An automated truck eliminates the necessity of the physical presence of a driver. Automated trucks hold specifications comparable to a conventional truck but with state-of-the-art improvements.
These self-driving trucks use various hardware components such as LiDAR, infrared radars, advanced movement sensors, extremely precise sensors, cameras, and complicated algorithms that facilitate the truck to operate autonomously. The flocking or platooning of vehicles which is vehicle-to-vehicle interaction is an upcoming concept in the automated truck market projected to gain significance in the coming years.
The global automated truck market is exhibiting significant growth, which is attributable to the rising shortage of human drivers in recent years and surging volume of consignments being transported by a truck. According to the American Trucking Associations, the trucking industry had to deal with shortage of nearly 50,000 drivers in 2017. The number increased to 60,000 by 2018 as a result of the surging demand for transporting materials in large volumes by trucks.
Favorable Initiatives Undertaken to Improve Technology
From developed to emerging countries, growing accident cases are becoming key concerns. The introduction of self-driving trucks has significantly curbed the risk of accidents caused by human error. Such developments are seen as boon for the overall market. Besides this, initiatives undertaken by original equipment manufacturers (OEM) and governments to develop and improve automated trucks will bode well for the market. They also are looking to make these advancements available at affordable price, which will pave way for continued expansion of the market through the assessment period.
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Automated Trucks Help Increase Shipping Volume
In the conventional human driver system, there is a restriction on the number of working hours. An automated truck does not face this and thus increase the shipping volumes, as compared to those delivered by a truck driven manually by a driver. Moreover, government efforts for decongesting traffic are augmenting the market growth. According to Fact.MR, with the increasing penetration of advanced technology in automated trucks, the global market is forecast to record remarkable growth between 2020 and 2030.
Increase in Cybercrime and Job Cuts to Limit Growth
With increasing technology penetration, major concerns coming into play are cybersecurity and data privacy subjects. Additionally, automated trucks are expected to cause unemployment, especially in emerging countries where truck driving is a primary means of earning for people from a certain section of society. These challenges are foreseen to limit the growth of automated truck market.
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COVID-19 Impact on Automated Truck Market
The ongoing COVID-19 pandemic led to the adoption of lockdown measures that caused massive disruption in business execution across the automotive industry. From sales to investments to manufacturing activities, the market suffered severely. The decline is principally owing to the economic slowdown across borders due to measures to contain COVID-19.
Companies are now coming up with strategies to invest and advance towards new technologies to save costs without compromising the health of employees. According to Fact.MR, the market is expected to recover during the forecast period.
Automated Truck Market by Truck Type
Based on truck type, the cab-integrated segment is anticipated to continue lead during the forecast period. According to Fact.MR, this segment will account for more lion’s share of the market. Amid a plethora of innovations witnessed in the automotive sector, cab-integrated automated trucks are making inroads, surpassing conventional trucks in popularity.
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Automated Truck Market by Class
Based on class, class 8 & class 9 segment currently leads the market. This segment is projected to account for the maximum share of the global automated truck market during the forecast period.
Automated Truck Market by End Use Industry
Logistics segment is forecast to hold dominance in the global market during the forecast period. The growth of the segment is driven by the efforts of mining companies to expand their output capacities to accommodate surging demand for minerals from the manufacturing sector. The rise in ecommerce activities and resulting demand for logistics however might affect growth witnessed in the mining segment.
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Automated Truck Market by Sensor
By sensor, the LiDAR segment is currently leading the market. The segment will lead due to multiple advantages of LiDAR such as lightweight, long-range detection, the capability to operate even in unfavorable environmental conditions such as fog, rain, and snow, and flexible mounting. Moreover, research and development activities being conducted in the field sensors are anticipated to present lucrative opportunities for the segment through the forecast period.
Automated Truck Market by Autonomy Level
Based on the autonomy level, the level 5 segment currently leads the market. But, Fact.MR estimates the lead to shift to the level 3 segment during the forecast period. Level 3, also known as conditional driving automation, has "environmental detection" capabilities. It can make informed decisions like accelerating past a slow-moving vehicle. Following level 3, level 5 will hold the second position in terms of market share during the forecast period.
Regional Outlook of Automated Truck Market
Asia Pacific accounts for the lion share of the global automated truck market. The growth of the region is attributable to the technology penetration in the automated industry coupled with continuous government initiatives in countries like India and China.
The region is projected to witness high demand for cab-integrated truck type during the forecast period. The market in this region is driven by rising R&D activities. Consistently expanding infrastructure for the implementation of electric vehicles is forecast to aid in the growth of automated trucks in the region.
Moreover, the wide adoption of ADAS technology is promoting the growth of the automated truck market in Asia Pacific. Due to the implementation of stringent regulations in the region, auto manufacturers are deploying ADAS in their trucks are foreseen to gain the trust of the customers giving support to the self-driving technology.
Region-wise, Europe holds a sizeable share in the global market. The market in Europe is anticipated to grow at a significant rate during the forecast period owing to the rising efforts taken by OEMs in the European Union to develop and implement automated trucks in the region. The region is witnessing growth propelling initiatives like the EU-funded ENSEMBLE project that aims at level 3 automation multi brand truck platooning in Europe with an objective to improve fuel economy and traffic safety in the region.
The North America market is foreseen to witness remarkable growth during the assessment period owing to the presence of several strong startups like Embark Trucks that have pushed towards the adoption of automated trucks in the region. Furthermore, the continuously growing accidents in the region, especially in the US have compelled the government to take initiatives towards the promotion of these self-driving safer trucks. This has further created lucrative opportunities for manufacturers in North America which in turn is estimated to fuel the market.
