Visiongain anticipates that the Global Autonomous Trucks Market is projected to surpass US$7,328.6 million in 2030 while growing at a CAGR of 39.3% over the forecast period 2020 to 2030
02 May 2020
North America dominates the global autonomous truck market owing to the increasing number of road accidents, the rise in demand for automation in the transportation industry, and constant growth in goods transportation. Europe holds a significant share in the autonomous truck market due to the increasing import and export of goods in the European region. The Asia Pacific is the fastest-growing market for autonomous trucks owing to technological advancements taking place in China regarding automation in the electronics sector.
This market research study evaluates the autonomous trucks market on a global level and provides forecasts in terms of revenue (USD million) from 2020 to 2030. It recognizes the drivers and restraints affecting the industry and analyses their impact during the forecast period. Moreover, it identifies significant opportunities for market growth in the next few years.
The report segments the autonomous trucks market based on geography into North America, Europe, Asia-Pacific (APAC), Middle East and Africa and Latin America these segments have been evaluated in terms of revenue (USD million). Lidar, Radar, Ultrasonic, and Image sensor segments are the various sensor types of the autonomous trucks market.
In 2020, among the various sensor types, the radar segment is expected to be the largest market forward by Lidar and anticipated to be the largest market during the forecast period of 2020-2030. The autonomous trucks market has also been segmented based on hardware and software into the communication system, camera, and GPS. The autonomous trucks market has been segmented based on type into function-specific automation, combined function automation, limited self-driving automation, and full self-driving automation.
Fast-paced change, continuous price pressure, a strong technology orientation, and the nearly insatiable demand for transporting goods around the globe are the drivers of the autonomous trucks industry. Through an extensive knowledge effort that has sized the truck industry’s current revenue and profit pools and explored the impact of several market and technology trends moving forward, we have derived an outlook for the industry until 2030.
Going forward we have distilled a set of factors that we believe are essential to success in the evolving truck industry:
Increase operational efficiency: Key to remaining competitive will be achieving gains in operational efficiency as it makes OEMs more resilient to the ups and downs of persistent market volatility. Operational efficiency will also be fundamental to the OEMs’ ability to finance new opportunities.
Monitor alternative powertrain developments: The successful OEMs will closely monitor the development of powertrain technologies. As powertrain applications might become more diverse, given that different use cases can be served better with different powertrain technologies, OEMs should be ready to seize upon the opportunity as an appropriate use case becomes viable.
Invest in autonomous driving: Autonomous driving is likely the most complex of the major technology trends and thus presents many barriers. OEMs need to stay "on their feet" and invest in autonomous driving today. Establishing themselves at specific control points in the technology stack will be key to participating in the profit pools, and this will require early and significant investment.
Understand the competition: An awareness of the changing competitive environment can help OEMs make strategic decisions going forward. For instance, while multiple players are already competing in BEVs, the hydrogen/fuel cell space is significantly less crowded. Regionally speaking, monitoring where competition is coming from, e.g., Chinese players potentially becoming active in other regions, will also be important.
Leverage partnerships: Fundamental shifts to the truck ecosystem mean that the competitors of today might be the partners of tomorrow and vice versa. OEMs should be open to new alliances and cooperative arrangements that reach beyond the traditional borders of the truck industry. Making developments in and capturing value from autonomous driving and connectivity, for example, will require strong partnerships not only with suppliers but with technology and software players as well.
Solutions: Solutions represent a significant opportunity for OEMs to extend their current, vehicle-focused customer offer. With a rising share of the rolling fleet being connected, the potential market size for applying solutions will increase and offers the potential to deepen the relationship between OEMs and their customers along the value chain.
Some of the companies operating in the global autonomous trucks market are Aptiv, DENSO CORPORATION, Continental AG, NVIDIA Corporation, BMW, Ford Motor Company, General Motors, Robert Bosch GmbH, Uber Technologies, Inc., Tesla, Volkswagen AG, Groupe Renault, Daimler AG, Baidu, Inc., AB Volvo, and Google among other prominent players.
"The truck industry is entering a new era: while sales and profits are still produced mainly in from the diesel truck, emerging innovations are increasingly impacting the strategies of OEMs products & investments. Truck OEMs seeking a leading role in emerging technology face the challenge of keeping the existing company stable and laying the groundwork for the fundamental impacts that innovations can bring to the industry, such as autonomous driving."
Industry Analyst, Visiongain 2020
Notes for Editors
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