Global Autonomous Truck Market Foresees Big Future Ahead!

Posted on 2020-01-28 by MarketsandMarkets in Automotive, Semiconductors, Technology, Transportation & Logistics // 0 Comments

Autonomous Truck Market

The Autonomous Truck Market is projected to grow at a CAGR of 39.96% during the forecast period. The semi-autonomous truck market is estimated at 228.6 thousand units in 2017. The market for autonomous trucks is projected to reach 1,132.3 thousand units in 2025 and 81.8 thousand units in 2030, respectively.

The growth of this market is fueled by technological advancements in the field of connected vehicle and driver assistance features used in the vehicles. Connected vehicles are the stepping stones for autonomous vehicles and trucks as they can communicate with other vehicles and their surroundings.

The autonomous truck market is dominated by a few globally established players such as Bosch (Germany), Continental (Germany), Aptiv (UK), ZF (Germany), and Denso (Japan). Moreover, technology developers such as Uber (US), Waymo (US), and TuSimple are providing momentum to the growth of the market.

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In the by sensor segment, the autonomous truck market has been segmented into radar, LiDAR, ultrasonic, and camera. The market for LiDAR is estimated to be the largest for the autonomous trucks market as it can provide reliable data of truck surroundings. However, the major challenge in the adoption of a LiDAR sensor in semi-autonomous trucks is its high cost. The Radar segment is expected to dominate the semi-autonomous trucks market.

The radar segment is projected to account for the largest share in the global autonomous truck market in 2025. Radar technology helps to detect and track objects at a certain distance. The market for LIDAR technology, which can detect an object and create a three-dimensional image, is estimated to grow at the highest CAGR during the forecast period for the autonomous trucks. The LIDAR technology is an essential solution for the development of autonomous vehicles in the future.

The semi-autonomous truck market has been segmented, by ADAS features, into Adaptive Cruise Control, Lane Assist, Intelligent Park Assist, Traffic Jam Assist, Autonomous Emergency Braking, Blind Spot Detection, and Highway Pilot. Automaticmergency Braking and Adaptive Cruise Control are estimated to hold the largest market share between 2018 and 2025. In the US, automatic emergency braking systems are expected to be standard in vehicles by 2022 according to the National Highway Traffic Safety Administration (NHTSA). The market for Blind Spot Detection would grow at the highest CAGR to increase road safety and decrease the number of accidents due to human errors.

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North America is projected to account for the largest share, in terms of volume, of the autonomous truck market in 2025 and 2030, respectively. Truck production volumes in the region have increased over the years, with OEMs catering not only to the domestic demand but also to overseas demand.

The European region is estimated to dominate the semi-autonomous truck market, in terms of volume, in 2018. The region comprises technologically advanced countries such as Germany, France, and others. Also, European truck manufacturers such as Daimler (Germany), Volkswagen (Germany), and Volvo (Sweden) are focusing on research and development activities to develop autonomous vehicles. North America is expected to dominate the global market (volume) followed by Europe and the Asia Pacific. The region’s key technology innovators such as Waymo (US), Uber (US), and Embark (US) are investing in R&D to test the autonomous vehicle technology.

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