Market Size of Autonomous Truck Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 23.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Autonomous Truck Market Analysis
The autonomous truck market was valued t USD 240 Billion in 2021 and is expected to reach USD 850 Billion by 2027, registering a CAGR of 23% during the forecast period (2022 - 2027)
The COVID-19 pandemic had a relatively more minor impact on this automotive industry segment compared to the whole. The demand for autonomous trucks was slightly hindered due to the lockdown and global transportation halt due to the pandemic. However, with market and trade gradually opening up and the increased need for automation, the autonomous truck market is hoping for an economic revival.
- Some major factors driving the growth of the market are the expansion of industrial sectors in the emerging market, growing demand from the logistics industry, and rising demand from the construction sector (owing to growing construction activities). The market is expected to witness growth in the coming years due to growing economies across developing and developed counties.
- Although autonomous/driverless trucks have a great potential to replace conventional trucks in terms of convenience-high, cost of manufacturing, lack of proper infrastructures, inadequate regulations and policies of governments, and safety of commuters and pedestrians are some of the reasons are acting as a hindrance in the growth. There have been 36 reported accidents involving autonomous vehicles.
- The rising demand for vehicle safety and stringent government rules drive the ADAS market growth. National Highway Traffic Safety Administration (NHTSA) makes it mandatory for all trucks with weights ht range from 8501 lb. to 10000 lb. to be equipped with Automatic Emergency Braking by September 1, 2022. United Kingdom has also set up a Centre for Connected and Autonomous Vehicles (CAV) that is working towards establishing laws and regulations to allow vehicle testing on highways and roads.
