Autonomous Trucks Market Research Report - Global Forecast till 2023

Posted by Market Research Future on March 20th, 2020

Market Synopsis:

Autonomous trucks are gaining ground owing to their ability to navigate around without any type of human inputs. The type becomes a savior when the market faces serious crunch in efficient drivers. It works by putting its trust into satellites, guided systems and ground sensors. The global autonomous trucks system is gaining grounds and its CAGR is expected to reach 15.6% during the forecast period (2018-2023). Market Research Future (MRFR) in their analysis of the global market discusses the possibilities of achieving remarkable valuation by reaping benefits of the factors.

The possible factors are the growing demand for eliminating errors in service, providing uninterrupted service to customers, rising driver cost, better economic growth, and high inclusion of such trucks in the system to improve supply chain. However, fuel efficiency and strict government regulations regarding safety can trouble the normal growth rate.

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Segmental Analysis:

The global autonomous trucks market, on the basis of MRFR’s discussion, is segmented by components, sensor type, and technology. The segmentation aims at getting a bit deep into the market to get a clear picture of the market by studying it well by taking volume-wise and value-wise figures into consideration.

Based on the components, the global autonomous trucks market can be segmented into hardware and software. The software segment is getting much prominence due to the integration of sophisticated technology. Inclusion of the IoT is presenting much scope for the segment percolation. 

Based on the sensor type, the global autonomous trucks market can be segmented into LiDAR, image, radar, ultrasonic and others. The LiDAR segment is getting much traction due to the inclusion of sensors to ensure a smooth autonomous service.

Based on the technology, the global autonomous trucks market integrates semi-automated trucks and fully automated trucks. The market is yet to go fully automated owing to safety measures needed for smooth operation.

Regional Analysis:

Region-specific understanding of the global autonomous trucks market, as per the report published by Market Research Future (MRFR), spans across such as North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW). The segmentation aims at bringing together figures that would help in getting a comprehensive picture of the entire market. This study relies much on the unraveling of demographic challenges.

North America has the market dominance owing to superior infrastructural capacities, integration of latest technological models, high investment for both inclusion of latest products in the system and research and development, government and private endeavors to take the market forward, and increased volume of foreign tonnage. Other than these factors, the presence of several market titans can be considered impacting as the revenues are growing and opportunities are getting better. The U.S. in this region is leading the global charge with significant market coverage. Major autonomous trucks manufacturers, such as Uber Technologies and Embark trucks can improve the chances for the market percolation.

Europe is advancing at a noteworthy pace and its coming years are expected to get marked by easy access to modern infrastructure facilities and a spurt in the demand for automobiles. The APAC is also expected to garner much prominence as it boasts of quite a few developing nations who are turning into popular destinations for the market players.

Competitive Landscape:

Influential companies are getting involved in the autonomous trucks market by implementing several strategic moves that include merger, acquisition, product launch, and others. MRFR, while discussing the global market in detail, enlisted companies like Delphi Automotive PLC (Ireland), Robert Bosch GmbH (Germany), Google Inc (U.S.), Tesla Inc. (U.S.), Uber Technologies Inc. (U.S.), Embark Trucks (U.S.), Volkswagen AG (Germany), and others. Their profiling helps in understanding of the shaping of the trends and the market routes that are expected to enrich market prospects.

Recent reports in the market is suggesting a possibility of Amazon buying the autonomous truck startup named TuSimple. The company develops artificial intelligence and computer vision technology for autonomous trucks.