Market Size of Autonomous Truck Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 23.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Autonomous Truck Market Analysis
The autonomous truck market was valued t USD 240 Billion in 2021 and is expected to reach USD 850 Billion by 2027, registering a CAGR of 23% during the forecast period (2022 - 2027)
The COVID-19 pandemic had a relatively more minor impact on this automotive industry segment compared to the whole. The demand for autonomous trucks was slightly hindered due to the lockdown and global transportation halt due to the pandemic. However, with market and trade gradually opening up and the increased need for automation, the autonomous truck market is hoping for an economic revival.
- Some major factors driving the growth of the market are the expansion of industrial sectors in the emerging market, growing demand from the logistics industry, and rising demand from the construction sector (owing to growing construction activities). The market is expected to witness growth in the coming years due to growing economies across developing and developed counties.
- Although autonomous/driverless trucks have a great potential to replace conventional trucks in terms of convenience-high, cost of manufacturing, lack of proper infrastructures, inadequate regulations and policies of governments, and safety of commuters and pedestrians are some of the reasons are acting as a hindrance in the growth. There have been 36 reported accidents involving autonomous vehicles.
- The rising demand for vehicle safety and stringent government rules drive the ADAS market growth. National Highway Traffic Safety Administration (NHTSA) makes it mandatory for all trucks with weights ht range from 8501 lb. to 10000 lb. to be equipped with Automatic Emergency Braking by September 1, 2022. United Kingdom has also set up a Centre for Connected and Autonomous Vehicles (CAV) that is working towards establishing laws and regulations to allow vehicle testing on highways and roads.
Autonomous Truck Industry Segmentation
The autonomous truck market has been segmented by type (light duty trucks, medium duty trucks, and heavy-duty trucks), level of autonomy (level 0, level 1, level 2, level 3, level 4, level 5), ADAS features (Adaptive Cruise Control (ACC), Lane Departure Warning, Intelligent Park Assist, Highway Pilot, Automatic Emergency Braking (AEB), Blind Spot Detection (BSD), Traffic Jam Assist, Lane Keeping Assist System), Component Types (LIDAR, RADAR, Camera, and Sensors), Drive Type (IC engine, electric and hybrid) and by Geography (North America, Europe, Asia-Pacific and Rest of the World). The report offers market size and forecast for Autonomous Truck in terms of value (USD Billion) for all the above segments.
| Type | |
| Light-duty Trucks | |
| Medium-duty Trucks | |
| Heavy-duty Trucks |
| Level of Autonomy | |
| Semi-Autonomonus | |
| Fully Autonomoys |
| ADAS Features | |
| Adaptive Cruise Control | |
| Lane Departure Warning | |
| Intelligent Park Assist | |
| Highway Pilot | |
| Automatic Emergency Braking | |
| Blind Spot Detection | |
| Traffic Jam Assist | |
| Lane Keeping Assist System |
| Component Types | |
| LIDAR | |
| RADAR | |
| Camera | |
| Sensors |
| Drive Type | |
| IC Engine | |
| Electric | |
| Hybrid |
| Geography | ||||||||
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Autonomous Truck Market Size Summary
The autonomous truck market is poised for significant growth, driven by the expansion of industrial sectors in emerging markets and increasing demand from the logistics and construction industries. Despite the challenges posed by the COVID-19 pandemic, which slightly hindered demand due to global transportation halts, the market is expected to recover as economies reopen and the need for automation rises. The potential of autonomous trucks to replace conventional vehicles is substantial, offering convenience and efficiency. However, obstacles such as high manufacturing costs, inadequate infrastructure, and regulatory challenges continue to impede widespread adoption. The market is also influenced by the growing emphasis on vehicle safety and the implementation of advanced driver-assistance systems (ADAS), which are becoming increasingly mandatory in various regions.
North America currently leads the autonomous truck market, benefiting from developed infrastructure and the presence of major technology companies. The region's market growth is further supported by the electrification of vehicles and advancements in technologies like x-by-wire systems. Collaborations between truck manufacturers and technology firms, such as those involving PACCAR, Aurora, Daimler, and Torc Robotics, are pivotal in advancing autonomous driving technologies. These partnerships aim to integrate artificial intelligence, robotics, and other advanced technologies into truck operations. While the market is still in its early stages in regions like Europe and Asia Pacific, the strategic initiatives and technological innovations in North America are setting the stage for broader adoption and development of autonomous trucks globally.
Autonomous Truck Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.2 Market Restraints
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1.3 Industry Attractiveness - Porter's Five Forces Analysis
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1.3.1 Threat of New Entrants
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Bargaining Power of Suppliers
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Type
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2.1.1 Light-duty Trucks
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2.1.2 Medium-duty Trucks
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2.1.3 Heavy-duty Trucks
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2.2 Level of Autonomy
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2.2.1 Semi-Autonomonus
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2.2.2 Fully Autonomoys
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2.3 ADAS Features
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2.3.1 Adaptive Cruise Control
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2.3.2 Lane Departure Warning
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2.3.3 Intelligent Park Assist
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2.3.4 Highway Pilot
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2.3.5 Automatic Emergency Braking
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2.3.6 Blind Spot Detection
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2.3.7 Traffic Jam Assist
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2.3.8 Lane Keeping Assist System
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2.4 Component Types
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2.4.1 LIDAR
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2.4.2 RADAR
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2.4.3 Camera
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2.4.4 Sensors
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2.5 Drive Type
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2.5.1 IC Engine
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2.5.2 Electric
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2.5.3 Hybrid
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2.6 Geography
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2.6.1 North America
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2.6.1.1 United States
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2.6.1.2 Canada
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2.6.1.3 Rest of North America
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2.6.2 Europe
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2.6.2.1 Germany
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2.6.2.2 United Kingdom
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2.6.2.3 France
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2.6.2.4 Russia
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2.6.2.5 Spain
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2.6.2.6 Rest of Europe
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2.6.3 Asia-Pacific
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2.6.3.1 China
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2.6.3.2 Japan
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2.6.3.3 India
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2.6.3.4 South Korea
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2.6.3.5 Rest of Asia-Pacific
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2.6.4 Rest of the World
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2.6.4.1 South America
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2.6.4.2 Middle-East and Africa
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Autonomous Truck Market Size FAQs
What is the current Autonomous Truck Market size?
The Autonomous Truck Market is projected to register a CAGR of greater than 23% during the forecast period (2024-2029)
Who are the key players in Autonomous Truck Market?
Daimler AG, Tesla, Mercedes, TuSimple and Volvo Group are the major companies operating in the Autonomous Truck Market.
