"Growing adoption of autonomous vehicles to drives the growth of autonomous trucks market"

Globally, the autonomous trucks market is expected to grow with a CAGR of more than 9.5% during the forecast period from 2021 to 2029, starting from US$ 4.16 Bn in 2020.

In recent years, the consumer's interest in the self-driving vehicle is rising rapidly all over the world. The automated mobility gaining its popularity among commercial vehicles. The growing demand for autonomous trucks to reduce the cost and improve safety is the primary factor that drives the growth of autonomous trucks market. Additionally, several government organizations are taking the initiative to adopt autonomous vehicles to lighten truck driver shortage and improve road safety. Thus, this is contributing to the growth of autonomous trucks market. The ongoing adoption of several advanced technologies is anticipated to escalate the growth of autonomous trucks market. The rapidly growing transport industry in the developed and the several underdeveloped countries are boosting the growth autonomy trucks market.

However, the cybersecurity concerns are expected to restrain the growth of autonomous trucks market during the forecast period. Moreover, the introduction of 5G and other advanced technologies in the autonomous trucks are projected to offer several growth opportunities in the autonomous trucks market in near futures. 

"Growing use of radar sensors as the well-established sensors technology to continue dominating the market"

The global autonomous trucks market is segmented into sensors technology, level of automation and the ADAS features. Radar sensors hold the largest market shares of approximately 34% of total market share in the autonomous trucks market.  Radar sensor technology is well-established sensor technology in the autonomous trucks as it has several unique applications in the ADAS including intelligent park assist, blind-spot detection, adaptive cruise control, and many more. Furthermore, the camera sensor is the fastest-growing segment in the autonomous trucks market. By, ADAS features, the market of autonomous trucks is dominated by an adaptive cruise control system followed by the Blind Spot Detection (BSD). Moreover, the introduction of advanced sensors and cameras in the ADAS systems are expected to offer significant growth opportunities in the autonomous trucks market. 

"Asia Pacific to Register the Fastest Growth"

Geographically, North America holds the largest market share in the global autonomous truck market followed by Europe. Increasing adoption of autonomous and semi-autonomous vehicles and the growing importance of road safety is primarily driving the growth of the autonomous truck market in the North American region. Similarly, stringent government regulations regarding the integration of advanced safety features and tools in the vehicles are also adding to the development of this market in countries such as the US and Canada. Moreover, Asia Pacific is expected to register the fastest growth owing to the technological advancements in the automotive industry, increasing the sending power of the people and rising awareness about road safety.

Some of the prominent players operating in the autonomous trucks market include Volkswagen AG, Toyota Motor Corporation, Isuzu Motors Limited, Tesla, Inc, General Motors, AB Volvo, Continental AG, Daimler AG, and others.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Autonomous Trucks market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Autonomous Trucks market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Autonomous Trucks market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Autonomous Trucks market?
• Which is the largest regional market for Autonomous Trucks market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Autonomous Trucks market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Autonomous Trucks market worldwide?