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Global Semi-Autonomous and Autonomous Truck Market to Grow at a CAGR of 27.50% During 2022-2027, Aided by the Rapid Technological Advancements

According to a new report by EMR titled, ‘Global Semi-Autonomous and Autonomous Truck Market Report and Forecast 2022-2027’, the global market for semi-autonomous and autonomous truck is expected to grow at a CAGR of 27.50% in the forecast period of 2022-2027.

The rising concerns about road safety due to the growing incidences of road accidents are driving the global market for semi-autonomous and autonomous truck. The government initiatives aimed at the efficient management of the transportation system, fuelled by the increasing freight volume are also expected to invigorate the market growth. In addition, among the many benefits of these trucks include fuel efficiency and sustainability. Moreover, the growing issues such as reduced availability of drivers and staff and the increasing product demand in the logistic transportation sector, owing to the rapidly expanding e-commerce industry, are expected to aid the industry growth. Furthermore, the rapid progress of countries towards vehicle automation through the adoption of ADAS technology and the increasing investments made in research and development activities by the key players are expected to aid the market in the forecast period.

With the growing demand for semi-autonomous and autonomous trucks that are safer, greener, and have connected solutions, many companies are engaging in collaboration activities to develop advanced truck fleets. This is predicted to aid the market growth. For instance, in November 2021, Embark Trucks, Inc. (NASDAQ: EMBK) announced a new partnership with Luminar Technologies, Inc. (NASDAQ: LAZR) to equip Embark's truck fleets with Luminar's state-of-the-art lidar sensors as the company progresses towards the delivery of 14,200 trucks by 2024. The sensors enable the trucks to visualise their surroundings in 3D and take safe actions based on the situations on the road. In addition, NVIDIA Corporation (NASDAQ; NVDA), in June 2019, declared their collaboration with Volvo Group (OTCMKTS: VLVLY) to transform trucking that will infuse technology with transportation. They announced the use of audio-visual technology to make the trucks more efficient by prolonging their durability and ensure fast delivery of products. These developments are expected to invigorate the semi-autonomous and autonomous trucks industry in the forecast period.

Market Analysis by Sensor Type, Application, ADAS Features, Level of Automation, Propulsion Type, Truck Class, and Region:

  • The semi-autonomous and autonomous truck industry, on the basis of sensor type, can be segmented into LiDAR, radar, image, and ultrasonic, among others.
  • Based on application, the market is divided into last mile delivery truck and mining truck.
  • On the basis of ADAS features, the market can be categorised into adaptive cruise control (ACC), automatic emergency braking (AEB), blind spot detection (BSD), intelligent park assist (IPA), lane keep assist (LKA), traffic jam assist (TJA), and highway pilot (HP).
  • The industry, based on level of automation, can be divided into level 1, level 2 and 3, level 4, and level 5.
  • On the basis of propulsion type, the market can be segmented into diesel, electric, and hybrid.
  • Based on truck class, the market can be classified into class 1-class 3 (light duty truck), class 4- class 6 (medium duty truck), and class 7 and class 8.
  • The regional markets for semi-autonomous and autonomous truck include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The global market for semi-autonomous and autonomous truck is being driven by the growing concerns of road safety worldwide.
  • The environmental friendly characteristics of semi-autonomous or autonomous trucks are contributing to the growth of the market.
  • The government initiatives to manage the transportation system efficiently is further augmenting the market growth.
  • The rapid technological advancements such as ADAS and the investments made in research and development activities by the key industry players are expected to propel the market in the forecast period.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for semi-autonomous and autonomous truck for the periods (2017-2021) and (2022-2027).
  • The report also offers the historical (2017-2021) and forecast (2022-2027) markets for the sensor types, applications, ADAS features, levels of automation, propulsion types, truck classes, and major regions of semi-autonomous and autonomous truck.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global semi-autonomous and autonomous truck market are AB Volvo, Robert Bosch GmbH, Continental AG, NVIDIA Corporation, Tesla, Inc., and Embark Trucks, Inc., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium-sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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