The global automated truck market is projected to grow at a healthy CAGR of over 22% from 2021 to 2031, touching an impressive valuation of over US$ 1.5 Bn, concludes a recently published market intelligence report. Rising concerns regarding road safety is prompting increased automation in the automotive industry, stimulating growth.
From 2016 to 2020, sales of automated trucks recorded an impressive surge, closing in at US$ 210 Mn by the end of the historical period. Amidst the COVID-19 pandemic, prospects further inclined, as mandatory social distancing norms prompted automotive manufacturers to invest a considerable portion of their funds to develop driverless systems- a trend which is expected to become the new normal in forthcoming years.
The technology is hailed by the automotive sector since it has helped in significantly curbing the risk of accidents caused due to negligence. An ESOMAR-certified market research and consulting firms recent market intelligence study has identified that automotive trucks will be a thriving market. The demand for automated trucks is forecast to surge in the coming years especially because they are in-built with advanced technological systems such as improved cameras and sensors for quick response.
Key Takeaways from Market Study
- Global automotive trucks market to expand 7x from 2021 to 2031
- Logistics to remain primary end user, capturing approximately 1/3rd of the revenue
- LiDAR based automated trucks to hold considerable sway, expanding at a CAGR of 10%
- Class 8 & Class 9 trucks to be top selling, capturing half of the global sales
- Level 3 autonomy automated trucks to capture majority share, accounting for 3 out of 5 sales
- U.S to register staggering growth, expanding at a CAGR of 15% through 2031
- 35% of global automotive sales likely to be spurred by U.K
- Asia to be a highly opportunistic market, China to be the vanguard of regional demand
“Rising penetration of automation in the global automotive industry and the increasing need to streamline logistical operations by reducing delays due to unforeseen circumstances such as accidents is heightening automated trucks adoption,” comments Senior Research Analyst.
Some of the prominent players in the automated truck market include Uber Technologies Inc., Daimler AG, Ford Motor Co., AB Volvo, BMW AG, Tesla Inc., Google Inc., IVICO, MAN, DAF, Scania, among others.
These players focus on adopting various strategies to expand product offerings and strengthen geographic presence. With the advancement in technology, new players are expected to enter the market.
For instance, in May 2021, TuSimple – a provider of autonomous freight semi-truck solutions – announced that their technology will be operational by 2024. For the same, over 5,700 vehicles have been reserved by sophisticated shippers or carriers in just the first four months, which makes TuSimple’s timeline look more realistic.