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2018
Self-driving Truck Market

Self-Driving Truck Market

by Level of Autonomy (Level One, Level Two, Level Three, and Level Four) and Industry Vertical (Logistics, Construction & Manufacturing, Mining, and Port) - Global Opportunity Analysis and Industry Forecast, 2020 - 2025
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Report Code: A04039
Pages: 130
Mar 2018 | 23854 Views
Author(s) : Chandani P
Tables: 55
Charts: 68
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Self-Driving Truck Market Overview:

The global self-driving market size is expected to be valued at $1,004 million in 2020 and is projected to reach the market size of $1,669 million by 2025, registering a CAGR of 10.4% from 2020 to 2025. In 2017, North America is expected to account for the highest share in the global self-driving truck market.

Self-driving truck is also known as autonomous truck and robotic truck. These trucks feature all the major competencies of traditional trucks. The self-driving system uses infrared radars, LIDAR (laser radar), cameras, sophisticated motion sensors, incredibly accurate sensors, and complex algorithms among others that allow the truck to drive itself. In addition, the self-driving truck market is anticipated to exhibit remarkable growth during the market forecast period. Furthermore, decongestion of traffic is a remarkable self-driving truck market opportunity.

Self-Driving Truck Market

Government of various states are allowing the testing of the autonomous trucks on the public roads which in turn is anticipated to boost the growth of self-driving truck market. For instance, On April 2019, a rule proposed by state’s Department of Motor Vehicles was announced by the government of California, which will allow the testing of self-driving trucks on the public roads. According to the rule trucks weighing less than 10,001 pounds which are Class 1 and Class 2 trucks, are allowed for testing. All the other vehicle from Class 3 to Class 8 such as semi-trucks, buses, heavy-duty construction vehicles, and others are not included under this permitting system.

In addition, leading truck manufacturer are acquiring robotics companies for developing technologies for autonomous trucks. For instance, Daimler, a multinational automaker acquired an American autonomous vehicle company, Torc Robotics to incorporate the autonomous technology in the trucks. Torc robotics has partnership with Caterpillar, an American manufacturer and distributor of engines, machinery, and others for development of self-driving technology for mining and agricultural applications.

Level one is the first step towards automated driving. This driver assistance level signifies that most of the functions are controlled by the automated assistance system automatically such as steering, acceleration, and brakes. Furthermore, human drivers perform all the remaining aspects of the dynamic driving task, and have full responsibility to monitor the environment and take over the assistance system when required. Moreover, level one automation offers vehicle-to-vehicle communication software, which allows the truck to follow each other at extremely short distances with distance up to 20–50 feet.

Level two automation allows the system software to handle steering, brakes, or acceleration. Furthermore, driver remains responsible for watching traffic, changing lanes, and exiting freeways & taking over the vehicle when the system prompts. Moreover, driver is disengaged from physically operating the vehicle, which results in elimination of vehicle crashes due to human errors.

Level three vehicle has certain modes, which take over the driving responsibilities under required conditions. This level controls the acceleration, brakes, and steering for the automated vehicle through system software. Furthermore, the vehicle actively monitors the environment using sensors such as LiDAR.

The self-driving trucks are fully electric, and hence use significantly less gas and energy compared to conventional trucks. This in turn helps reduce the pollution, which majorly drives the growth of the self-driving truck market size. Moreover, increase in awareness toward the consequences of air pollution and rise in levels of exposure to traffic & noise drive the adoption of self-driven trucks. However, the threat of hackers and rise in cybercrime restrict the growth of the self-driving truck market trends. According to market analysis, North America is expected to account for majority self-driving truck market share in 2020.

BMW AG, Isuzu Motors Limited, General Motors, Otto motors, AB Volvo, Daimler AG, Tesla, Waymo, Toyota, and Volkswagen are some of the key players operating in the global self-driving truck market.

Self-Driving Truck Market by geography

Segment overview

The report segments the self-driving truck market analysis based on level of autonomy, industry vertical, and region. Based on level of autonomy, the market is divided into level one, two, three, and four. Based on industry vertical, the market is classified into logistics, construction & manufacturing, mining, and port. Based on region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Self-Driving Truck Market top impacting factors

Increase in number of road accidents

Increase in number of road accident globally due to several factors such as drink and drive, speed, distraction, and others create demand for self-driving truck industry. Further, the truck is expected to limit the road accident owing to its features such as following speed limits, adjusting the speed all the times, and taking over the steering. According to National Highway Transportation Safety Administration, in 2015- 35,092 people crashes on the U.S. roadways increase from 32,744 in 2014. Hence, rise in number of road accidents majorly drives the market globally. Thus, increase in number of road accidents will propel the growth of self-driving truck market.

