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Self-governing vehicles market is not constituted by only one or two things. There are many other elements that determine changes and growth in this market. One major contribution comes in the form of the technological breakthroughs that are happening in the self-driving car systems. Advanced technical intelligence, monitoring, and networking are the cutting edge technologies that allowed the fulfillment of the encyclopedic autonomous driving technology for the cars. Thereby, the possibility of trucks being able to take drivers out of the loop and moving to self-driving tests is imminent, hence expanding the market for autonomous trucks.
To also play a critical role in this sector, the regulatory principles and laws are equally important. Governments regardless of being domestic or international are trying to develop regulatory framework as well as the operational guidance for autonomous vehicles including trucks. These standards were created to ensure the safety and reliability of the autonomous trucks, as well to form compatibility with the already existing transportation infrastructure, which affect the adoption and provision of the autonomous light duty trucking technologies.
A rise in efforts for bettering logistics and transportation efficiency is experienced, with reduction in operational costs as the main goal of these efforts as well as addressing the shortage of drivers among the main causes. autonomous trucks appear to be an alternative means to overcome the dilemma that may arise because of labor shortage, high operating costs, and inefficient route scheduling which, by far, meet current market standard and expectations.
Intense technological partnership and collaborations are birthplace of innovation in automotive trucks market. Autonomous trucks innovations are multiplying and these being the work of tech companies from various sectors, particularly automotive, technology, and logistics. It is the union of the talent, financial means, and technology for the rapid development and market introduction of autonomous trucks that takes place in these associations.
Globalization and ongoing advancements in the operations of the supply chain lead to increased deployment of autonomous trucks. As transporting goods more and more quickly and ensure reliable it becomes vitally important for the freight transport market to implement autonomous trucks in order to achieve convenience logistics and enhance supply chain management. This offers the self-driving truck manufacturers to adjust their target audiences based on the dynamic requirement of international trade now.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Segment Outlook | Components, Sensor Type, Technology, and Region |
Autonomous Trucks Market Highlights:
Global Autonomous Trucks Market Overview
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
Autonomous Trucks Market Trends
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Growing focus on road safety is driving the market growth
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.
Autonomous Trucks MarketSegment Insights
Autonomous Trucks Components Insights
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.
Autonomous Sensor Type Insights
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.
Autonomous Trucks Technology Insights
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.
Figure1: Autonomous Trucks Market, by Technology, 2022 & 2032 (USD billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Autonomous Trucks Regional Insights
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.
Figure2: Autonomous Trucks Market Share By Region 2022 (%)
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.
Autonomous Trucks Key Market Players & Competitive Insights
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.
Key Companies in the Autonomous Trucks market include
- 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.)
Autonomous Trucks Industry Developments
July 2020 TuSimple launched the first autonomous freight network (AFN) plan in partnership with UPS, McLane Inc., US Xpress, and Penske Truck Leasing to enable the commercial availability of autonomous trucks by 2024, among other goals.
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 Segmentation
Autonomous Trucks Components Outlook
- Hardware
- Software
Autonomous Trucks Sensor Type Outlook
- LiDAR
- Image
- Radar
- Ultrasonic
- Others
Autonomous Trucks Technology Outlook
- Semi-Automated Trucks
- Fully Automated Trucks
Autonomous Trucks Regional Outlook
- North America
- US
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
- Rest of the World
- Middle East
- Africa
- Latin America
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