Autonomous trucks, also known as self-driving trucks, are commercial trucks capable of operating and navigating roads with little to no human input. Autonomous trucks rely on advanced sensors and software to sense their surroundings, interpret sensory information, plan routes and take appropriate actions while driving on roads. The growing demand for safe logistics and transportation of goods is a key factor pushing the adoption of autonomous trucks across various industry verticals.
The autonomous trucks market is estimated to be valued at USD 1.49 Bn in 2024 and is expected to reach USD 4.62 Bn by 2031, growing at a compound annual growth rate (CAGR) of 17.55% from 2024 to 2031.
Key players operating in the Autonomous Trucks are Daimler, Ford, Tesla, Volvo, BMW, Volkswagen Group, and Waymo among others.
Key opportunities in the Autonomous Trucks Market include development of advanced driving assistance systems, connectivity solutions, and over-the-air updates that can enhance functionalities of autonomous trucks. Growing investments by governments as well as private organizations in building connected infrastructure is also providing growth opportunities. Leading autonomous truck manufacturers are focusing on global expansion plans to tap into opportunities across international markets. For example, Daimler and Volvo are piloting autonomous truck projects across regions such as Europe and Asia Pacific where demand for long-haul transportation is rising. Partnerships with local fleet operators are helping autonomous truck players establish a strong presence overseas and gain more commercial orders.
Market Drivers
Increasing road accidents caused by human errors is a major concern pushing the demand for autonomous trucks that rely on advanced driving assistance systems for safe transportation. It is estimated that over 90% of road accidents are caused due to human errors such as distraction, fatigue etc. Autonomous driving technologies can prevent such accidents. Rising labor costs associated with driver wages is encouraging fleet owners and goods transportation companies to adopt autonomous trucks that do not require human drivers. Driverless trucks allow 24/7 transportation of goods without operational restrictions such as driver hours of service regulations. This improves delivery timelines and fleet utilization.
Market Restrains
High upfront investment requirements for hardware, software, sensors and integration is a major challenge restricting widespread adoption of autonomous trucks. Retrofitting driver-operated fleets with self-driving components incurs substantial retrofitting expenses.
Lack of standardized regulations for testing and commercial deployment of autonomous trucks across different regions and countries is also restraining market growth. Development of regulations governing safety, cybersecurity, and liability issues will take time to mature. Until then, large-scale fleet integration may be limited.
Segment Analysis
The autonomous trucks market can be segmented by sensor type, autonomy level, truck type and application. Based on sensor type, the market can be segmented into camera, lidar, radar and ultrasound sensors. Camera sensors dominated historical sales and are expected to remain the largest segment due to their relatively lower cost compared to lidar sensors. Heavy duty trucks are expected to be the largest segment as they are most suited for autonomous driving technology due to operation in limited and defined geographies.
Global Analysis
On the basis of geography, North America is anticipated to dominate the global autonomous trucks market over the forecast period. This is majorly attributed to the presence of major autonomous truck manufacturers and technology companies such as Tesla, Daimler, Volvo, PACCAR, Uber and Google in the region. Increased investments by various governments in the development of road infrastructure to accommodate autonomous vehicles has further propelled the growth of the market in this region. Additionally, considerable initiatives by governments in the region to develop autonomous technologies and testing facilities has positioned Asia Pacific as an attractive market for autonomous trucks.
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OverviewThe surge in volumes of shipments globally is estimated to fortify the Autonomous Trucks Market in 2020.
The automobile industry reports are produced by Market Research Future, which highlights market options for expansion.
Along with the need to reduce production footprint and manage labor costs, the autonomous trucks market is estimated to grow rapidly in the forecast period.Get free sample pdf @ https://www.marketresearchfuture.com/sample_request/6126Segmental AnalysisThe segmental study of the autonomous trucks market is segmented on the basis of components, sensor types, technology, and regions.
Based on the sensor type, the autonomous trucks market is segmented into image, LiDAR, ultrasonic, radar, and others.
Based on the region, the autonomous trucks market is segmented into Europe, North America, Asia Pacific, and the rest of the regions.Detailed Regional AnalysisThe regional scrutiny of the Autonomous Trucks Market Size includes regions such as Europe, North America, Asia Pacific, and the rest of the regions.
The towering rate of technology implementation, amplified amount of foreign tonnage, and the presence of major independent trucks manufacturers are anticipated to impel the augmentation of the region in the forecast period.
