Global Autonomous Truck Market Size - Segmented by Autonomous Level, ADAS Features, Sensor Technology, and Geography - Growth, Trends, and Forecast (2022 - 2030)
The global autonomous truck market is expected to grow at a CAGR of 5.8% during the forecast period, 2018-2023, owing to the growing penetration of advanced technology in commercial vehicles.
Increasing Demand for Safety is Driving the Autonomous Truck Market Growth
Occurrence of occupant and pedestrian fatalities while driving a truck has been a major concern for the automakers and governments across the globe. Human error has been a major reason for about 90% of the total truck accidents during 2014-2017, and thus, preventing human errors while driving has been the prime focus of the automakers. Therefore, the deployment of ADAS features like lane warning system and autonomous emergency braking has been gradually increasing in the trucks to reduce the possibilities of accidents due to human errors. Europe Commission became the first to launch a rule under its general safety regulations 661/2009/EC in 2009, which mandated the above mentioned two ADAS features in all new commercial vehicles with effect from 1 November 2015. Following the footprints of European automotive industry, the other regions such as North America and Asia have also adopted the same significantly resulting in the growth of semi-autonomous trucks across the global market.
Growing Programs to Promote Self-Driving or Fully Autonomous Trucks
Though fully autonomous trucks are still under testing trials, a few commercial launches of self-driving trucks are anticipated by 2019, owing to the implementation of truck platooning method. Europe is expected to grow at a faster pace in autonomous trucks market, due to the increasing support from the EU government toward fuel efficient vehicles. For instance, recently in 2017, UK government showed green light for the adoption of autonomous trucks that drive in platooning system and is planning to invest USD 9.45 million for trials on UK motorways. Apart from Europe, regions like North America, Japan, Singapore, and other Asian countries are undergoing autonomous truck test trails. The positive and beneficial results of on-going autonomous truck trails are likely to boost the growth of full autonomous trucks market during 2020-2025.
Key Developments in the Autonomous Truck Market
Dec 2017: WABCO, a leading global supplier of electronic braking, stability, suspension, and transmission automation system for commercial vehicles, invested USD 10 million to acquire 1% equity stake of Nikola Motor Company, a leading hybrid truck design company. The investment demonstrates WABCO’s commitment toward advancing electric and highly automated commercial vehicles in North America and across the globe.
Mar 2018: Waymo launched a self-driving truck experiment in Atlanta, one of the biggest logistic hubs in the United States. Waymo partnered with Google, where Waymo’s trucks will haul cargo destined for Google’s Atlanta based data centers as part of the experiment.
Autonomous Truck Market Major Players: Volvo Group, Daimler AG, Daf, Scania, Uber Technologies Inc., and Wabco among others
Reasons to Purchase Autonomous Truck Market Report
Latest technology trends adopted by the manufacturers in the autonomous truck market.
Various perspectives of the market with the help of Porter’s five forces analysis.
Study on the region that is expected to dominate the market.
The latest developments, market shares, and strategies employed by the major market players.
3 months analyst support, along with the Market Estimate Sheet (in excel).
Customization of Autonomous Truck Market Report
This report can be customized to meet your requirements. Please connect with our analyst, who will ensure you get a report that suits your needs.
Increasing Demand for Safety is Driving the Autonomous Truck Market Growth
Occurrence of occupant and pedestrian fatalities while driving a truck has been a major concern for the automakers and governments across the globe. Human error has been a major reason for about 90% of the total truck accidents during 2014-2017, and thus, preventing human errors while driving has been the prime focus of the automakers. Therefore, the deployment of ADAS features like lane warning system and autonomous emergency braking has been gradually increasing in the trucks to reduce the possibilities of accidents due to human errors. Europe Commission became the first to launch a rule under its general safety regulations 661/2009/EC in 2009, which mandated the above mentioned two ADAS features in all new commercial vehicles with effect from 1 November 2015. Following the footprints of European automotive industry, the other regions such as North America and Asia have also adopted the same significantly resulting in the growth of semi-autonomous trucks across the global market.
Growing Programs to Promote Self-Driving or Fully Autonomous Trucks
Though fully autonomous trucks are still under testing trials, a few commercial launches of self-driving trucks are anticipated by 2019, owing to the implementation of truck platooning method. Europe is expected to grow at a faster pace in autonomous trucks market, due to the increasing support from the EU government toward fuel efficient vehicles. For instance, recently in 2017, UK government showed green light for the adoption of autonomous trucks that drive in platooning system and is planning to invest USD 9.45 million for trials on UK motorways. Apart from Europe, regions like North America, Japan, Singapore, and other Asian countries are undergoing autonomous truck test trails. The positive and beneficial results of on-going autonomous truck trails are likely to boost the growth of full autonomous trucks market during 2020-2025.
Key Developments in the Autonomous Truck Market
Dec 2017: WABCO, a leading global supplier of electronic braking, stability, suspension, and transmission automation system for commercial vehicles, invested USD 10 million to acquire 1% equity stake of Nikola Motor Company, a leading hybrid truck design company. The investment demonstrates WABCO’s commitment toward advancing electric and highly automated commercial vehicles in North America and across the globe.
Mar 2018: Waymo launched a self-driving truck experiment in Atlanta, one of the biggest logistic hubs in the United States. Waymo partnered with Google, where Waymo’s trucks will haul cargo destined for Google’s Atlanta based data centers as part of the experiment.
Autonomous Truck Market Major Players: Volvo Group, Daimler AG, Daf, Scania, Uber Technologies Inc., and Wabco among others
Reasons to Purchase Autonomous Truck Market Report
Latest technology trends adopted by the manufacturers in the autonomous truck market.
Various perspectives of the market with the help of Porter’s five forces analysis.
Study on the region that is expected to dominate the market.
The latest developments, market shares, and strategies employed by the major market players.
3 months analyst support, along with the Market Estimate Sheet (in excel).
Customization of Autonomous Truck Market Report
This report can be customized to meet your requirements. Please connect with our analyst, who will ensure you get a report that suits your needs.
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