Semi-Autonomous & Autonomous Truck Market

Market Leader - Semi-autonomous & Autonomous Truck Market

The global semi-autonomous truck market size is projected to reach 3,254 thousand units by 2025, from an estimated 948 thousand units in 2020, at a CAGR of 28.0%. The base year for the report is 2019, and the forecast period is from 2020 to 2025. The semi-autonomous truck segment has witnessed rapid evolution with governments across the world regulating advanced safety features such as AEB and BSD, and OEMs offering trucks with modern driver-assist features.

The global autonomous truck market size is projected to reach USD 1,550 million by 2030, from USD 460 million in 2024, at a CAGR of 22.4%. The forecast period is from 2024 to 2030. The autonomous truck segment is considered to be the future of the trucking and transportation industry. Especially after the global pandemic of COVID-19, many e-commerce and shipping companies will be looking to develop autonomous truck deliveries to avoid human contact.

Rise in road accidents, government regulations regarding safety features, companies eyeing a reduction in delivery & transportation cost, and the increasing need for efficient yet feature-rich modern trucks have compelled automotive OEMs to develop semi-autonomous and autonomous trucks. In this pursuit, automotive OEMs and technology providers are exploring ways to develop advanced autonomous driving technologies for trucks. Thus, major R&D activities in self-driving trucks are focused on software and sensors.

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The semi-autonomous truck market is dominated by globally established players such as Continental (Germany) Bosch (Germany), Aptiv (UK), AB Volvo (Sweden), and Denso (Japan). 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. These companies developed new products, adopted expansion strategies, and undertook collaborations, partnerships, and mergers & acquisitions to gain traction in this high-growth semi-autonomous and autonomous truck market. However, Covid-19 has halted production and plunged sales and have forced key players in the global automotive field to buckle up and rethink plans. Rescheduling the launch of models and projects, stabilizing dealer networks, tightly managing cash, and reviewing investment portfolios has affected the production and sales of trucks across the globe, which has resulted in the negative impact on the semi-autonomous and autonomous truck market.

The North America region is estimated to account for the largest share of the semi-autonomous and autonomous truck market. 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.

AB Volvo is one of the leading players in the semi-autonomous and autonomous truck market. The company continuously develops new advanced semi-autonomous trucks of different specifications with innovative technologies. BYD also invests heavily in the development of autonomous driving technologies for its trucks. For instance, in September 2018, Volvo unveiled a futuristic concept electric autonomous truck ‘Vera.’ The truck is fully autonomous (self-driving) and does not have a conventional cab like a normal truck. The truck performed its first real-world assignment in June 2019, which included transportation of goods between a logistics center and a port terminal in Sweden.

Bosch, Daimler, Continental, Embark, Tesla, and Waymo are the other leading players in this market. In July 2018, Bosch and NIO, an electric vehicle company, entered into a partnership that is focused on sensor technology, automated driving, electric motor controls, and intelligent transport systems. In January 2018, Continental declared that it would open a center for Deep Machine Learning Competence in Budapest in May 2018, to expand the expertise in the area of Deep Machine Learning to enable automated driving and to support the company’s ‘Vision Zero-a future without accidents.’ In November 2019, Tesla revealed its pickup truck, ‘Cybertruck,’ which will have a self-driving option as well. The vehicle is expected to hit the market by the end of 2020.

Related Reports:

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

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Report Code
AT 6314
RI Published ON
5/20/2020
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