Autonomous Trucks Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2021 to 2029

Growing adoption of autonomous vehicles to drives the growth of autonomous trucks market

Globally, the autonomous trucks market is expected to grow with a CAGR of more than 9.5% during the forecast period from 2021 to 2029, starting from US$ 4.16 Bn in 2020.

In recent years, the consumer's interest in the self-driving vehicle is rising rapidly all over the world. The automated mobility gaining its popularity among commercial vehicles. The growing demand for autonomous trucks to reduce the cost and improve safety is the primary factor that drives the growth of autonomous trucks market. Additionally, several government organizations are taking the initiative to adopt autonomous vehicles to lighten truck driver shortage and improve road safety. Thus, this is contributing to the growth of autonomous trucks market. The ongoing adoption of several advanced technologies is anticipated to escalate the growth of autonomous trucks market. The rapidly growing transport industry in the developed and the several underdeveloped countries are boosting the growth autonomy trucks market.

However, the cybersecurity concerns are expected to restrain the growth of autonomous trucks market during the forecast period. Moreover, the introduction of 5G and other advanced technologies in the autonomous trucks are projected to offer several growth opportunities in the autonomous trucks market in near futures. 

Growing use of radar sensors as the well-established sensors technology to continue dominating the market

The global autonomous trucks market is segmented into sensors technology, level of automation and the ADAS features. Radar sensors hold the largest market shares of approximately 34% of total market share in the autonomous trucks market. Radar sensor technology is well-established sensor technology in the autonomous trucks as it has several unique applications in the ADAS including intelligent park assist, blind-spot detection, adaptive cruise control, and many more. Furthermore, the camera sensor is the fastest-growing segment in the autonomous trucks market. By, ADAS features, the market of autonomous trucks is dominated by an adaptive cruise control system followed by the Blind Spot Detection (BSD). Moreover, the introduction of advanced sensors and cameras in the ADAS systems are expected to offer significant growth opportunities in the autonomous trucks market. 

Asia Pacific to Register the Fastest Growth

Geographically, North America holds the largest market share in the global autonomous truck market followed by Europe. Increasing adoption of autonomous and semi-autonomous vehicles and the growing importance of road safety is primarily driving the growth of the autonomous truck market in the North American region. Similarly, stringent government regulations regarding the integration of advanced safety features and tools in the vehicles are also adding to the development of this market in countries such as the US and Canada. Moreover, Asia Pacific is expected to register the fastest growth owing to the technological advancements in the automotive industry, increasing the sending power of the people and rising awareness about road safety.

Some of the prominent players operating in the autonomous trucks market include Volkswagen AG, Toyota Motor Corporation, Isuzu Motors Limited, Tesla, Inc, General Motors, AB Volvo, Continental AG, Daimler AG, and others.

Historical & Forecast Period

This research report presents the analysis of each segment from 2019 to 2029 considering 2020 as the base year for the research. Compounded Annual Growth Rate (CAGR) for each respective segments calculated for the forecast period from 2021 to 2029.

Key questions answered in this report

• What was the market size of autonomous trucks in 2020 and forecast up to 2029?
• Which is the largest regional market for radar sensor segment?
• What are the major trends followed in the autonomous trucks market across different regions?
• Who are the key autonomous trucks companies leading the market?
• What are the key strategies adopted by the leading autonomous trucks companies in the market?

Unique data points of this report

• Statistics on electric vehicles penetration and spending worldwide
• Recent trends across different regions in terms of adoption of autonomous trucks for various vehicles
• Attractive investment proposition for segments as well as geography
• Comparative scenario for all the segments for years 2020 (actual) and 2029 (forecast)

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