Self-Driving Truck Market To Reach ~ Us$ 2 Bn By 2027

Transparency Market Research has published a new report on the global automated truck market for the forecast period of 2019–2027. According to the report, the global automated truck market is projected to reach a valuation of ~ US$ 2 Bn by 2027, expanding at a CAGR of ~ 55% during the forecast period.

Automated Truck Market: Introduction

  • According to the report, the global automated truck market is likely to be driven by a range of macroeconomic and industry-specific factors. Asia Pacific is expected to be at the forefront of global demand, with the automated truck market in the region expanding at a CAGR of ~ 40% between 2019 and 2027.
  • Automated trucks can be safely driven with little or no assistance on roads. These trucks are driven according to the situation detected by the installed sensors, and their response to the situation on the basis of artificial intelligence and cloud stored data.
  • Automated trucks are anticipated to notably impact the logistics and mining industries, owing to extensive utilization of automated haul trucks in mines and rising investments by key truck manufacturers and technology companies in the development of autonomous trucks for the logistics industry.
  • Moreover, the rising inclination of the automotive industry toward vehicle connectivity and intelligent transportation has prompted manufacturers to focus on the development of autonomous trucks.

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Key Drivers of the Automated Truck Market

  • The automated truck market in North America is projected to expand at a high pace due to the significant shortage of truck drivers in the U.S. and Canada.
  • Automated trucks can work for longer durations without any break, and hence, result in higher work efficiency.
  • Low investments towards drivers and fuel with high work efficiency result in low operating costs for transportation companies. Thus, the rate of adoption of automated trucks is expected to be significantly high in the near future.
  • High investments for the automation of mines by large mining companies such as Rio Tinto and BHP Billiton are anticipated to boost the demand for automated haul trucks to be used in the mining industry.

In terms of truck type, the automated truck market has been segmented into cab-integrated and cabless trucks. The cab-integrated segment held a major share of the automated truck market, as currently, most of the testing is carried out on cab-integrated trucks only, and cabless trucks are only showcased by manufacturers and have not still been tested successfully. Furthermore, the arrival of automated trucks is expected after 2022; till then, the cab-integrated segment is projected to gain high popularity. Moreover, the high cost of cabless truck is likely to hinder the cabless segment in the automated truck market.

Based on vehicle class, the automated truck market has been divided into class 8 & class 9 and ultra class. The class 8 & class 9 is a highly promising segment, owing to its widespread utilization in the logistics industry, while ultra class trucks are only used in the mining industry to carry large amounts of materials such as coal, ore, and overburden from pits. The demand for haul trucks in the mining industry is significantly lower than that of trucks for the logistics industry, which, in turn, is anticipated to propel the class 8 & class 9 segment of the automated truck market during the forecast period.

In terms of end-use industry, the logistics segment is anticipated to expand at a rapid pace, and is likely to generate higher revenue than the mining segment, owing to the large consumer base for trucks in the logistics industry as compared to the mining industry.

In terms of autonomy level, the automated truck market has been segregated into level 3, level 4, and level 5. Level 3 represents the partial automation of trucks, such as truck platooning. Level 4 represents trucks that are autonomous and require the assistance of a driver only for a few functions, while level 5 trucks are completely autonomous and do not require the assistance of a driver. Level 5 trucks for the logistics industry are under development; however, automated trucks for the mining industry are included in the level 5 segment. Consequently, the segment initially is expected to account for a high share of the automated truck market, while the level 3 segment is projected to expand at a rapid pace during the forecast period, due to the rising popularity of truck platooning across the logistics industry.