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Autonomous Truck Market size exceeded USD 900 million in 2021 and will exhibit a growth rate of over 17% between 2022 and 2028. Rising safety concerns regarding road accidents and the emphasis of logistics companies on reducing transportation costs will enhance the market representation. Increasing government focus on improving the transport and logistics sectors around the globe will provide a positive market outlook. Various governments, such as Canada, the U.S., China, and Germany, are supporting self-driving truck technology startups, thereby creating a favorable environment for the market.
For instance, March 2021, NuPort Robotics, an autonomous truck startup in Canada, collaborated with the Government of Ontario to develop next-generation self-driving truck technologies. As per this partnership, NuPort Robotics received a funding of USD 3 million from the government, which will assist the company in developing prototypes and contributing to market size augmentation.
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Key market factors, such as high capital investments and the high cost of self-driving trucks, are challenging industry growth. Testing & licensing procedures for autonomous trucks are costlier as compared to other automotive markets, hampering the industry statistics. Furthermore, faults in electronic systems can lead to fatal accidents on highways, thereby damaging nearby vehicles. Governments are taking several initiatives to control the accidents caused by self-driving vehicles.
|Market Size in 2021:||USD 900 million|
|Forecast Period:||2022 to 2028|
|Forecast Period 2022 to 2028 CAGR:||17%|
|2028 Value Projection:||USD 2.5 billion|
|Historical Data for:||2018 to 2021|
|No. of Pages:||170|
|Tables, Charts & Figures:||170|
|Segments covered:||Level of Autonomy, Fuel, Application|
|Pitfalls & Challenges:|
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The autonomous trucks market witnessed a considerable decline in 2020 owing to significant COVID-19 transmissions. However, from mid-2021, the market observed strong recovery on account of the overall resumption of business operations. Driver shortage caused due to COVID-19 pandemic is forcing various market leaders and logistics companies to opt for autonomous vehicles. Logistics giants, such as FedEx Corp, JB Hunt Transport Services, and Uber Technologies, initiated the testing of driver-less trucks in 2021.
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Asia Pacific level 3 trucks segment is expected to grow at a CAGR of about 23% through 2028. High driving automation and enhanced safety features as compared to other segments are creating remarkable opportunities for the level 3 segment. The ability of level 3 autonomous trucks to operate on autonomous mode with minimum driver interference will propel the market revenue. Companies are adopting various business strategies to strengthen their position in the level 3 and level 4 self-driving truck industry and enhance market share.
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In 2021, the Latin America diesel-powered autonomous truck segment held a market share of approximately 70%. Low costs of diesel engines as compared to electric & fuel-cell drive train systems are contributing to diesel-powered autonomous truck market expansion. Self-driving truck manufacturers are focusing on strategic collaborations to develop diesel-engine-powered self-driving trucks.
The Europe last mile delivery application is poised to register 12% gains through 2028. Self-driving trucks offer safe, quick, and reliable last mile deliveries as compared to traditional services, thereby contributing to industry expansion. Retail companies are focusing on adopting autonomous trucks for last mile deliveries to reduce their workforce costs and enhance the consumer experience.
The North America autonomous truck market size valued at above USD 300 million in 2021. Emerging startups in the region and their initiatives to enrich their brand identities will play a vital role in enhancing market statistics. For instance, Waabi, an autonomous vehicle startup, raised USD 83.5 million to develop self-driving trucks in Toronto.
The key industry participants include Scania, Daimler Truck, TuSimple, Inc., Hino Trucks, Waymo (Alphabet Inc.), Tesla, AB Volvo, PACCAR Inc, Navistar, Inc., Embark Trucks, Inc., PlusAI, Inc. and Kodiak Robotics. The companies are focusing on new self-driving truck innovations to achieve higher profitability.
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Market, By Level of autonomy
Market, By Fuel
Market, By Application
The above information has been provided for the following regions and countries: