Dubai, UAE, Oct. 16, 2023 (GLOBE NEWSWIRE) -- According to the latest report by Extrapolate, the Global Automated Truck Market size is estimated to reach USD 798.72 billion by 2030 from USD 245.36 billion in 2022, registering a 15.89% CAGR over the forecast period. Several key factors, such as expanding industrial sectors in emerging markets, increasing demand from the logistics industry, and rising construction activities, are fostering market growth. Furthermore, the growing economies of both developing and developed countries are expected to bolster market expansion in the coming years.
The automated truck, commonly referred to as a self-driving truck, incorporates all the essential functions found in conventional trucks. Equipped with infrared radars, LIDAR (laser radar), advanced motion sensors, high-resolution cameras, precise sensors, and sophisticated algorithms, these trucks are capable of autonomous driving. The demand for automobiles with advanced safety features and self-driving capabilities is increasing as end users become more aware of these features. Several truck manufacturers are collaborating with ADAS system producers to create affordable ADAS systems. This element is anticipated to drive the automated truck market through the analysis timeframe.
Get Sample Copy of Report @ https://www.extrapolate.com/sample/Automotive/automated-truck-market/25708
Competitive Landscape
Major businesses involved in the global automated truck market are developing new products, along with focusing on strategic alliances and collaborations and investing in R&D activities to strengthen their positions in the industry. Their main objective is to create cutting-edge products and generate significant revenue through successful commercialization initiatives.
For instance, in June 2023, the autonomous trucking firm Kodiak Robotics joined forces with Loadsmith, an online platform that helps match shippers and carriers. As part of this collaboration, 800 vehicles outfitted with Kodiak's autonomous technology were incorporated into Loadsmith's platform.
Leading companies operating in the market include:
- TuSimple
- Embark Trucks, Inc.
- Tesla, Caterpillar
- AB Volvo
- Mercedes-Benz Group AG
- Continental AG
- NVIDIA Corporation
- BYD Motors Inc.
- TRATON GROUP
- PACCAR Inc
For More Information, Enquire @ https://www.extrapolate.com/enquire/Automotive/automated-truck-market/25708
Market Segmentation
By Component Types
- LIDAR
- Radar
- Camera
- Sensors
Surging Technological Advancements in Automated Trucks to Augment Market Development
The cameras segment is experiencing substantial growth, primarily due to its versatile applications across various industries. With a wide range of use cases, including advanced driver assistance systems (ADAS), robotics, and surveillance, among others, cameras have become indispensable tools in modern technology. Technological advancements have further contributed to the segment's expansion, continually improving camera capabilities and enhancing their performance.
One of the key factors supplementing segment expansion is the cost-effectiveness of cameras compared to alternative technologies like LIDAR and radar. As industries seek efficient and budget-friendly solutions, cameras have emerged as a preferred choice for capturing visual data and enabling advanced functionalities.
By Drive Type
- IC Engine
- Electric
- Hybrid
Widespread Availability of IC Engine Vehicles to Drive Market Revenue
The IC engine segment witnessed the fastest growth in the global automated truck market due to the widespread availability of IC engine vehicles and its extensive adoption across numerous verticals. Additionally, the existence of a well-established infrastructure further supports the integration and use of IC engine vehicles.
Purchase This Comprehensive Research Report for Valuable Market Insights @ https://www.extrapolate.com/complete-checkout-buyal/25708
Rising Emphasis on Road Safety to Promote Market Growth
According to a study conducted by the Federal Motor Carrier Safety Administration in conjunction with key figures in the trucking sector, the deployment of the advanced driver assistance system (ADAS) has greatly increased safety on the roads. For instance, J.B. Hunt, a major for-hire carrier in the U.S., has dash cams installed in 84% of its class 8 trucks and has outfitted 98% of its vehicles with forward-collision warning and lane departure warning systems.
With the help of these technologies, rear-end collisions have been reduced by 50%, and asset uptime and driver retention have increased significantly. Furthermore, J.B. Hunt intends to install a blind spot detection system on its fleets to prevent sideswipes and lane change accidents as a result of the trucks' enhanced safety benefits and driver demand. As a result, these elements are promoting the expansion of the autonomous truck business.
Presence of Prominent Manufacturers in North America to Boost Product Sales
Regionally, North America is the largest market for autonomous trucks due to the presence of significant key players in this region, including Waymo, Embark Vehicles, and TuSimple. In 2019, UPS started using autonomous trucks created by TuSimple to haul commercial cargo between Tucson and Phoenix, Arizona. Additionally, in September 2019, Daimler started testing level 4 autonomous trucks on Virginia’s roads in partnership with Torc Robotics. Furthermore, the availability of infrastructure and numerous favorable government initiatives for autonomous vehicle testing, particularly in the U.S., is supporting the expansion of the market in North America.
Browse Complete Report @ https://www.extrapolate.com/Automotive/automated-truck-market/25708
Table of Content
Chapter 1 Introduction of The Global Automated Truck Market
Chapter 2 Executive Summary
Chapter 3 Research Methodology
Chapter 4 Global Automated Truck Market Outlook
Chapter 5 Impact of Russia-Ukraine War
Chapter 6 Global Automated Truck Market, By Component
Chapter 7 Global Automated Truck Market, By Autonomy
Chapter 8 Global Automated Truck Market, By Type
Chapter 9 Global Automated Truck Market, By System Type
Chapter 10 Global Automated Truck Market, By Propulsion
Chapter 11 Global Automated Truck Market, By Geography
Chapter 12 North America
Chapter 13 Europe
Chapter 14 Asia Pacific
Chapter 15 Middle East & Africa
Chapter 16 Latin America
Chapter 17 Global Automated Truck Market Competitive Landscape
Chapter 18 Company Profiles
Browse Complete Table of Content @ https://www.extrapolate.com/toc/automotive/automated-truck-market/25708
About Us:
Extrapolate is a Global Market Research, Advisory, and Consulting firm that works closely with Industry experts from various industries to bring the latest and most accurate research reports.
In an era of breakneck change and a low tolerance for missed or misread opportunities, businesses need astute guidance to shape markets - not merely respond to them. Extrapolate helps clients develop market perspectives that drive success.
Contact Us
Extrapolate
Phone: (+1) 888 328 2189
E-mail: talk@extrapolate.com
Website: https://www.extrapolate.com
Blog: https://www.extrapolate.com/blog
Follow Us: LinkedIn | Facebook | Twitter
