Autonomous Trucks Market Forecast from 2017 till 2025
The autonomous truck also known as a self-driving truck can run on the roads without the physical presence of the human driver. This truck can detect, interact, and safely react to all the features of the driving environment without the control of the driver. Additionally, it works efficiently in any climatic conditions, road types, and unpredicted events such as work zone and traffic accidents. This truck utilizes advanced technological systems such as high sensors and cameras.
The platooning of vehicles, also known as vehicle-to-vehicle interaction, is an upcoming perception in the market and has been acquiring significant attention from the last few years.
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The autonomous trucks are likely to enhance supply chain efficiency, reduce shipping cost, and saves lives with fewer accidents.
The level of automation is estimated to dominate the market followed by the component segment. The increasing efforts are being taken by the government to promote the use of fully autonomous trucks, which is estimated to fuel the full self-driving automation level.
North America is likely to dominate the global market due to large volume of autonomous trucks in this region owing to the increasing adoption of the technology and favoring government policies in this region.
The global autonomous trucks market is projected to witness a considerable growth on account of rising shortage of human drivers in the trucking industry. Additionally, it also reduces the chances of accidents usually caused by human errors such as driver carelessness. This is further expected to propel the market growth during the forecast period 2018–2025.
Fast-growing investments and R&D activities by various automotive players and favorable government policies for rapid development and deployment of such vehicles are likely to drive the market growth to some extent. Moreover, various advancements such as automated breaking systems (ABS) can boost the market growth.
However, the market is facing some challenges such as security and privacy concern. Data privacy and security breach is one of the major challenges to the manufacturers and users.
The global autonomous trucks market is segmented by level of automation, components, and region.
The level of automation is further segmented into function-specific automation, combined function automation, limited self-driving automation, and full self-driving automation. The limited self-driving automation is estimated to dominate the market owing to the integration of the advanced driver assistance system (ADAS) in these vehicles.
On the basis of the component segment, the market is further segmented into software and hardware. The software is sub-segmented into applications and operating systems. The hardware is further segmented into cameras, GPS systems, communication systems, and sensors. The sensors are sub-segmented into radars, LIDARs, wheel speed sensors, ultrasonic, and others
Geographically, the global market is segmented into North America, Europe, Asia Pacific (APAC), and Latin America and the Middle East & Africa (LAMEA).
North America is expected to dominate the global autonomous trucks market owing to the increasing volume of truck production. Rapidly growing adoption of technology and increasing efforts of original equipment manufacturers (OEMs) are likely to develop and introduce autonomous trucks in this region. Moreover, well-developed infrastructure, roads, and a good presence of major players are estimated to drive the North American market to some extent during the forecast period 2018–2025.
APAC is expected to emerge as the second leading region in the market owing to a good network of automotive truck manufacturing companies as well as foreign players, especially in the countries such as China, Japan, and South Korea. Moreover, the availability of raw materials and the labor at low cost are expected to attract number of manufacturers to this region.
Europe is estimated to witness considerable growth owing to the increasing efforts taken by OEMs as well as the European government to develop and introduce autonomous trucks in this region.
LAMEA is expected to experience steady growth due to ongoing infrastructural development stringent government policies, and poor economic conditions.
Some of the key players in the global autonomous trucks market are Uber Technologies Inc. (U.S.), Daimler AG (Germany), Ford Motor Co. (U.S.), AB Volvo (Sweden), BMW AG (Germany), Tesla Inc. (U.S.), Google Inc. (U.S.), IVECO (Italy), DAF Trucks (Netherland), and Scania (Sweden).
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• Product Launch: Joint-Venture
In March 2018, Waymo and Google jointly launched a self-driving truck pilot in Atlanta.
In January 2017, Panasonic planned to expand the partnership with Tesla in self-driving technology.
• Capacity Expansion
In February 2016, Swedish commercial vehicle and engine manufacturer Scania doubled the production capacity at its Karnataka-based plant to meet sales expectations.
Autonomous Trucks Market Segmentation
By Level of Automation
• Function-Specific Automation
• Combined Function Automation
• Limited Self-Driving Automation
• Full Self-Driving Automation
o Operating Systems
o GPS systems
o Communication Systems
§ Wheel Speed Sensors
o North America
§ Rest of Europe
§ South Korea
§ Rest of Asia Pacific
§ Saudi Arabia
§ South Africa
§ Rest of LAMEA
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