Fact.MR – A Market Research and Competitive Intelligence Provider: The global automated trucks market is anticipated to grow at 22% CAGR between 2021 and 2031 to reach valuation of US$ 1.5 Bn by 2031.The market surpassed US$ 210 Mn in valuation in 2020. Surging emphasis on improving road safety by reducing the cases of accidents due to human error is facilitating adoption of automated systems in trucks.
Popularity of automated vehicles is growing due to rising focus on making transportation and logistics smarter. These developments also will help in reducing the risk of road accidents. As per the study, sales of automated trucks integrated with light detection and ranging (LiDAR) technology are on the rise to reduce the risk of accidents even in complicated nooks and turns of roads.
The integration of hardware components such as LiDAR, infrared radars, sophisticated movement sensors, cameras, and complex algorithms will enable the automated trucks market to gain traction. Fact.MR has forecast the overall demand in the market to rise by 7x through the assessment period.
During COVID-19 outbreak, the market registered high growth since focus on social distance encouraged several studies on how to distribute vehicles with minimum human intervention.
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As per a recent study by the American Trucking Association (ATA), the transportation industry would need to employ approximately 60,000 drivers across the U.S. to cater to the surging demand registered nationwide. This gap in demand is expected to increase to 160,000 by 2028.
Besides this, focus on curbing carbon emission from vehicles will create conducive environment for sales of automated trucks. According to the Geography of Transport Systems, the share of transportation to global CO2 emissions is rising. The transportation industry is responsible for 22% of carbon emission recorded worldwide with advanced economies like the U.S. accounting for nearly one-fourth of this share.
To address the soaring concern, the transport sector is gradually shifting towards automation. This also will create attractive opportunities for the growth of the automated trucks market.
“The use of automated trucks is increasing in response to the improving penetration of automation technologies in the automotive sector and the growing need to improve logistical operations by eliminating delays due to unanticipated events such as accidents,” said a Fact.MR analyst.
Key Takeaways from Automated Trucks Market
- The U.S. is anticipated to grow at 15% CAGR in forecast period.
- The market in the U.K. is expected to account for over 35% of total market share.
- Asia is estimated to be most lucrative market with significant growth rate in coming years.
- By end users, logistics will continue to be dominating end user, accounting for over one third of total revenue.
- By sensor, LiDAR-based autonomous vehicles are estimated to have significant growth rate of 10% CAGR.
- By class, class 8 and Class 9 trucks will be the most popular, accounting for half of all global sales.
- By autonomy level, level 3 autonomy autonomous trucks are anticipated to hold three of every five sales.
- Research and development activities undertaken by major automobile manufacturers are driving the market.
- Increasing adoption of electric cars and increasing infrastructure in developing economies are driving market growth.
- The market will accelerate from the efforts of original equipment manufacturers (OEMs) and governments to create autonomous trucks.
- Increasing government initiatives for easy access and affordable prices availability will bolster market growth.
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Key players are focusing on investment and key strategies to increase market revenue. For instance,
- In May 2021, TuSimple – a company that makes self-driving freight semi-trucks – has stated that its technology will be operational by 2024. In just the first four months, skilled shippers or carriers have reserved almost 5,700 cars, making TuSimple’s schedule seem more feasible.
- It reported in May 2021 that an autonomous truck powered by the company’s supervised autonomous driving technology, PlusDrive, has completed a Silk Road excursion. Suzhou, the world’s silk centre, and Dunhuang, a key historical city on the old Silk Road at the edge of the Gobi Desert, were connected by a 4,000-mile round-trip voyage.
- Scania stated in February 2021 that it will be the first company in Europe to operate self-driving trucks delivering products on the E4 highway between Södertälje and Jönköping in Sweden. The Swedish Transport Agency awarded the authorization in conjunction with TuSimple, a significant partner in Scania and the TRATON group’s investment in Level4 autonomous cars.
Key players operating in the market include
- Uber Technologies Inc.
- Daimler AG
- Ford Motor Co.
- AB Volvo
- BMW AG
- Tesla Inc.
- Google Inc.
More Insights on Automated Truck Market:
Fact.MR provides an unbiased analysis of automated truck market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the automated truck market with a detailed segmentation on the basis of:
- Cab-Integrated Automotive Truck
- Cabless Automotive Truck
End Use Industry
- Automotive Trucks for Mining
- Automotive Trucks for Logistics
- Class 8 & Class 9 Automotive Trucks
- Ultra-Class Automotive Trucks
- LiDAR Automotive Trucks
- RADAR Automotive Trucks
- Camera-based Automotive Trucks
- Other Sensor-based Automotive Trucks
- Level 3 Automotive Truck
- Level 4 Automotive Truck
- Level 5 Automotive Truck
Key Questions Covered in the Global Automated Truck Market Report
- The report offers insight into automated truck demand outlook for 2021-2031
- The market study also highlights projected sales growth of automated truck market between 2021 and 2031
- Automated truck sales survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
- Automated truck Market share analysis of the key companies within the industry and coverage of strategies such as mergers and acquisitions, joint ventures, collaborations or partnerships, and others
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