The market for autonomous trucks is expected to reach US$ 2.78 billion by 2033, growing at an astounding CAGR of 22% from 2023 to 2033 (forecast period). It is now estimated to be worth US$ 381.32 million in 2023.
Automated trucks, commonly referred to as self-driving or autonomous trucks, are autos that can run without the involvement of a human driver. With the use of sensors, cameras, radar systems, and computer algorithms, these trucks are equipped with contemporary technology that enables them to sense their surroundings, maneuver, and make driving decisions without the need for human interaction.
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Key Takeaways from Automated Trucks Market
- The U.S. is anticipated to grow at 15% CAGR in forecast period.
- The market in the U.K. is expected to account for over 35% of total market share.
- Asia is estimated to be most lucrative market with significant growth rate in coming years.
- By end users, logistics will continue to be dominating end user, accounting for over one third of total revenue.
- By sensor, LiDAR-based autonomous vehicles are estimated to have significant growth rate of 10% CAGR.
- By class, class 8 and Class 9 trucks will be the most popular, accounting for half of all global sales.
- By autonomy level, level 3 autonomy autonomous trucks are anticipated to hold three of every five sales.
Growth Drivers:
- Research and development activities undertaken by major automobile manufacturers are driving the market.
- Increasing adoption of electric cars and increasing infrastructure in developing economies are driving market growth.
- The market will accelerate from the efforts of original equipment manufacturers (OEMs) and governments to create autonomous trucks.
- Increasing government initiatives for easy access and affordable prices availability will bolster market growth.
Competitive landscape:
Key players in the automated truck market are focusing on collaborations, acquisitions, investments, R&D activities, and technological innovations to grow and reinforce their market presence.
- Daimler Trucks unveiled a new industry standard scalable truck platform for autonomous driving in 2021, capable of producing ASE level 4 autonomous trucks with advanced systems for added safety.
- Daimler and Waymo collaborated in October 2020 to develop completely driverless semi-trucks. This strategic collaboration allows Daimler to incorporate Waymo’s autonomous driving technology into the company’s vehicles.
Key Segments of Automated Truck Industry Research:
· By Sensor Type :
- Ultrasonic
- Radars
- Cameras
- LiDAR
· By Level of Autonomy :
- Level 1
- Level 2
- Level 3
- Level 4
- Level 5
· By Propulsion :
- Diesel
- Electric
- Gasoline
- Hybrid
· By Truck Type :
- Light Duty Trucks
- Medium Duty Trucks
- Heavy Duty Trucks
· By ADAS Feature :
- Adaptive Cruise Control
- Lane Keep Assist
- Automatic Emergency Braking
- Blind Spot Detection
- Intelligent Park Assist
- Highway Pilot
- Traffic Jam Assist
· By End Use :
- Mining
- Logistics
· By Region :
- North America
- Latin America
- Europe
- Asia Pacific & China
- Middle East & Africa
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How will be insights and market estimations provided in the Fact.MR report on the Demand of Automated Truck make a difference?
- The study takes a closer look at the major economic turmoil, with a focus on the recent COVID-19 pandemic disruptions
- The assessment of key growth dynamics highlights the attractiveness of new automation technologies and offers readers insight on the prospect of these during the forecast period
- The study tries to offer a balance perspective of the opportunities in mature and the most lackluster markets
- Provides scrutiny of the industry trends that have shaped recent government policies
- Provides an account of major breakthroughs in all segments that might change the course of the market considerably
- Provides an incisive analysis of socio-political milieu in which the key markets operate, and how will that influence the lucrativeness of the overall Automated Truck Market
- Analyzes how collaborations and partnerships among players from different industries shape the key growth dynamics in the near future
- Evaluates the role of various stages of funding on new growth avenues in key regional markets
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