Autonomous Truck Industry Insights by 2030

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.

Opportunities:

• Increasing Demand for 5G Technology for Vehicle Connectivity
• Latent Demand for Semi-Autonomous and Autonomous Truck Platooning

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Radar segment to hold the largest share in the autonomous truck market, by sensor type

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. LIDAR technology is an essential solution for the development of autonomous vehicles in the future.

The increasing number of accidents and concerns about safety and security are expected to drive the growth of level 2 and level 3 autonomous trucks

The level 2 and level 3 automation is expected to grow at a higher CAGR than level 1 automation. The growth of level 2 and level 3 automation can be attributed to the increasing demand for highly secure and safe transportation and government norms in the emerging economies. Level 2 and level 3 semi-autonomous trucks have highly advanced driver assistance features that will help to increase road safety and truck security. The demand is expected to increase in developed as well as developing countries such as the US, Germany, China, and Japan, where key truck manufacturers are located.

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North America: Leading the autonomous truck market

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.