Global Autonomous Truck Market (2023-2028) by Type, Component Type, Level of Autonomy, and ADAS Features, Competitive Analysis, Impact of Covid-19, Ansoff Analysis

Growing Demand from the Construction Sector is Driving the Market

The Global Autonomous Truck Market is estimated to be USD 1.78 Bn in 2023 and is expected to reach USD 3.31 Bn by 2028 growing at a CAGR of 13.27%.

• Autonomous trucks and robotic trucks are other names for self-driving trucks. These trucks possess all the key capabilities of conventional trucks. Infrared radars, LIDAR (laser radar), cameras, sophisticated motion sensors, very precise sensors, and complex algorithms are only some of the tools the self-driving system uses to enable the track to drive itself. Additionally, it is predicted that the market for self-driving trucks will develop significantly throughout the projection period. Another impressive business opportunity for self-driving trucks is the reduction of traffic congestion.
• The self-driving truck industry is expected to rise significantly during the anticipated time. Increased demand for effective transportation solutions, improved safety features, and significant cost savings from lower labor costs indicate the possibility of large expansion.
• Several driving forces are advancing this revolutionary business in the dynamic landscape of the global autonomous truck market. The growth of electrical systems, along with a focus on safety improvement, is one of the main factors. Autonomous trucks are created for the sole purpose of changing road safety. They attempt to lessen accidents and improve road safety by lowering human error. This unwavering dedication to safety makes autonomous trucks an essential component of modern transportation since it protects lives and dramatically reduces the financial cost of accidents.
• Cost savings are another strong factor influencing the development of the global market for autonomous trucks. Self-driving trucks can completely reshape logistics economics by providing a more affordable option. These vehicles accomplish this through a twin strategy: first, they significantly lower labor costs; second, they increase fuel efficiency.
• The key driver of the autonomous truck market's explosive growth is efficiency benefits. Autonomous trucks are emerging as the go-to solution for organizations looking to optimize their logistics, assuring smooth product flow and promoting economic growth.

Market Segmentations

• The Global Autonomous Truck Market is segmented based on Type, Component Type, Level of Autonomy, and ADAS Features.
• The categorization by truck type differentiates the market based on the size and capacity of autonomous trucks. It includes Light-Duty Trucks designed for tasks that require less hauling capacity. Medium-Duty Trucks are suitable for moderate loads, and Heavy-Duty Trucks are intended for heavyweight cargo transportation. This categorization is instrumental for industry stakeholders to comprehend the diverse applications and potential market niches for autonomous truck technology.
• The segmentation by component type underscores the critical technological elements that power autonomous trucks. The categories include LIDAR, which employs laser-based technology for perception and mapping. RADAR uses radio waves for sensing the environment, Cameras for visual recognition and data capture, and Sensors encompass various types of sensors for collecting data on the truck's surroundings. The differentiation by component type is essential for recognizing the vital technologies that underpin autonomous truck operations and safety systems.
• These segmentations collectively offer a comprehensive view of the autonomous truck market, enabling industry professionals to assess specific aspects such as truck type and essential components.
• The market's geographic scope includes the Americas, Europe, the Middle East & Africa, and Asia-Pacific. The distinct market dynamics, regulatory frameworks, and infrastructure readiness of each location influence the adoption and expansion of autonomous trucks.
• Argentina, Brazil, Canada, Chile, Colombia, Mexico, Peru, the United States, and the rest of the Americas are just a few examples of the markets in the Americas. The potential for the deployment of autonomous trucks varies significantly across each of these locations.
• Europe's market includes nations including Austria, Belgium, Denmark, Finland, France, Germany, Italy, Ireland, Luxembourg, the Netherlands, Norway, Poland, Russia, Spain, Sweden, Switzerland, the United Kingdom, and the rest of the continent. The variety of the European market results from the continent's many industrial applications and regulatory environments.
• Egypt, Israel, Nigeria, Qatar, Saudi Arabia, South Africa, the United Arab Emirates, and the remainder of the Middle East and Africa are included in the MEA section. Participants in the market need to understand the particular difficulties and opportunities in this area.
• The Asia-Pacific region includes Australia, Bangladesh, China, India, Indonesia, Japan, Malaysia, the Philippines, Singapore, South Korea, Sri Lanka, Thailand, Taiwan, and other nations. Due to its quick industrialization and variety of transportation needs, the Asia-Pacific region is expected to be a key growth zone for autonomous trucks.
• The market provides useful information and a comprehensive perspective for industry stakeholders to successfully navigate this transformational and evolving sector by segmenting the global autonomous truck market along key aspects.

