Pune, Nov. 03, 2020 (GLOBE NEWSWIRE) -- The global autonomous trucks market size was USD 1,074.70 million in 2019 and is projected to reach USD 2,013.34 million by 2027, exhibiting a CAGR of 12.6% during the forecast period.
The autonomous truck market is set to gain momentum from the rising installation of advanced systems and premium-quality cameras, radars, and sensors. This information is given by Fortune Business Insights™ in an upcoming report, titled, “Autonomous Truck Market Size, Share & Industry Analysis, By Level Type (Level 1, Level 2, Level 3, Level 4, Level 5), By System Type (Adaptive Cruise Control (ACC), Lane Warning System (LWS), Blind Spot Detection (BSD), Automatic Emergency Braking (AEB), Highway Pilot (HP), Others), By Component Type (Radar, LiDAR, Sensor, Camera) and Regional Forecast 2020-2027.” The report further states that increasing transportation and logistics, as well as the shortage of human drivers, is set to result in the high demand for autonomous trucks worldwide.
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List of the Leading Companies Profiled in the Global Autonomous Truck Market are:
- BMW AG
- AB Volvo
- General Motors
- Waymo LLC
- ISUZU Motors
- Daimler
- Tesla
- Volkswagen
- OTTO Motors
- Other key market players
Drivers & Restraints
Rising Concerns of Traffic Congestions to Augment Growth
Autonomous trucks have no particular working hours. They are capable of lowering human negligence and accidents, providing high productivity, and using less energy & power. Governments and automotive manufacturing companies of various countries are taking multiple initiatives to promote the usage of electric vehicles and to create novel autonomous vehicles to prevent the increasing traffic and population concerns. Unique technologies, such as cloud computing, the Internet of Things (IoT), and artificial intelligence (AI) are nowadays being installed in advanced driver assistance systems (ADAS).
Furthermore, the rising demand for comfort and convenience in driving, as well as the increasing awareness of safety features in vehicles would aid the autonomous truck market growth in the coming years. Besides, the rising air pollution, high rate of accidents, and increasing traffic congestions across the globe would contribute to the growth. However, the increasing risks of cyber-attacks and the unavailability of skilled professionals to operate the complex systems may hamper the demand for autonomous trucks.
This Report Answers the Following Questions:
- What are the market drivers, dynamics, and obstacles?
- How will key players surge sales of autonomous trucks?
- Which segment is set to lead the market in the near future?
- Which region is expected to dominate the market by the end of 2027?
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Regional Analysis
Increasing Electrification of Vehicles to Favor Growth in North America
Geographically, North America is expected to generate the largest autonomous truck market share in the near future. This growth is attributable to the increasing volume of commercial vehicles in this region. Apart from that, the surging electrification of vehicles and rapid usage of novel technologies in this region would bolster growth. Numerous automotive manufacturing companies in this region are also striving persistently to develop state-of-the-art autonomous trucks. At the same time, regulatory bodies are investing more in the development of the infrastructure.
Europe, on the other hand, is likely to retain its second position throughout the forthcoming years backed by the presence of a large number of automotive manufacturing companies, such as Volkswagen, Volvo, and BMW in this region. Coupled with this, the imposition of strict rules by the European Government on promoting the usage of autonomous vehicles would propel growth.
Competitive Landscape
Key Companies Focus on Introducing Novel Products to Intensify Competition
The market is fragmented with the presence of many companies. Most of them are focusing on research and development activities to develop unique autonomous trucks.
Below are the two recent industry developments:
October 2020: Waymo successfully tested autonomous trucks in Texas, Georgia, New Mexico, Arizona, and California. According to the company, more than one in three long-haul truck drivers have suffered a serious crash during their careers. To make driving safer, Waymo is planning to bring this technology to the market.
October 2020: Einride, a trucking start-up based in Sweden launched its latest range of driverless and electric freight trucks. They can be controlled remotely and don’t include a cab. This new range of Pod commercial freight trucks will be on the road by 2021.
Key Points Covered:
- Business Opportunities
- Commerce Challenges
- Demand Insights
- CAGR Values
- Historic Analysis
- Detailed Segmentation
- Top Companies Data
- Market Size
- Supply Trend
- Target Audience
- Key Geographies
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/autonomous-truck-market-103590
Detailed 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
- Level 1
- Level 2
- Level 3
- Level 4
- Market Analysis, Insights and Forecast – By Sensor Type
- Ultrasonic
- Radar
- Camera
- LiDAR
- Market Analysis, Insights and Forecast – By Propulsion
- Diesel
- Electric
- Others
- Market Analysis, Insights and Forecast – By Truck Type
- Light Duty Truck
- Medium Duty Truck
- Heavy Duty Truck
- Market Analysis, Insights and Forecast – By ADAS Features
- Adaptive Cruise Control (ACC)
- Lane Keep Assist (LKA)
- Automatic Emergency Braking (AEB)
- Blind Spot Detection (BSD)
- Intelligent Park Assist (IPA)
- Highway Pilot (HP)
- Traffic Jam Assist (TJA)
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Rest of the World
TOC Continued…!
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