Autonomous Trucks Market

Market Research Future published research report on global autonomous trucks market. The autonomous trucks market is expected to witness ~15.6% CAGR during the period, 2018 to 2023.

Market Highlights

Autonomous Trucks refers to a vehicle that is useful for maintaining balance and effective driving efforts without human inputs. The driving is computerized based or handled with software systems, which can improvise the machine efforts with minimum time and manpower. Autonomous Trucks are operated mainly with the help of sensors, such as LiDAR, image and radar. The development of new and advanced software technologies with automated handling system is a major factor driving the market. Suspension manufacturers are working towards the development of new technologies with the objective to remain competitive in the market. Automakers are working towards the development of fuel-efficient autonomous trucks for eliminating the excessive fuel cost and environmental fuel polluting gases. However, this market is expected to be challenged by the safety of software systems and major developments toward the prevention of hacking of such software systems.

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Market Research Analysis

In terms of region, the global market for autonomous trucks is segmented into North America, Europe, Asia Pacific, and Rest of the World. North America is anticipated to hold the major market revenue share over the forecast period followed by Europe and Asia Pacific. As per the American Trucks Association, Trucks carry 70% of the total goods shipped around the U.S. Also, there had been a shortage of 50,000 drivers in the year 2017, which is expected to increase to 175,000 by the end of 2024. This will enhance the growth of autonomous trucks because the technology is computer-controlled and not driver-controlled. Autonomous trucks are not subjected to rules and can extend their working more than human working hours. Asia Pacific market is expected to expand at a high CAGR throughout the forecast period due to low labor cost for the production plant and increased effort towards ease of operating in the countries such as China, Singapore, Japan and India. The great demand of logistic services in China and Singapore and the government backing for the advanced technology and fewer regulatory hurdles will boost the growth of the Asia Pacific autonomous trucks market.

Scope of the Report

This study provides an overview of the global autonomous trucks market, tracking three market segments across four geographic regions. The report studies key players, providing a six-year annual trend analysis that highlights market size, volume and share for North America, Europe, Asia Pacific, and Rest of the World. The report also provides a forecast, focusing on the market opportunities for each region for the next five years. The scope of the study segments the global autonomous trucks market by components, sensor type, technology and regions.

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