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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:
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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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