Self-driving Truck Market Growth, Future Prospects And Forecast 2020-2027

By Author: Himanshi Arya
Total Articles: 68
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The global self-driving truck market size is anticipated to expand at a significant CAGR during the forecast period, from 2020 to 2027, 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.

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 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.

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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.

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