The new report by Expert Market Research titled, ‘Global Semi-Autonomous and Autonomous Truck Market Price, Report and Forecast 2022-2027’, gives an in-depth analysis of the global semi-autonomous and autonomous truck market, assessing the market based on segments like sensor type, application, ADAS features, level of automation, propulsion type, truck class and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2017-2027)
• Forecast CAGR (2022-2027): 27.50%
Autonomous trucks increase safety, efficiency, and production while also having the potential to substantially reduce the number of road accidents. These cars follow traffic laws and keep a safe distance from other vehicles. As a result, these vehicles help to reduce traffic congestion while simultaneously enhancing vehicle economy. Furthermore, by utilising autonomous last-mile delivery vehicles, large firms may cut their entire expenditures. As a consequence, autonomous safety features improve the driver’s experience, leading in the rise of the semi-autonomous and autonomous truck market in the near future.
Another important factor projected to fuel demand for autonomous trucks for last-mile delivery applications is a reduction in the availability of delivery drivers and employees, as well as a rise in e-commerce activities.
Industry Definition and Major Segments
In some instances, automated trucks can conduct all of the driving with minimal human intervention. The technology handles steering, acceleration, and braking while also monitoring the driving environment and performing dynamic driving duties. In the case of semi-autonomous trucks, on the other hand, the driver is in charge of driving the vehicle while technology is used to deliver increased safety features to the driver.
The market can be broadly categorised, on the basis of sensor type:
On the basis of application, the market can be distributed into:
• Last Mile Delivery Truck
• Mining Truck
Based on ADAS feature, the market can be segregated into:
• Adaptive Cruise Control (ACC)
• Automatic Emergency Braking (AEB)
• Blind Spot Detection (BSD)
• Intelligent Park Assist (IPA)
• Lane Keep Assist (LKA)
• Traffic Jam Assist (TJA)
• Highway Pilot (HP)
Segmentation on the basis of level of automation includes:
• Level 1
• Level 2 and 3
• Level 4
• Level 5
Based on propulsion type, the market can be classified into:
The market can be divided on the basis of truck class into:
• Class 1- Class 3(Light Duty Truck)
• Class 4- Class 6 (Medium Duty Truck)
• Class 7 and Class 8
The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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Stringent regulations and standards implemented by the government for autonomous vehicles, with an emphasis on road safety knowledge and safety measures is expected to boost the demand for such vehicles. The semi-autonomous and autonomous truck market has the potential to alleviate driver shortages both in emergencies and in daily operations. As a result, the market has developed advanced technologies and safety features. Semi-autonomous and autonomous trucks are being used for supply and logistics, which can enhance efficiency and production while lowering CO2 emissions.
The market is being driven by the fast rising application of AI in self-driving vehicles, as well as increased shipping. Semi-autonomous trucks can manage all safety functions on their own due to technology advancements. These functions include scanning the area more effectively than human senses, recognising minor obstructions, and detecting distant vision ahead. Furthermore, an increase in logistics operations will contribute to the expansion of the semi-autonomous and autonomous truck market in the near future. However, the market’s massive investment is expanding the potential for automakers in the semi-autonomous and autonomous markets.
Key Market Players
The major players in the market are AB Volvo, Robert Bosch GmbH, Continental AG, NVIDIA Corporation, Tesla, Inc., Embark Trucks, Inc., and others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.