Automated Truck Market: Competitive Landscape
The automated truck market is highly competitive. The penetration of digital technology has marked the entry of many startups and new-comers to the market. This has further made the market more competitive.
Owing to increasing competition, leading manufacturers are coming up with strategies to hold their position and cater to the consumer end use industry with advanced automated trucks. Furthermore, the market is observing a growing interest in joint ventures with R&D companies and collaborations with investors to expand their consumer base and industrial roots across the globe.
The Analysts Viewpoint
"The global automated truck market will record the highest jump during the forecast period. With demand from high potential markets continuing to grow, future of the market looks highly impressive. The entry of promising startups is likely to give a new direction to the global market."
Automated Truck Market: About the Report
Fact.MR has recently published an exclusive in-depth forecast report on the automated truck market for 2020 and 2030. The principal objective of this report is to outline spearhead insights on the market scenario, demand generators, and competitive landscape in the market. Also, the study speaks key dynamics that are anticipated to increase the sales and future possibilities for the market. The report on the automated truck market commences with an executive overview, in which, product description has been presented.
The report further proceeds with the taxonomy of the automated truck market, elaborating on key segments. Also, the report outlines visionary insights on the dynamics of the market, including the drivers, restraints, opportunities, trends, and pricing analysis, along with the key factors favoring investment within the market.
Supply chain analysis and pricing analysis of the market have also been incorporated in the report, to help readers clearly understand the product framework map in the market.
Automated Truck Market: Segmentation
Fact.MR has studied the automated truck market with detailed segmentation on the basis of truck type, end-use industry, class, sensor, autonomy level, and key region.
A recent study by Fact.MR on the automated truck market offers a 10-year forecast for 2020 and 2030. The study analyzes crucial trends that are currently determining the growth of the automated truck market. This report explicates on vital dynamics, such as the drivers, restraints, and opportunities for key market players along with key stakeholders. The study also provides the dynamics that are responsible for influencing the future status of the automated truck market over the forecast period.
A detailed assessment of automated truck value chain analysis, business execution, and supply chain analysis across regional markets has been covered in the report. A list of prominent companies operating in the automated truck market along with their product portfolios enhances the reliability of this comprehensive research study.
Automated Truck Market: Report Summary
The study offers a comprehensive analysis on diverse features, including demand, product developments, revenue generation, and sales in the automated truck market across the globe.
A comprehensive estimate on the automated truck market has been provided through an optimistic scenario as well as a conservative scenario, taking into account the sales of automated truck during the forecast period. Price point comparison by region with global average price is also considered in the study.
Key Questions Answered in Fact.MR’s Automated Truck Market Report
- Which regions will continue to remain the most profitable regional markets for automated truck market players?
- Which factors will induce a change in the demand for automated trucks during the assessment period?
- How will changing trends impact the automated truck market?
- How can market players capture the low-hanging opportunities in the automated truck market in developed regions?
- Which companies are leading the automated truck market?
- What are the winning strategies of stakeholders in the automated truck market to upscale their position in this landscape?
Automated Truck Market: Research Methodology
In Fact.MR’s study, a unique research methodology is utilized to conduct extensive research on the growth of the automated truck market, and reach conclusions on the future growth parameters of the market. This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of the drawn conclusions.
Secondary resources referred to by analysts during the preparation of automated truck market study include statistics from governmental organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, all of whom have contributed to the development of the automated truck market report as a primary resource.
Automated Truck Market: Analysis on Market Size Evaluation
The Automated truck market has been analyzed for each market segment in terms of value (US$ Mn).
Market estimates at global and regional levels for Automated trucks are available in terms of “US$ Mn” for value. A Y-o-Y growth contrast on prominent automated truck market segments, along with market attractiveness evaluation, has been incorporated in the report. Furthermore, absolute dollar opportunity analysis of all the segments adds prominence to the report. Absolute dollar opportunity plays a crucial role in assessing the level of opportunity that a manufacturer/distributor can look to achieve, along with identifying potential resources, considering the sales and distribution perspective in the global automated truck market.
Automated Truck Market: Inspected Assessment on Regional Segments
Key sections have been elaborated in the automated truck market report, which have helped deliver projections on regional markets. These chapters include regional macros (political economic and business environment outlook), which are expected to have a momentous influence on the growth of the Automated truck market during the forecast period.
Country-specific valuation on demand for automated trucks has been offered for each regional market, along with market scope estimates and forecasts, price index, and impact analysis of the dynamics of prominence in regions and countries. For all regional markets, Y-o-Y growth estimates have also been incorporated in the report.
Detailed breakup in terms of value and volume for emerging countries has also been included in the report.
Automated Truck Market: In-depth Analysis on Competitive Landscape
The report sheds light on the leading manufacturers of respiratory virus vaccines, along with their detailed profiles. Essential and up-to-date data related to market performers who are principally engaged in the production of automated trucks has been brought with the help of a detailed dashboard view. Market share analysis and comparison of prominent players provided in the report permits report readers to take preemptive steps in advancing their businesses.
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Is the market research conducted by Fact.MR?
Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.
What research methodology is followed by Fact.MR?
Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.
What are the sources of secondary research?
Fact.MR conducts extensive secondary research through proprietary databases, paid databases, and information available in the public domain. We refer to industry associations, company press releases, annual reports, investor presentations, and research papers. More information about desk research is available upon request.
Who are the respondents for primary research?
Fact.MR speaks to stakeholders across the spectrum, including C-level executives, distributors, product manufacturers, and industry experts. For a full list of primary respondents, please reach out to us.
Is a sample of this report available for evaluation?
Yes, you can request a sample, and it will be sent to you through an email.