The increasing demand for electric and autonomous vehicle and government regulation regarding safety is expected to increase the demand for autonomous trucks. Additionally, continuos innovation in advance driving technologies and components will boost the demand for autonomous trucks.
The global autonomous trucks market size was valued at USD 40.7 billion in 2024 and is expected to reach USD 179.9 billion by 2035, at a CAGR of 14.4%.
Global Autonomous Trucks Market Dynamics
DRIVER: Rising adoption of automation technology
Automation is another major driver in the industry. The automotive industry is transitioning to provide higher levels of automation, with self-driving technologies enabling vehicles to function safely and effectively. Key components of autonomous driving technology include adaptive cruise control, lane keep assistance, and automatic emergency braking. These features enhance vehicle safety and help move it closer to full autonomy. Furthermore, the more investment car companies put into developing self-driving technologies, the more sophisticated sensors, cameras, radars, and software become in buses and trucks to perceive and react to their environment. Investments, partnerships, and technological progress that foster innovation have, therefore, been spurred on by increasing demand for the manufacture of autonomous vehicles. OEMs are working with many Tier 1 suppliers to design and integrate ADAS. For instance, Magna International in Canada and Robert Bosch GmbH in Germany are working on such a mission. Magna International last month launched its ClearView vision system on the Ram 2500 and 3500 heavy-duty pickup trucks, systems it said improved parking and maneuvering features.
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OPPORTUNITY: Surge in demand for truck platooning
Truck platooning is a convoy of commercial vehicles that are closely controlled to travel in coordination with the help of connectivity technologies, autonomous driving systems, and artificial intelligence. The first vehicle is a leader for the entire platoon; all subsequent vehicles can move at varying speeds and change lanes according to the leader’s behavior, requiring minimal driver intervention. The design of autonomous truck platooning is coming along with an increasing demand for fuel efficiency and the need to solve traffic congestion. Adaptive cruise control between platooning trucks enhances fuel economy by allowing the trucks to travel at a constant speed while maintaining close following distances. Other benefits of platooning include reducing traffic congestion by allowing other vehicles on the road and providing a smooth traffic flow on busy routes.
Europe region holds the largest share of the autonomous trucks market.
The automotive sector in Europe boasts 322 automobile assembly and production plants across the region. Among these, 71 focus on buses and 56 on trucks, as of August 2023. Despite the recent global automotive slowdown, the European automotive market has demonstrated consistent growth over the past six years. In January 2024, the European Union’s new vehicle market rebounded with a robust 12.1% year-on-year increase in registrations, totaling 851,690 units, following a slowdown in December 2023. Leading European automobile manufacturers have been offering high-performance engines and advanced safety features to maintain competitiveness, which are crucial for the development of autonomous trucks.
Key Players
The Autonomous trucks market is dominated by global players such as Daimler Truck AG (Germany), AB Volvo (Sweden), Iveco S.p.A. (Netherlands), NVIDIA Corporation (US), Robert Bosch GmbH (Germany), Continental AG (Germany), among others. These companies adopted new product development strategies, expansion, partnerships & collaborations, and mergers & acquisitions to gain traction in the market.
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