Recent Development

• Daimler Trucks introduced a new industry standard scalable truck platform for autonomous driving that can produce ASE level 4 autonomous trucks with redundant systems for additional safety. - Nov 2021

Company Profiles

The report provides a detailed analysis of the competitors in the market. It covers the financial performance analysis for the publicly listed companies in the market. The report also offers detailed information on the companies' recent development and competitive scenario. Some of the companies covered in this report are AB Volvo, Aptiv, Continental AG, Daimler, Denso, etc.

Countries Studied

• America (Argentina, Brazil, Canada, Chile, Colombia, Mexico, Peru, United States, Rest of Americas)
• Europe (Austria, Belgium, Denmark, Finland, France, Germany, Italy, Ireland, Luxembourg, Netherlands, Norway, Poland, Russia, Spain, Sweden, Switzerland, United Kingdom, Rest of Europe)
• Middle East and Africa (Egypt, Israel, Qatar, Nigeria, Saudi Arabia, South Africa, United Arab Emirates, Rest of MEA)
• Asia-Pacific (Australia, Bangladesh, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Sri Lanka, Thailand, Taiwan, Rest of Asia-Pacific)

Competitive Quadrant

The report includes Competitive Quadrant, a proprietary tool to analyze and evaluate the position of companies based on their Industry Position score and Market Performance score. The tool uses various factors for categorizing the players into four categories. Some of these factors considered for analysis are financial performance over the last 3 years, growth strategies, innovation score, new product launches, investments, growth in market share, etc.

Ansoff Analysis

• The report presents a detailed Ansoff matrix analysis for the Global Autonomous Truck Market. Ansoff Matrix, also known as Product/Market Expansion Grid, is a strategic tool used to design strategies for the growth of the company. The matrix can be used to evaluate approaches in four strategies viz. Market Development, Market Penetration, Product Development and Diversification. The matrix is also used for risk analysis to understand the risk involved with each approach.
• The publisher analyses the Global Autonomous Truck Market using the Ansoff Matrix to provide the best approaches a company can take to improve its market position.
• Based on the SWOT analysis conducted on the industry and industry players, the publisher has devised suitable strategies for market growth.

Why buy this report?

• The report offers a comprehensive evaluation of the Global Autonomous Truck Market. The report includes in-depth qualitative analysis, verifiable data from authentic sources, and projections about market size. The projections are calculated using proven research methodologies.
• The report has been compiled through extensive primary and secondary research. The primary research is done through interviews, surveys, and observation of renowned personnel in the industry.
• The report includes an in-depth market analysis using Porter's 5 forces model, PESTLE Analysis, and the Ansoff Matrix. In addition, the impact of COVID-19 and the impact of economic slowdown & impending recession on the market are also featured in the report.
• The report also includes the regulatory scenario in the industry, which will help you make a well-informed decision. The report discusses major regulatory bodies and major rules and regulations imposed on this sector across various geographies.
• The report also contains the competitive analysis using Positioning Quadrants, the Proprietary competitive positioning tool.

Report Highlights

• A complete analysis of the market, including parent industry
• Important market dynamics and trends
• Market segmentation
• Historical, current, and projected size of the market based on value and volume
• Market shares and strategies of key players
• Recommendations to companies for strengthening their foothold in the market