The global Autonomous trucks market size is projected to grow from USD 40.7 billion in 2024 to USD 179.9 billion by 2035, at a CAGR of 14.4%. The Autonomous trucks market is witnessing robust growth driven by increasing demand for autonomous vehicles and innovation around advance driving technologies may drive the market for autonomous trucks.
The electric segment is expected to be the fastest one during the forecast period. The rising demand for passenger safety and efficient bus transit operations would boost the demand for the electric segment for the advanced autonomous bus market during the forecast period. Favorable government regulations for better road safety would positively impact the autonomous bus market. Features such as AEB and BSD are expected to be compulsory for all vehicles, including buses. In December 2023, Davao Metro Shuttle Corporation (Philippines) launched a self-driving shuttle and its first electric bus, which includes AEB and ACC features.
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Global Autonomous Trucks Market Dynamics
DRIVER: Rising adoption of automation technology
Automation is another major driver in the industry. The automotive industry is transitioning to provide higher levels of automation, with self-driving technologies enabling vehicles to function safely and effectively. Key components of autonomous driving technology include adaptive cruise control, lane keep assistance, and automatic emergency braking. These features enhance vehicle safety and help move it closer to full autonomy. Furthermore, the more investment car companies put into developing self-driving technologies, the more sophisticated sensors, cameras, radars, and software become in buses and trucks to perceive and react to their environment. Investments, partnerships, and technological progress that foster innovation have, therefore, been spurred on by increasing demand for the manufacture of autonomous vehicles. OEMs are working with many Tier 1 suppliers to design and integrate ADAS. For instance, Magna International in Canada and Robert Bosch GmbH in Germany are working on such a mission. Magna International last month launched its ClearView vision system on the Ram 2500 and 3500 heavy-duty pickup trucks, systems it said improved parking and maneuvering features.
OPPORTUNITY: Surge in demand for truck platooning
Truck platooning is a convoy of commercial vehicles that are closely controlled to travel in coordination with the help of connectivity technologies, autonomous driving systems, and artificial intelligence. The first vehicle is a leader for the entire platoon; all subsequent vehicles can move at varying speeds and change lanes according to the leader’s behavior, requiring minimal driver intervention. The design of autonomous truck platooning is coming along with an increasing demand for fuel efficiency and the need to solve traffic congestion. Adaptive cruise control between platooning trucks enhances fuel economy by allowing the trucks to travel at a constant speed while maintaining close following distances. Other benefits of platooning include reducing traffic congestion by allowing other vehicles on the road and providing a smooth traffic flow on busy routes.
CHALLENGE: Regulatory hurdles
There is a massive influence from the evolving regulatory framework on the autonomous trucks market. The governments of most countries in the world have been developing regulations dealing with the safety standards in commercial vehicles, which shall be the key driver for the transformation of this market. For instance, the accident of a self-driving car in the US (August 2023) that resulted in a fatality can be an excellent example to understand these problems. A series of lawsuits and court proceedings will follow as autonomous trucks gain traction in the market. New safety and infrastructural regulations are being developed concerning new technologies in shuttles, buses, and last-mile delivery trucks. Buses are another area where OEMs, software providers, and Tier I suppliers focus on developing automated driving systems. However, there are still several issues at large in terms of how successfully a self-driving bus and truck can be introduced into it, among them the legislative environment. What defines an adequate functioning level for autonomous trucks is a legal framework that specifies accident liability, insurance premiums, technology failure responsibility, driver training, and others.
Key Players
The Autonomous trucks market is dominated by global players such as Daimler Truck AG (Germany), AB Volvo (Sweden), Iveco S.p.A. (Netherlands), NVIDIA Corporation (US), Robert Bosch GmbH (Germany), Continental AG (Germany), among others. These companies adopted new product development strategies, expansion, partnerships & collaborations, and mergers & acquisitions to gain traction in the market.
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