailored Solutions Agile startups like TuSimple, Aurora, and Embark Trucks carve their niches by focusing on specific functionalities or regions. TuSimple, a frontrunner in Level 4 highway trucking technology, has secured partnerships with major logistics companies like UPS and FedEx. Aurora, emphasizing LiDAR technology and safety redundancies, garners investments from Volvo and PACCAR. Embark Trucks, specializing in driver-in-the-loop operations for regional routes, offers solutions for short-haul deliveries where infrastructure limitations hinder full autonomy.
Market Share Determinants Assessing market share in this nascent realm surpasses traditional metrics such as sales volume. Crucial factors encompass:
Emerging Trends and Landscape Shifts Several significant trends define the autonomous truck market:
Competitive Dynamics: A Multifaceted Race The competitive landscape is characterized by intense rivalry across diverse segments. Established players leverage existing infrastructure and brand recognition, tech giants bring technological prowess and data-driven approaches, while startups offer agility and niche solutions. Success hinges on technological prowess, strategic partnerships, regulatory compliance, and adaptability to emerging trends. The race for dominance in this transformative market is ongoing, with no definitive victor yet, making it an enthralling space to watch as it reshapes the future of transportation.
While this analysis provides a snapshot of the current competitive landscape, it's crucial to note that the autonomous truck market is rapidly evolving. Stay tuned for further updates and insights as this transformative market continues to unfold.
Industry Developments and Recent Updates:
Leading Companies in Autonomous Trucks:
Autonomous Trucks Market Size was valued at USD 231.3 Million in 2023. The Autonomous Trucks industry is projected to grow from USD 267.38 Million in 2024 to USD 737.31 Million by 2032, exhibiting a compound annual growth rate (CAGR) of 13.51% during the forecast period (2024 - 2032). Increased requirements for fuel efficiency and an increase in the quantum of supply of raw materials are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Adopting advanced driver assistance technologies (ADAS) has significantly improved highway safety, according to a study conducted by the Federal Motor Carrier Safety Administration in collaboration with trucking industry leaders. An example includes J.B. Hunt, a leading for-hire carrier in the US, which has equipped 98% of its vehicles with a forward-collision warning system and lane departure warning along with dash cameras on 84% of its class 8 trucks. Implementing such technologies has enabled a 50% reduction in rear-end crashes and increased asset uptime and driver retention. Furthermore, owing to the trucks' safety benefits and increased demand from drivers, J.B. Hunt plans to deploy a blind spot detection system on its fleets that can help to avert sideswipes and lane change accidents. Hence, these factors are fueling the autonomous trucks market's CAGR growth.
Additionally, Reduced emissions and greater fuel efficiency of automated trucks augment growth; around 25% of the environmental pollution caused by the transportation sector in the US is attributed to trucking, and fuel consumption accounts for nearly 25 to 40 percent of the total long-haul trucking costs in Europe and North America. Autonomous types of trucks via features such as low RPM runs, greater speed governance, automated manual transmissions, and aerodynamic platooning can improve long-haul fuel economy and directly lead to improved driving performance and emission reductions. Hence, fuel savings and pollution control improvement are major factors driving the Autonomous Trucks market revenue.
The Autonomous Trucks Market segmentation, based on components, includes hardware and software. The software segment dominated the market; this is because of the controls of the acceleration, brakes, and steering for the automated vehicle through system software. Furthermore, the vehicle actively monitors the environment using the software.
January 2019 Daimler Trucks North America started to equip the Freightliner Cascadia trucks with Detroit Assurance 5.0, the first range of trucks equipped with these SAE level 2 technologies.
October 2020 Daimler partnered with Waymo to build fully driverless semi-trucks. This strategic partnership provides Daimler with autonomous driving technology from Waymo to integrate into the company's trucks.
Based on sensor type, the Autonomous Trucks Market segmentation includes LiDAR, image, radar, and ultrasonic. The ultrasonic sensor segment held the largest share of the market in 2022. These sensors are significantly less expensive than others and are extensively used for ADAS applications such as parking assistance, owing to their accuracy in short-range object detection. These factors are responsible for this segment's high market share. The LiDAR sensor segment is anticipated to exhibit a higher CAGR. They provide superior range & speed detection of objects using reflected light instead of relying on brake lights. Their operation under low visibility conditions is also better compared to camera-based systems. These factors have encouraged trucking companies to adopt this Technology.
Based on Technology, the Autonomous Trucks Market segmentation includes semi-automated and fully automated trucks. The semi-automated trucks segment held the largest share of the market. This is due to the progress toward vehicle automation, especially mining and delivery trucks, and increasing safety regulations by various countries.
September 2021 PACCAR teamed up with Aurora, a leading autonomous driving technology company, to launch a commercial pilot of autonomous trucks in hauling operations in Washington. The Technology is expected to be used by FedEx.
September 2021 Volvo Autonomous Solutions revealed a prototype long-haul autonomous truck for the North America application.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
By Region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American Autonomous Trucks market area will dominate due to the availability of infrastructure, and significant technology companies that are entering autonomous will boost the market growth in this Region.
Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Europe's Autonomous Trucks market accounts for the second-largest market share due to the increased requirement of use of fuel efficiency and the Increase in the quantum of supply of raw materials. Further, the German Autonomous Trucks market held the largest market share, and the UK Autonomous Trucks market was the fastest-growing market in the European Region.
The Asia-Pacific Autonomous Trucks Market is expected to grow at the fastest CAGR from 2024 to 2032. This is due to 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 semi-autonomous and autonomous truck markets in the Region. Moreover, China’sAutonomous Trucks market held the largest market share, and the IndianAutonomous Trucks market was the fastest-growing market in the Asia-Pacific region.
Leading market players are investing heavily in research and development to expand their product lines, which will help the autonomous trucks market grow even more. Market participants are also undertaking various strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the Autonomous Trucks industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the global Autonomous Trucks industry to benefit clients and increase the market sector. In recent years, the Autonomous Trucks industry has offered some of the most significant advantages to the automotive industry. Major players in the Autonomous Trucks market, including 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.)., and others, are attempting to increase market demand by investing in research and development operations.
Paccar Inc is an American Fortune 500 company and counts among the world's largest manufacturers of medium- and heavy-duty trucks; it has substantial manufacturing in light and medium vehicles through its various subsidiaries.PACCAR teamed up with Aurora, a leading autonomous driving technology company, to launch a commercial pilot of autonomous trucks in hauling operations in Washington. The Technology is expected to be used by FedEx.
Daimler Truck AG is one of the world's largest commercial vehicle manufacturers, with over 35 locations worldwide and approximately 100,000 employees. Daimler Truck AG is headquartered in Leinfelden-Echterdingen, Germany. It was part of Daimler AG from November 2019 to December 2021. Daimler Trucks North America partnered with Torc Robotics to test autonomous trucks on Interstate 81 in Virginia. At CES 2020, Kenworth Truck Co. unveiled its autonomous truck technology based on the T680 truck. The autonomous truck uses sensors and LiDAR and collects up to 1 terabyte of hourly data during driving.
August 2019 UPS acquired a minority stake in the autonomous truck startup TuSimple, aimed at exploring the network efficiency benefits of the autonomous type of trucks.
July 2020 TuSimple and Navistar entered a strategic partnership to co-develop SAE level 4 class 8 highly automated trucks and start production by 2024.
Autonomous Trucks Market Highlights:
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