Delray Beach, FL, Nov. 15, 2024 (GLOBE NEWSWIRE) -- Autonomous Trucks Market size is projected to grow from USD 40.7 Billion in 2024 to USD 179.9 Billion by 2035, at a CAGR of 14.4% over the forecast period, as per the recent study by MarketsandMarkets™. The increasing demand for electric and autonomous vehicle and government regulation regarding safety is expected to increase the demand for autonomous trucks. Additionally, continuous innovation in advance driving technologies and components will boost the demand for autonomous trucks.
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List of Key Players in Autonomous Trucks Market:
- Daimler Truck AG (Germany)
- AB Volvo (Sweden)
- Iveco S.p.A. (Netherlands)
- NVIDIA Corporation (US)
- Robert Bosch GmbH (Germany)
- Continental AG (Germany)
Drivers, Opportunities and Challenges in Autonomous Trucks Market:
- Driver: Rising adoption of automation technology
- Restraint: Lack of infrastructure in developing countries
- Opportunity: Surge in demand for truck platooning s
- Challenge: Regulatory hurdles
Key Findings of the Study:
- LiDAR segment is estimated to exhibit the fastest growth in autonomous trucks market
- Last-mile Delivery Truck segment is expected to have significant growth in Autonomous trucks market during the forecast period
- L2 and L3 segment is expected to see largest growth in Autonomous trucks market during the forecast period
- The Europe Autonomous trucks market is projected to become fastest by 2035
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Electric segment is expected to be the fastest in the Autonomous trucks market
The electric segment is expected to be the fastest one during the forecast period. The rising demand for passenger safety and efficient bus transit operations would boost the demand for the electric segment for the advanced autonomous bus market during the forecast period. Favorable government regulations for better road safety would positively impact the autonomous bus market. Features such as AEB and BSD are expected to be compulsory for all vehicles, including buses. In December 2023, Davao Metro Shuttle Corporation (Philippines) launched a self-driving shuttle and its first electric bus, which includes AEB and ACC features.
Shuttle segment is estimated to exhibit the fastest growth in Autonomous trucks market
The shuttles segment is expected to be the fastest market in the autonomous trucks market, as they are commercialized. Navya (US), Easilmile (France), and Local Motors (US) have developed self-driving shuttles. Successful pilot programs of autonomous shuttles worldwide indicate that shuttles could be a practical solution to the gaps in traditional public transport. In January 2023, EasyMile(France) partnered with Keolis (France) on an autonomous shuttle project underway at France’s National Sports Shooting. Such partnerships highlight the growth of the shuttles segment in the market.
US to lead the Autonomous trucks market in North America
The US is expected to have the largest market share in terms of value in the North American autonomous trucks market due to strict safety regulations imposed by the NHTSA that have compelled OEMs to provide safety features. Road safety is very critical for efficient transportation. Autonomous trucks can help to improve safety, which, in turn, would boost the market in the region. Major OEMs in the region are forming supply contracts for products like sensors, LiDAR that would further enhance their vehicles performance. For instance, in January 2024, Daimler Truck AG (Germany) and TORC Robotics (US) selected Aeva Technologies (US) to Supply advanced 4D LiDAR technology for series-production of autonomous trucks.
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Recent Developments:
- In March 2024, MAN Truck & Bus SE partnered with TRATON GROUP, Scania, Navistar International Inc., and PlusAI, Inc. for autonomous driving for trucks.
- In February 2024, MAN Truck & Bus SE expanded its logistics center in Salzgitter, Germany, strengthening its global service parts network.
- In January 2024, Daimler Truck AG partnered with Aeva Inc. and Torc Robotics to commercialize self-driving vehicle technology to equip its series-produced autonomous trucks with Aeva Inc.'s advanced 4D LiDAR sensors.
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