The global automated truck market is expected to exceed the value of US$ 1.8 Bn by the end of 2031 and is estimated to expand at a CAGR of 19.38% from 2021 to 2031.
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Automation in the transport sector is projected to significantly reduce the cost of goods transport and cost for drivers and laborers. The logistics industry is undergoing a seismic shift, which includes automation in freight forwarding by road. Automated technology in trucks involves several levels of automation, where levels 1, 2, and 3 require driver intervention, and levels 4 and 5 are driver-less trucks. Additionally, automation in logistics trucks helps track real-time data and locations. It also helps avoid collisions and accidents by integrating collision detection systems, ADAS systems, driver monitoring systems, and other advanced features.
Based on truck class, the light duty trucks or class 1 to class 3 trucks segment dominated the automated trucks market, in terms of revenue, in 2020. Furthermore, expansion of the logistics industry across the globe is likely to propel the class 7 & 8 segments during the forecast period. Moreover, companies engaged in shipping and supply chain management are undertaking and expanding existing strategic partnerships with key OEMs to deliver autonomous trucks.
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For instance, in November 2021, United Parcel Service and Waymo LLC, a subsidiary of Alphabet, announced an extension of their existing partnership that would work to accelerate the future of mobility.
In terms of sensors, the ultrasonic segment accounted for a notable share of the automated trucks market, in terms of revenue, in 2020. Introduction to advanced technology-based cameras (i.e. Artificial Intelligent) for driverless vehicles is estimated to create considerable opportunity for automated trucks in the future. Governments of developed countries have mandated the implemented advanced technological features in their vehicles in order to enhance safety and security. Moreover, a rise in the integration of smartphone applications in vehicles helps boost the demand for driverless trucks, which in turn is likely to drive the automated truck market.
Regional Analysis of Automated Trucks Market
In terms of region, the global automated trucks market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. North America is the technological leader in the field of driverless vehicles. Waymo, Intel, and Embark are only a few of the prominent technology companies based in the region. These businesses are focused on the advancement of self-driving technologies. Additionally, autonomous vehicle testing has begun in various states in the U.S. This would pave the way for the continued development of self-driving trucks.
For instance, Daimler AG put its level 4 autonomous truck through its paces on the streets of Virginia, U.S. Furthermore, pickup trucks with superior semi-autonomous driving characteristics dominate the region. Ford and GMC are two renowned manufacturers of pickup trucks in the U.S. Tesla would soon join the market with its ‘Cybertruck‘, which is expected to include all of the semi-autonomous features as well as the option of automated driving.
Automated Trucks Market Players
Prominent players operating in the global automated trucks market include AB Volvo, APTIV, Autonomous Solutions Inc., Caterpillar Inc., Continental AG, Daimler AG, Denso Corporation, EMBARK, Hitachi Ltd., Intel Corporation, Komatsu Corporation, NVIDIA, PECCAR, Inc., Qualcomm Technologies, Inc., Robert Bosch GmbH, Valeo, WABCO, Waymo LLC, and ZF Friedrichshafen AG.
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Global Automated Trucks Market: Segmentation
Automated Trucks Market, by Level of Automation
- Level 1
- Level 2
- Level 3
- Level 4
- Level 5
Automated Trucks Market, by ADAS Feature
- Adaptive Cruise Control (ACC)
- Automatic Emergency Braking (AEB)
- Blind Spot Detection (BSD)
- Intelligent Park Assist (IPA)
- Lane Keep Assist (LKA)
- Traffic Jam Assist (TJA)
- Others
Automated Trucks Market, by Truck Class
- Class 1 to Class 3 (Light Duty Truck)
- Class 4 to Class 6 (Medium Duty Truck)
- Class 7 & Class 8 (Heavy Duty Truck)
Automated Trucks Market, by Sensor
- Camera
- RADAR
- LiDAR
- Ultrasonic
- Others
Automated Trucks Market, by Propulsion
- Diesel
- Gasoline
- Electric
- Hybrid
Automated Trucks Market, by Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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