Autonomous Truck Market Size (2024 - 2029)

The autonomous truck market is poised for significant growth, driven by the expansion of industrial sectors and increasing demand from the logistics and construction industries. Despite the initial impact of the COVID-19 pandemic, the market is expected to recover as global trade and automation needs rise. Challenges such as high manufacturing costs, inadequate infrastructure, and regulatory hurdles continue to impede faster adoption. However, the push for enhanced vehicle safety and stringent government regulations are key factors contributing to the market's expansion.

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Market Size of Autonomous Truck Industry

Autonomous Truck Market Size
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

Autonomous Truck Market Major Players

*Disclaimer: Major Players sorted in no particular order

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
North America
United States
Canada
Rest of North America
Europe
Germany
United Kingdom
France
Russia
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Rest of Asia-Pacific
Rest of the World
South America
Middle-East and Africa
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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.

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Autonomous Truck Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Drivers

    2. 1.2 Market Restraints

    3. 1.3 Industry Attractiveness - Porter's Five Forces Analysis

      1. 1.3.1 Threat of New Entrants

      2. 1.3.2 Bargaining Power of Buyers/Consumers

      3. 1.3.3 Bargaining Power of Suppliers

      4. 1.3.4 Threat of Substitute Products

      5. 1.3.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Type

      1. 2.1.1 Light-duty Trucks

      2. 2.1.2 Medium-duty Trucks

      3. 2.1.3 Heavy-duty Trucks

    2. 2.2 Level of Autonomy

      1. 2.2.1 Semi-Autonomonus

      2. 2.2.2 Fully Autonomoys

    3. 2.3 ADAS Features

      1. 2.3.1 Adaptive Cruise Control

      2. 2.3.2 Lane Departure Warning

      3. 2.3.3 Intelligent Park Assist

      4. 2.3.4 Highway Pilot

      5. 2.3.5 Automatic Emergency Braking

      6. 2.3.6 Blind Spot Detection

      7. 2.3.7 Traffic Jam Assist

      8. 2.3.8 Lane Keeping Assist System

    4. 2.4 Component Types

      1. 2.4.1 LIDAR

      2. 2.4.2 RADAR

      3. 2.4.3 Camera

      4. 2.4.4 Sensors

    5. 2.5 Drive Type

      1. 2.5.1 IC Engine

      2. 2.5.2 Electric

      3. 2.5.3 Hybrid

    6. 2.6 Geography

      1. 2.6.1 North America

        1. 2.6.1.1 United States

        2. 2.6.1.2 Canada

        3. 2.6.1.3 Rest of North America

      2. 2.6.2 Europe

        1. 2.6.2.1 Germany

        2. 2.6.2.2 United Kingdom

        3. 2.6.2.3 France

        4. 2.6.2.4 Russia

        5. 2.6.2.5 Spain

        6. 2.6.2.6 Rest of Europe

      3. 2.6.3 Asia-Pacific

        1. 2.6.3.1 China

        2. 2.6.3.2 Japan

        3. 2.6.3.3 India

        4. 2.6.3.4 South Korea

        5. 2.6.3.5 Rest of Asia-Pacific

      4. 2.6.4 Rest of the World

        1. 2.6.4.1 South America

        2. 2.6.4.2 Middle-East and Africa

Autonomous Truck Market Size FAQs

The Autonomous Truck Market is projected to register a CAGR of greater than 23% during the forecast period (2024-2029)

Daimler AG, Tesla, Mercedes, TuSimple and Volvo Group are the major companies operating in the Autonomous Truck Market.

Autonomous Trucks Market Report Snapshots

Autonomous Truck Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)