Autonomous Truck Market worth $1,550 million by 2030

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MarketsandMarkets Presents

Autonomous Truck Market worth 1,550 million by
2030
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emi-autonomous-truck-market-224614273.html
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The report "Semi-Autonomous Autonomous Truck
Market By Level of Automation (Level 1, Level 2
3, Level 4, and Level 5), Propulsion (Diesel,
Electric, and Hybrid), Application, Truck Class,
ADAS Features, Sensor, and Region - Global
Forecast to 2030" The global semi-autonomous
truck market size is projected to grow from 948
thousand units in 2020 to reach 3,254 thousand
units by 2025, at a CAGR of 28.0The global
autonomous truck market size is projected to grow
from USD 460 million in 2024 to reach USD 1,550
million by 2030, at a CAGR of 22.4. Browse 124
market data tables and 75 figures spread through
225 pages and in-depth TOC on "Semi-Autonomous
Autonomous Truck Market The growth of the
semi-autonomous truck market can be attributed to
the increasing road accidents, the need for
efficient truck operations and demand for ADAS
features in the trucks. Government bodies across
the world have started regulating the safety
standards in trucks to reduce fatalities in road
crashes. Factors such as shortage of drivers,
companies eyeing a reduction in delivery
transportation cost, and increasing research and
development in technologies such as V2X, 5G,
connected trucks, ADAS, and platooning will drive
the market for autonomous trucks in the forecast.
The pandemic COVID-19 might benefit the
autonomous truck market, as companies will be
looking for autonomous options for delivering and
shipping to the customers.
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sp?id224614273 North America is expected to
lead the global market during the forecast
period North America is the technology leader in
autonomous technology. The region is home to some
of the leading technology developers, such as
Waymo, Uber, Intel, and Embark. These companies
are focusing on the development of autonomous
technology. Also, in the US, the testing of
autonomous vehicles has started in some states.
This will create an opportunity for further
development of autonomous trucks. For instance,
Daimler tested its level 4 autonomous truck on
the streets of Virginia, US. Also, the region is
dominated by pickup trucks having advanced
semi-autonomous driving features. Ford and GMC
are some of the leading players offering pickup
trucks in the country. Tesla will enter the
market soon with its Cybertruck having all the
semi-autonomous features and an optional
autonomous driving feature as well. The
last-mile delivery truck segment is expected to
be the largest market during the forecast Using
autonomous last-mile delivery trucks can help
companies save 40 of the total cost. Also, the
shortage of human delivery driver/personnel and
increasing e-commerce will be driving the
autonomous truck market for last-mile delivery
applications.
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For instance, the E-commerce giant, Amazon, has
been eyeing the usage of autonomous last-mile
delivery technology to cut the delivery cost and
has invested in many tech companies related to it
as well. Waymo and Embark are some of the
companies that have involved in the development
of such delivery truck technologies. Apart from
this, the COVID-19 pandemic will drive the human
contactless delivery of goods. Asia Pacific is
expected to be the fastest-growing market during
the forecast period Asia Pacific is expected to
be the fastest-growing semi-autonomous as well as
in the autonomous truck market during the
forecast period, owing to China and Japans rapid
progress toward vehicle automation, especially
mining and delivery trucks and increasing safety
regulations by various countries. For instance,
South Koreas Transport Ministry has made
Autonomous Emergency Braking and Lane Departure
Warning systems mandatory in passenger cars from
January 2019 and in trucks and other vehicles
from July 2021. Currently, both these systems are
mandatory in more than 11-meter commercial
vehicles and trucks and special vehicles weighing
more than 20 tons. To speak to our analyst for a
discussion on the above findings, click Speak to
Analyst Asia Pacific is expected to be a
technology follower. Once a robust technology is
created, 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.
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Road safety concerns will further propel the
growth of the autonomous truck market in the
region. Also, the introduction of autonomous
technologies in mining trucks would drive the
Asia Pacific autonomous truck market, as China is
the biggest mining country in the world. Key
Market Players The global semi-autonomous truck
market is dominated by major players such as
Continental (Germany) Bosch (Germany), Aptiv
(UK), AB Volvo (Sweden), and Denso (Japan). All
the companies have strong distribution networks
at a global level. In addition, these companies
offer an extensive product range in this market.
These companies have adopted strategies such as
new product developments, collaborations, and
contracts agreements to sustain their market
position. On the other hand, Embark (US), Tesla
(US), TuSimple (US), Caterpillar (US), and Waymo
(US) are some of the companies that are focusing
on developing autonomous trucks. Request for
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