Pune, India, March 29, 2022 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, the autonomous truck market size is projected to reach USD 2,013.34 million by 2027, at a CAGR of 12.6%. The global Autonomous Trucks market size was USD 1,074.70 million in 2019. Widespread pollution caused by conventional trucks will be a leading factor stoking the adoption of driverless trucks. Heavy-duty, diesel-powered trucks are one of the largest contributors to air pollution around the globe, playing a major role in premature deaths and health costs.
According to a study conducted by the International Council on Clean Transportation, exhaust emissions from these vehicles were responsible for over 380,000 deaths in 2015, with health impacts amounting to roughly USD 1 trillion. In Canada, a study by the University of Toronto revealed that large diesel trucks were the primary emitters of black carbon, while in the US Environmental Protection Agency (EPA) estimates that the transportation sector accounted for 28% of the air pollution in the US. Autonomous trucks are the ideal solution for the problem of air pollution as these vehicles are electrically driven, which can result in substantial reduction of greenhouse gas emissions.
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| Report Coverage | Details |
| Forecast Period | 2020-2027 |
| Forecast Period 2021 to 2028 CAGR | 12.6% |
| 2028 Value Projection | USD 2,013.34 million |
| Base Year | 2019 |
| Market Size in 2019 | USD 1,074.70 million |
| Historical Data for | 2016-2018 |
| No. of Pages | 200 |
| Segments covered | Light Duty Truck, Medium Duty Truck, Heavy Duty Truck |
| Growth Drivers | Staggering Shortage of Truck Drivers to Favor Market Growth |
| Emergence of Automated Truck Startups in North America to Feed Market Growth |
The report states that the market value was at USD 1,074.70 million in 2019 and offers the following:
- Quantitative & qualitative analysis on the market size & share and the factors influencing them;
- Microscopic assessment of the different market segments;
- Actionable insights into the regional developments in the market; and
- Careful examination of the key players’ profiles and strategies.
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Staggering Shortage of Truck Drivers to Favor Market Growth
With majority of baby-boomer drivers slated to retire in the next few years, particularly in North America and Europe, the two regions are staring at a critical shortage of truck drivers. In the US, for example, the American Trucking Associations reported an increase in driver deficit from 10,000 in 2017 to 60,800 in 2018. Furthermore, in the next five years, according to the American Transportation Research Institute, trucking companies will need to fill a dearth of 100,000 drivers to operate their vehicles. Similarly, in Europe, data from the International Road Transport Union reveal that commercial freight driver shortage rose from 23% in 2019 to 36% in 2020, with the heaviest impact being borne by Poland and Romania. To overcome these shortfalls, truck companies are expected to switch to driverless trucks in the coming decade, which is expected to prove beneficial for this market.
Emergence of Automated Truck Startups in North America to Feed Market Growth
Boasting a market size of USD 475.66 million in 2019, North America is predicted to dominate the autonomous truck market share during the forecast period. Rapid growth of startups specializing in self-driving vehicle technologies is the central factor driving the market in the region. Moreover, a generally positive attitude towards autonomous vehicles in the region will also contribute to the growth of the regional market.
The market in Asia Pacific is expected to grow at a high CAGR on account of increasing stringency of road safety regulations and technologies in the region. Additionally, favorable adoption trends of driverless vehicles in China and Japan will further boost the regional market prospects.
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Strategic Alliances & Investments by Key Players to Energize Competition
The competitive landscape of this market features a notable number of startups, which are strategically collaborating with diverse entities in the logistics & transportation industry. These collaborations are aimed at expanding the scope of autonomous trucks not only through innovative technologies, but also by leveraging the existing infrastructure facilities.
List of the Companies Operating in the Market:
- Aptiv
- Robert Bosch GmbH
- Daimler AG
- Caterpillar
- Embark Trucks
- TuSimple, Inc.
- NVIDIA Corporation
- Continental AG
- AB Volvo
- Tesla
- Waymo LLC
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Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Merger, Acquisitions, and Partnerships
- Distributor Analysis – For Major Players
- Growth and Penetration Analysis
- Porter’s Five Forces Analysis
- PEST Analysis
- Vendor Landscape
- Global Autonomous Truck Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Level of Autonomy
- Market Analysis, Insights and Forecast – By Sensor Type
- Market Analysis, Insights and Forecast – By Propulsion
- Market Analysis, Insights and Forecast – By Truck Type
- Market Analysis, Insights and Forecast – By ADAS Features
- Market Analysis, Insights and Forecast – By Region
- North America Autonomous Truck Market Analysis, Insights and Forecast, 2016-2027
- Europe Autonomous Truck Market Analysis, Insights and Forecast, 2016-2027
Continued…
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