Automated Trucks Demand to Increase by 22% Annually Through
2031
A Fact.MR survey on sales of automated trucks offers detailed
analysis on the key growth drivers and trends affecting demand
through 2031. The survey also provides insights into the
competitive landscape of global automated trucks sales, identifying
key market players and analyzing the impact of their growth
strategies
NEW YORK, Sept. 6, 2021 /PRNewswire/ -- 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.
For more Insights into the market, Request a Sample of this
Report
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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.
Growth Drivers:
- 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.
To gain in-depth insights on Automated Truck Market, request
methodology at
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Competitive landscape
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.
- IVICO
- DAF
- Scania
- Slazenger
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:
Truck Type
- Cab-Integrated Automotive Truck
- Cabless Automotive Truck
End Use Industry
- Automotive Trucks for Mining
- Automotive Trucks for Logistics
Class
- Class 8 & Class 9 Automotive Trucks
- Ultra-Class Automotive Trucks
Sensor
- LiDAR Automotive Trucks
- RADAR Automotive Trucks
- Camera-based Automotive Trucks
- Other Sensor-based Automotive Trucks
Autonomy Level
- 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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