According to the report, the global automated trucks market is projected to surpass US$ 1.8 Bn by 2031, expanding at a CAGR of 19.38% during the forecast period. Automated trucks are self-propelled vehicles that require relatively little human involvement to operate. Commercial vehicles that utilize artificial intelligence to automate a range of activities, from shipping yard operations to long-haul deliveries, are known as autonomous trucks.
Automated trucks are extremely efficient and can be utilized to improve the efficiency of specific organizations in transportation or mining industries. Automated trucks can work continuously for extended periods of time, enabling them to complete a large amount of work in a single day. Furthermore, a single autonomous truck can replace two manual trucks due to its capacity to operate constantly at great efficiency. Consequently, large industries are likely to employ autonomous vehicles in significant numbers, which is further boosting the automated trucks market.
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The COVID-19 pandemic led to shut down of production and research and development activities of automated vehicle solution, which further hampered the market. Moreover, the transportation and logistics industries were widely disrupted, as all national and international boundaries were closed. However, automotive companies and vehicle automation service providers are witnessing post COVID recovery and growth, as governments have lifted all restrictions.
Expansion of Automated Trucks Market
Automation in the transport sector is projected to significantly reduce the cost of goods transport and cost for drivers and labors. The logistics industry is undergoing through seismic shift, which includes automation in freight forwarding by road. Automated technology in trucks involves several levels of automation, where level 1, 2 and 3 require driver intervention, and level 4 and 5 are driver less trucks. Additionally, automation in logistics trucks helps track real-time data and locations. It also helps avoid collision and accidents by integrating collision detection systems, ADAS systems, driver monitoring systems, and other advanced features.
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Based on truck class, the light duty trucks or class 1 to class 3 trucks segment dominated the automated trucks market, in terms of revenue, in 2020. Furthermore, expansion of the logistics industry across the globe is likely to propel the class 7 & 8 segment during the forecast period. Moreover, companies engaged in shipping and supply chain management are undertaking and expanding existing strategic partnerships with key OEMs to deliver autonomous trucks.
For instance, in November 2021, United Parcel Service and Waymo LLC, a subsidiary of Alphabet, announced an extension of their existing partnership that would work to accelerate the future of mobility.
In terms of sensor, the ultrasonic segment accounted for a notable share of the automated trucks market, in terms of revenue, in 2020. Introduction to advanced technology-based cameras (i.e. Artificial Intelligent) for driverless vehicles is estimated to create considerable opportunity for automated trucks in the future. Governments of developed countries have mandated the implemented advanced technological features in their vehicles in order to enhance safety and security. Moreover, a rise in integration of smartphone applications in vehicles helps boost the demand for driverless trucks, which in turn is likely to drive the automated truck market.
Regional Analysis of Automated Trucks Market
In terms of region, the global automated trucks market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. North America is the technological leader in the field of driverless vehicles. Waymo, Intel, and Embark are only a few of the prominent technology companies based in the region. These businesses are focused on the advancement of self-driving technologies. Additionally, autonomous vehicle testing has begun in various states in the U.S. This would pave the way for the continued development of self-driving trucks.
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For instance, Daimler AG put its level 4 autonomous truck through its paces on the streets of Virginia, U.S. Furthermore, pickup trucks with superior semi-autonomous driving characteristics dominate the region. Ford and GMC are two renowned manufacturers of pickup trucks in the U.S. Tesla would soon join the market with its ‘Cybertruck‘, which is expected to include all of the semi-autonomous features as well as the option of automated driving.
Automated Trucks Market Players
Prominent players operating in the global automated trucks market include AB Volvo, APTIV, Autonomous Solutions Inc., Caterpillar Inc., Continental AG, Daimler AG, Denso Corporation, EMBARK, Hitachi Ltd., Intel Corporation, Komatsu Corporation, NVIDIA, PECCAR, Inc., Qualcomm Technologies, Inc., Robert Bosch GmbH, Valeo, WABCO, Waymo LLC, and ZF Friedrichshafen AG.
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