Security concern

Self-driving truck has transformed the travelling experience, owing to its benefits such as minimum cost, high speed, environment-friendly nature, and energy-efficient approach. However, privacy and security concerns related to information access from the operating software is expected to hinder the self-driving truck market growth as these software are vulnerable to hackers. Moreover, even if self-driving truck has supervisor inside the vehicle there is the possibility that hackers can infiltrate the software and overrule the controls. Thus, increase in threat from hackers and rise in cybercrime is expected to limit the self-driving truck market growth in the coming years.

Rise in environmental concerns

Various technologies such as self-driving trucks are being introduced in the market that support the eco-friendly concept to sustain the environment, owing to rise in concerns of environment degradation and depletion of natural resources. Moreover, increase in awareness towards the consequences of air pollution and rise in traffic congestion drive the adoption of self-driven trucks, as they are fuel efficient and use significantly less gas & energy while driving as compared to conventional vehicles.

Decongestion of traffic

Job opportunities and slow transportation have led to surge in migration to cities, which has resulted in significant increase in population. In addition, to reach a location from the other is tedious, owing to heavy traffic. Thus, the abovementioned factors are expected to boost the demand for self-driven truck market, which cuts down the travel time, as it analyzes less populated and congested roads. In addition, this truck eliminates human errors such as high speed, distraction, and others and incompetence that often create traffic jam. Moreover, the self-driving technology possesses the ability to calculate the time of approaching traffic light, which allows it to not completely stop, instead slowdown, thereby facilitating traffic decongestion. Thus, increase in congestion due to consistently rising population is anticipated to provide potential opportunities for the self-driving truck market expansion.

Key Benefits for Self-driving Truck Market:

  • This study comprises analytical depiction of the global self-driving truck market with current trends and future estimations to portray the imminent investment pockets.
  • The overall market potential is determined to understand the profitable trends to gain a stronger foothold.
  • The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
  • The current self-driving truck market is quantitatively analyzed from 2020 to 2025 to highlight the financial competency of the market.
  • Porter’s Five Forces analysis illustrates the potency of the buyers and suppliers in the industry.

Self-Driving Truck Market Report Highlights

Aspects Details
By Level Of Autonomy
  • Level One
  • Level Two
  • Level Three
  • Level Four
By Industry Verticals
  • Logistics
  • Construction & Manufacturing
  • Mining
  • Port
By Region
  • North America  (U.S., Canada, Mexico)
  • Europe  (UK, Germany, Russia, France, Rest of Europe)
  • Asia-Pacific  (China, Japan, Australia, Singapore, Rest of Asia-Pacific)
  • LAMEA  (Latin America, Middle East, Africa)
Key Market Players AB Volvo, BMW, Daimler AG, Isuzu Motors Limited, General Motors, Clearpath Robotics Inc. (OTTO Motors), Tesla, Inc., Toyota Motor Corporation, Volkswagen AG, Alphabet Inc. (Waymo)
 

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Self-driving trucks is also known as autonomous truck. It uses infrared radars, sophisticated motion sensors, incredibly accurate sensors LIDAR (laser radar), cameras, and complex algorithms that allow the truck to drive itself.

The conventional vehicles are usually a combination of expensive, slow, and environmentally harmful factors. Road travel is particularly problematic, owing to emission of hazardous air pollutants. As the environmental impact of energy consumption continues to worsen, mass transit is anticipated to be crucial in the years to come, which creates the demand for technology such as self-driving truck. Rise in environmental concern majorly drives the growth of the self-driving truck market. Moreover, factors such as reduced wind drag, less road accident, decongestion of traffic and others also fuel the market growth.

The global self-driving truck market is projected to witness considerable growth, especially in Asia-Pacific due to increase in number of road accidents and rise in environment concerns. North America is expected to account for majority market share of the self-driving truck market in 2020.

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FREQUENTLY ASKED QUESTIONS?

A. Almost every significant automaker producing autonomous vehicle in U.S. ended up testing the AVs with a target to contain the spread of COVID-19, which in turn will help the growth of self-driving truck market.

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