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Autonomous Truck Market Size By Level of Autonomy (Level 1, Level 2, Level 3, Level 4), By Fuel (Diesel, Alternative Fuels), By Application (Last Mile Delivery, Freight Transport), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 - 2028

  • Report ID: GMI5238
  • Base Year: 2021
  • Report Format: PDF

Industry Trends

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.
 

Autonomous Truck Market

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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.
 

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.
 

Significant investments by OEMs for developing level 4 autonomous trucks

Asia Pacific Autonomous Truck Market Size, By Level of Autonomy

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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.
 

Wider availability and low costs are fueling the sale of diesel-powered self-driving trucks

Latin America Autonomous Truck Market Size, By Fuel

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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 shifting focus of logistics companies toward quick & safe last mile delivery

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.
 

Presence of established self-driving truck manufacturers in North America

North America Autonomous Truck Market Share, By Region

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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.
 

Strategic focus of OEMs on strengthening their market position

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.
 

This market research report on autonomous truck includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2022 to 2028 for the following segments:

Market, By Level of autonomy

  • Level 1
  • Level 2
  • Level 3
  • Level 4

Market, By Fuel

  • Diesel
  • Alternative fuels

Market, By Application

  • Last mile delivery
  • Freight transport

The above information has been provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Russia
  • Asia Pacific
    • China
    • Australia
    • Japan
    • South Korea
  • Latin America
    • Brazil
    • Mexico
  • MEA
    • Saudi Arabia
    • UAE
       
Authors: Preeti Wadhwani, Prasenjit Saha

Frequently Asked Questions (FAQ) :

The market size of autonomous truck surpassed USD 900 million in 2021 and is expected to expand at a CAGR of 17% from 2022 to 2028 driven by growing advancements across the transportation and logistics sectors.

Asia Pacific level 3 truck market value is anticipated to grow at a CAGR of 23% through 2028 considering the high driving automation and enhanced safety features.

Latin America market revenue accounted for around 70% of the overall industry share in 2021 and will grow on account of the low cost of diesel engines as compared to fuel-cell & electric drive train systems.

North America self-driving truck market size crossed USD 300 million in 2021 and will grow with an increase in the number of startups and their initiatives for the enrichment of brand identities.

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Premium Report Details

  • Published Date: Mar 2022
  • Companies covered: 15
  • Tables & Figures: 170
  • Countries covered: 15
  • Pages: 170

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