Self-Driving Truck Market Outlook 2031
The global self-driving truck market size was valued at USD 9.30 Billion in 2022 and is expected to reach USD 26 Billion by 2031, anticipated to expand at a significant CAGR 12.1% during the forecast period, 2023 to 2031.
Owing to several advantages of self-driving trucks when compared to human drivers such as timely delivery, making the roads safer, and increasing the productivity. A self-driving truck, otherwise known as autonomous truck, requires little to no human intervention. These trucks are primarily used for driving on highways and can require some human intervention to travel through cities and rural areas.
Self-Driving Truck Market Trends, Drivers, Restraints, and Opportunities:
- Rising prevalence of road accidents and emphasis on improved road safety are key factors driving the global self-driving truck market.
- The ability of self-driving trucks to alleviate the shortage of truck driver is projected to fuel the market.
- Several concerns associated with self-driving trucks such as cyber-security is a major factor hindering the market.
- The introduction of 5G technology and improved IoT solutions are expected to create opportunities in the global market.
- Various legal and regulatory frameworks issues associated with self-driving trucks are challenging the market.
Scope of The Self-Driving Truck Market Report:
The report on the global self-driving truck market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.
Attributes |
Details |
Report Title |
Self-Driving Truck Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
|
Base Year |
2022
|
Historic Data |
2016–2021
|
Forecast Period |
2023–2031
|
Segmentation |
By Vehicle Types (Light Duty Trucks, Medium Duty Trucks, Heavy-Duty Trucks) By Level of Autonomy (Level 1, Level 2, Level 3, Level 4, Level 5) By Propulsion Types ( Diesel, Electric, Hybrid) By Components ( LIDAR, Radar, Camera, Sensors) By Applications (Last-mile Delivery Truck, Mining Truck)
|
Regional Scope |
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
|
Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, Market Trends, and Revenue Forecast
|
Key Players Covered in the Report |
AB Volvo, Aptiv PLC, Continental AG, Daimler AG, DENSO Corporation, Embark Trucks, Mercedes-Benz AG, PACCAR Holding B.V., Robert Bosch GmbH, Tesla, Inc, and TuSimple, Inc.
|
Self-driving Truck Market Segment Insights:
Rising demand for long distance domestic transportations to drive heavy-duty trucks segment growth
Based on vehicle types, the self-driving truck market can be segmented into light duty trucks, medium duty trucks, and heavy-duty trucks. The heavy-duty trucks segment is estimated to hold a significant share of the market due to higher requirement for heavy-duty trucks for domestic transportations. Additionally, heavy-duty trucks are required for long distance transportations, resulting in the high demand for self-driving heavy-duty trucks.
Growing adoption of sensors for short-range object detection fuels the sensorssegment
In terms of components, the market can be categorized as LIDAR, radar, camera, and sensors. The sensors segment accounted for a large share of the market and this trend is estimated to continue during the forecast period. Sensors have short-range and small field of view (FoV); therefore, they are used in self-driving trucks. These sensors are generally used for short range object detection, which is used in ADAS parking features such as smart parking assistance.
Increasing usage of self-driving truck transportation propels the last-mile delivery truck segment
On the basis of applications, the market can be bifurcated into last-mile delivery truck and mining truck. The last-mile delivery truck segment accounted for a substantial share of the market and is estimated to grow at a considerable pace during the forecast period owing to the high usage of driverless trucks for transportation purposes.
According to statistics, 14.4 billion tons of commodities are estimated to be transported via trucks in the US in 2030. This is expected to boost the growth of the last-mile delivery truck application segment in the coming years.
North America to lead the global market due to large presence of major manufacturers
In terms of regions, the global self-driving truck market can be classified as North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in North America held a large share of the market and this trend is anticipated to continue during the forecast period owing to early adoption of novel technology and presence of major market players, especially in the US.
Furthermore, continuous investments and innovations made by several established players operating in the market in North America are increasing competition in the regional market. However, the market in Asia Pacific is projected to expand at a high pace due to rising adoption of advanced self-driving trucks for transportations in the region. Additionally, initiatives taken by major US-based manufacturers to increase their presence in the region are fueling the growth of the market in the region.
Segments
By Vehicle Types
- Light Duty Trucks
- Medium Duty Trucks
- Heavy-Duty Trucks
By Level of Autonomy
- Level 1
- Level 2
- Level 3
- Level 4
- Level 5
By Propulsion Types
By Components
- LIDAR
- Radar
- Camera
- Sensors
By Applications
- Last-mile Delivery Truck
- Mining Truck
By Regions
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East& Africa
key Players
- AB Volvo
- Aptiv PLC
- Continental AG
- Daimler AG
- DENSO Corporation
- Embark Trucks
- Mercedes-Benz AG
- PACCAR Holding B.V.
- Robert Bosch GmbH
- Tesla,Inc
- TuSimple,Inc.
Competitive Landscape
Key participants in the global self-driving truck market include AB Volvo, Aptiv PLC, Continental AG, Daimler AG, DENSO Corporation, Embark Trucks, Mercedes-Benz AG, PACCAR Holding B.V., Robert Bosch GmbH, Tesla, Inc, and TuSimple, Inc. They engage in strategies such as mergers & acquisitions, collaborations agreements, and partnerships. Some of the key participants are adopting innovative methods for product launches to strengthen their geographical presence.