Autonomous Trucks Market By Sensor Technology (Radar, Camera, LiDAR, Ultrasonic), By Level Of Automation (Level 1, Level 2, Level 3, Level 4, Level 5), By ADAS Features (Adaptive Cruise Control (ACC), Blind Spot Detection (BSD), Lane Assist (LA), Automatic Emergency Braking (AEB), Highway Pilot (HP), Other ADAS Features) - Growth, Future Prospects And Competitive Analysis, 2019 - 2027

Growing adoption of autonomous vehicles will drive the growth of the autonomous truck market.

Globally, the autonomous trucks market is expected to grow at a CAGR of more than 9.5% during the forecast period from 2019 to 2027, starting at US$3.5 billion in 2018.

In recent years, consumer interest in self-driving vehicles has been rising rapidly all over the world. The automated mobility system is gaining popularity among commercial vehicles. The growing demand for autonomous trucks to reduce costs and improve safety is the primary factor that drives the growth of the market. Additionally, several government organizations are taking the initiative to adopt autonomous vehicles to alleviate the truck driver shortage and improve road safety. Thus, this is contributing to the growth of the market for autonomous trucks.

The ongoing adoption of several advanced technologies is anticipated to escalate the growth of the autonomous truck market. The rapidly growing transport industry in developed and several underdeveloped countries is boosting the growth of the autonomous truck market.

However, cybersecurity concerns are expected to restrain the growth of the autonomous truck market during the forecast period. Moreover, the introduction of 5G and other advanced technologies in autonomous trucks is projected to offer several growth opportunities in the market in the near future.

Market Synopsis

Growing use of radar sensors as the well-established sensor technology to continue dominating the market.

The global market for autonomous trucks is segmented by sensor technology, level of automation, and ADAS features. Radar sensors hold the largest market share of approximately 34% of the total market share in the autonomous truck market. Radar sensor technology is a well-established sensor technology in autonomous trucks, as it has several unique applications in the ADAS, including intelligent park assist, blind-spot detection, adaptive cruise control, and many more. Furthermore, the camera sensor is the fastest-growing segment in the autonomous truck market.

By ADAS features, the market for autonomous trucks is dominated by an adaptive cruise control system, followed by blind spot detection (BSD). Moreover, the introduction of advanced sensors and cameras in the ADAS systems is expected to offer significant growth opportunities in the autonomous truck market.

Asia Pacific to Register the Fastest Growth

Geographically, North America holds the largest market share in the global autonomous truck market, followed by Europe. The increasing adoption of autonomous and semi-autonomous vehicles and the growing importance of road safety are primarily driving the growth of the autonomous truck market in the North American region. Similarly, stringent government regulations regarding the integration of advanced safety features and tools in vehicles are also contributing to the development of this market in countries such as the US and Canada.

Moreover, Asia Pacific is expected to register the fastest growth owing to the technological advancements in the automotive industry, increasing the purchasing power of the people, and rising awareness about road safety. Some of the prominent players operating in the autonomous truck market include Volkswagen AG, Toyota Motor Corporation, Isuzu Motors Limited, Tesla, Inc., General Motors, AB Volvo, Continental AG, Daimler AG, and others.

Historical and Forecast Period

This research report presents the analysis of each segment from 2017 to 2027, considering 2018 as the base year for the research. The compound annual growth rate (CAGR) for each of the respective segments is calculated for the forecast period from 2019 to 2027.

Report Scope by Segments

The autonomous trucks market report provides market size and estimates based on market dynamics and key trends observed in the industry. The report provides a holistic view of the global autonomous truck market based on technology, level of automation, ADAS features, and geography. Key segments covered in the report are as follows:

Key questions are answered in this report.

  • What was the market size of autonomous trucks in 2018, and what is the forecast up to 2027?
  • Which is the largest regional market for the radar sensor segment?
  • What are the major trends followed in the autonomous truck market across different regions?
  • Who are the key autonomous trucking companies leading the market?
  • What are the key strategies adopted by the leading autonomous truck companies in the market?

Unique data points of this report

  • Statistics on electric vehicle penetration and spending worldwide
  • Recent trends across different regions in terms of the adoption of autonomous trucks for various vehicles
  • Attractive investment propositions for segments as well as geography
  • Comparative scenario for all the segments for years 2018 (actual) and 2027 (forecast)

 Frequently Asked Question:

The market for Autonomous Trucks Market is expected to reach USD$ 3.5 Bn in 2027.

The Autonomous Trucks Market is expected to see significant CAGR growth over the coming years, at 9.5% .

The report is forecasted from 2019 -2027.

The base year of this report is 2018.

Toyota Motor Corporation, Isuzu Motors Limited, Tesla, Inc., General Motors, AB Volvo, Continental AG, Daimler AG. are some of the major players in the global market.

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Published Date:  Jul 2019
Category:  Automotive & Transportation
Report ID:   59787
Report Format:   PDF
Pages:   120
Rating:    4.2 (66)
Delivery Time: 24 Hours to 48 Hours   
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