Northbrook, IL 60062 -- (SBWIRE) -- 04/14/2022 -- The global Autonomous Truck Market size is projected to reach USD 1,550 million by 2030, from USD 460 million in 2024, at a CAGR of 22.4%. The autonomous truck segment is considered to be the future of the trucking and transportation industry. Especially after the global pandemic of COVID-19, many e-commerce and shipping companies will be looking to develop autonomous truck deliveries to avoid human contact.

The global Semi-Autonomous Truck Market size is projected to reach 3,254 thousand units by 2025, from an estimated 948 thousand units in 2020, at a CAGR of 28.0%. The semi-autonomous truck segment has witnessed rapid evolution with governments across the world regulating advanced safety features such as AEB and BSD, and OEMs offering trucks with modern driver-assist features.

DRIVERS:

1 Increasing emphasis on better road safety and traffic control
2 Ability of autonomous and semi-autonomous trucks to alleviate the truck driver shortage
3 Economic effects of semi-autonomous and autonomous trucks on the trucking industry

RESTRAINTS:

1 Concern over cybersecurity and data privacy
2 Lack of information technology and communication infrastructure in developing nations

OPPORTUNITIES:

1 Increasing demand for 5G technology for vehicle connectivity
2 Latent demand for semi-autonomous and autonomous truck platooning

CHALLENGES:

1 Tapping the untapped market
2 Legal and regulatory framework issues

Key Market Players:

AB Volvo (Sweden), Robert Bosch (Germany), Continental AG (Germany), Embark (US), Waymo (US), TuSimple (US), Tesla (US), Denso (Japan), Aptiv (UK), Daimler (Germany), Paccar (US), Nvidia (US).

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The ultrasonic segment is estimated to lead the market during the forecast period

The ultrasonic segment is projected to have the largest market share in the semi-autonomous truck market by volume. Ultrasonic has a short-range and small Field of View (FoV). Hence, many ultrasonic sensors are used in semi-autonomous and autonomous trucks. Ultrasonic sensors are typically used for short-range object detection, which is applicable for parking ADAS features such as intelligent park assist. The cost of the ultrasonic sensors is less than other sensors. Currently, the cost of LIDARs is high, and generally, they are not installed in level 1 and level 2 semi-autonomous trucks.

The last-mile delivery truck segment is expected to be the largest market during the forecast

Using autonomous last-mile delivery trucks can help companies save 40% of the total cost. Also, the shortage of human delivery drivers/personnel and increasing e-commerce will be driving the autonomous truck market for last-mile delivery applications. For instance, the E-commerce giant, Amazon, has been eyeing the usage of autonomous last-mile delivery technology to cut the delivery cost and has invested in many tech companies related to it as well. Waymo and Embark are some of the companies that have been involved in the development of such delivery truck technologies. Apart from this, the COVID-19 pandemic will drive the human contactless delivery of goods.

The European region has a significant market share in the semi-autonomous and autonomous truck market.

The European market is expected to grow, owing to increasing mandates of safety features from governments and OEM initiatives in European countries. For instance, in March 2019, the European Commission reached an interim agreement for revised General Safety Regulation, which will make new safety technologies mandatory in the region from 2022. The revised regulations include systems to improve blind spot vision for trucks, which would boost the BSD segment in the forecast. Europe presents a big growth opportunity for the semi-autonomous market, as the regulations related to safety features such as AEB and BSD are expected to roll out soon. These regulations will be propelling the demand for semi-autonomous trucks. The region is home to many tier-1 automotive component suppliers such as Bosch, Continental, and ZF. These companies offer different semi-autonomous technologies and are developing some innovative ADAS features.

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North America is expected to lead the global market during the forecast period

North America is the technology leader in autonomous technology. The region is home to some of the leading technology developers, such as Waymo, Uber, Intel, and Embark. These companies are focusing on the development of autonomous technology. Also, in the US, the testing of autonomous vehicles has started in some states. This will create an opportunity for further development of autonomous trucks. For instance, Daimler tested its level 4 autonomous truck on the streets of Virginia, US. Also, the region is dominated by pickup trucks having advanced semi-autonomous driving features. Ford and GMC are some of the leading players offering pickup trucks in the country. Tesla will enter the market soon with its 'Cybertruck' having all the semi-autonomous features and an optional autonomous driving feature as well.

The Asia Pacific is expected to be the fastest-growing market during the forecast period

The Asia Pacific is expected to be the fastest-growing semi-autonomous as well as in the autonomous truck market during the forecast period, owing to China and Japan's rapid progress toward vehicle automation, especially mining and delivery trucks; and increasing safety regulations by various countries. For instance, South Korea's Transport Ministry has made Autonomous Emergency Braking and Lane Departure Warning systems mandatory in passenger cars from January 2019 and in trucks and other vehicles from July 2021. Currently, both these systems are mandatory in more than 11-meter commercial vehicles and trucks and special vehicles weighing more than 20 tons.

The Asia Pacific is expected to be a technology follower. Once a robust technology is created, the region will speedily adopt the technology. Also, Asia is the largest manufacturer of trucks and contributes more than 65% of the total number of trucks manufactured globally. Road safety concerns will further propel the growth of the autonomous truck market in the region. Also, the introduction of autonomous technologies in mining trucks would drive the Asia Pacific autonomous truck market, as China is the biggest mining country in the world.