Automated Truck Market

Automated Truck Market Size (2023-2028):

The Global Automated Truck Market was worth US$ 0.53 billion in 2022 and is anticipated to reach a valuation of US$ 1.45 billion by 2028 and is predicted to register a CAGR of 22.40% during 2023-2028.

Automated trucks have changed the travel experience due to advantages such as minimum cost, high speed, ecological characteristics, and an energy efficiency approach. However, privacy and security issues associated with access to information from operating software are vulnerable to hackers and are supposed to hamper the growth of the autonomous truck market. 

In an ocean full of trends driven by innovation in the top gear of the automotive industry, automated trucks are moving forward, accelerating the pace of rapid adoption in the end-use industry. The trend of electric cars is turning the field of computerized trucks into green, allowing manufacturers to move beyond the obstacles of environmental regulation.

Market Drivers:

The global automated truck market is driven mainly by the lack of truck drivers and the increase in the supply of goods and materials for several end users. The increase in shipments at a high rate is expected to increase car truck sales and encourage manufacturers' investment. In particular, rising labor costs for drivers in emerging markets will create opportunities for autonomous trucks. Autonomous trucks eliminate errors and damages based on technology with minimal human input.

Market Restraints:

The demand for greater fuel efficiency and strict regulations on harmful fuel emissions will be the biggest challenge for manufacturers. Autonomous trucks are based on advanced software systems and satellite servers. This increases the chances of hacking the system, which can be devastating. Also, even if an autonomous truck has a supervisor inside the vehicle, a hacker can infiltrate the software and deny control. Therefore, the increase in threats of hackers and the increase in cybercrime is likely to limit the growth of the autonomous truck market in the coming years.

Market Key Developments:

• Waymo, a subsidiary of Alphabet Inc and a self-driving technology provider is extending its automated trucks project to New Mexico and Texas, driving along I-10, I-20, and I-45. The company will be using sensor-outfitted minivans to map the traversing roads.
• Paccar Inc., a renowned truck maker in association with a technology start-up company Plus.ai, has implemented a heavy-duty truck with sensors and software to support Level 4 automation, which makes the truck drive without any human intervention even in some special scenarios.

AUTOMATED TRUCK MARKET REPORT COVERAGE:

Market segmentation:

Automated Truck Market - By Truck Type:

• Cab Integrated 
• Cables 

Automated Truck Market - By Vehicle Class:

• Class 8
• Class 9
• Ultra Class 

Automated Truck Market - By End-use Industry:

• Mining
• Logistics 
• Construction
• Ports

Automated Truck Market - By Sensor:

• RADAR
• LiDAR
• Camera
• Others 

Automated Truck Market - By Autonomy Level:

• Level 3
• Level 4 
• Level 5

The global automated truck market by type of truck was classified as cabless and cab-integrated. The cab-integrated sector is expected to have the largest market share during the forecast period because most tests are performed only on the cab-integrated truck. The manufacturer only displays cabless trucks, and they have not yet been tested successfully.

In terms of the end-use industry, the logistics sector is likely to grow at the highest CAGR during the forecast period and generate higher revenues than the mining sector due to its large consumer base compared with its counterpart. Mining companies will continue to be an attractive end-use industry in 2020. Mining companies are working to improve their production capacity to meet the growing demands of minerals from the manufacturing industry. However, the number of e-commerce portals has increased considerably, and the need for logistics can reduce the market share of the mining industry.

Level 5 automated trucks are still preferred in mining because they operate without driver assistance and operate with the help of cloud data and artificial intelligence. However, Level 3 automated trucks will exceed the adoption rate of Level 5 automated trucks. Since the truck squads form an integral part of the automated trucks, they will take around 40% of the total market share at the end of the forecast period. Also, the high cost of automated five-stage trucks converts sales into automated three-stage trucks.

Market Reginal Analysis:

The Global Automated Truck Market Report includes the segmentation of regions:

• North America - U.S, Canada
• Europe - Norway, Germany, Sweden
• Asia Pacific - China, India, Japan
• Latin America - Brazil, Mexico, Argentina
• Middle East and Africa - Middle East, Africa

The Asia-Pacific region dominated the global automated truck business in 2018 and hoped to maintain dominance during the forecast period. In countries like Japan, Singapore, and China, the demand for automated trucks in the logistics industry is expected to increase. Australia in this region has some of the largest and most advanced mines in the world. In 2018, the country adopted a large number of transport trucks.

Market Key players:

1. AB Volvo
2. Aptiv
3. EMBARK
4. Continental AG
5. Daimler AG
6. Intel Corporation
7. NVIDIA
8. Valeo
9. WABCO
10. ZF Friedrichshafen AG