LOS ANGELES, May 06, 2020 (GLOBE NEWSWIRE) -- Acumen Research and Consulting, a global provider of market research studies, in a latest published report titled “Semi & Fully Autonomous Truck Market (By Features: Adaptive Cruise Control (ACC), Automatic Emergency Braking (AEB), Blind Spot Detection (BSD), Intelligent Park Assist (IPA), Lane Assist (LA); By Automation level: Level 0, Level 1, Level 2, Level 3, Level 4/5; By Component: Embedded System, Camera, Radars, LiDAR, Others; By Fuel Type: Diesel, Petrol/Gasoline, CNG, Electric & Hybrid; By Application: Logistics, Mining, Construction) – Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027”.

Autonomous trucks are gaining momentum across the globe for transportation. The AI powered trucks tend to be a better solution in terms of safety and reliability.

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North America is expected to account for major revenue share in the global market due to availability of advanced infrastructure in order to facilitate the adoption of autonomous trucks. In addition, presence of major players operating in the country and innovative product offerings is expected to support the growth of target market.

Moreover, increasing merger and acquisition activities in order to increase the profit ratio and enhance customer base this is expected to impact the region market growth positively.

Asia Pacific market is expected to witness faster growth due to high government spending on development of automotive infrastructure. In addition, major players inclination toward emerging economies in order to increase the revenue share which is expected to support the growth of target market in this region.

Developing automotive standards, rapid technologically advancements by the major players, and inclination towards automation in commercials vehicles for enhanced safety is expected to increase demand for autonomous vehicles which is major factors expected to drive the growth of global semi & fully autonomous market. Manufactures of truck are focused on enhancing the safety of the passengers with the availability of various technologically advanced systems such as adaptive cruise control (ACC), automatic emergency braking (AEB), blind spot detection (BSD), etc.

Emergence of mid-size enterprises in developed and developing countries and focused on delivering advanced software in order to simplify the adoption of autonomous trucks this is another factor expected to support the growth of target market to a certain extent.

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  • In 2019 Plus.ai, an artificial intelligence startup in California, US, engineered an autonomous driving system for commercial freight trucks.

In addition, approach towards collaborative work between public and private players for R&D activities and innovative product offerings are factors expected to augment the growth of target market. Major players are investing high for the development of autonomous system they are inclining towards partnerships with the government and other agencies in order to test the autonomous trucks working in different weather conditions.

  • In 2019, Plus.ai Partners with Minnesota Department of Transportation in order to test on MnDOT’s MnROAD cold-weather pavement testing facility.

Moreover, strategic business expansion activities through merger and acquisitions in order to increase the customer base and enhance the profit ratio this is another factor expected to impact the market growth positively.

However, factors such as high initial investment for R&D activities and concerns related to data privacy are expected to hamper the growth of global market. High cost is involved for the product development along with increase in incidences of data theft is growing concern among consumers. In addition, unavailability of required advanced infrastructure in order to support the autonomous system which is another factor expected to challenge the growth of target market to certain extent. Lack of required infrastructure in developing countries in order to facilitate the adoption of artificial intelligence is a major challenge.

Increase in public and private partnerships and high investment for R&D activities are factors responsible to create new opportunities over the forecast period. In addition, high government spending on development of present transportation infrastructure is expected to attract player operating on global level further supporting the revenue traction of the target market.

The global semi & fully autonomous truck market is segmented into feature, automation level, component, fuel type, and applications. The automation level segment is bifurcated into level 0, level 1, level 2, level 3, and level 4/5. Among the automation level the level 4/5 segment is expected to witness faster growth over the forecast period.

Players operating in the global semi & fully autonomous truck market are Robert Bosch GmbH, Continental AG, Denso Corporation, Aptiv PLC, ZF Friedrichshafen AG, NXP Semiconductors N.V., Nvidia Corporation, Daimler AG, Qualcomm Incorporated, and AB Volvo. The competitive scenario is high due to presence of large number of players operating on global level. In addition, major player’s inclination towards emerging economies and new product offerings is expected to further increase the competition to a certain extent.

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