Autonomous Trucks Market will value US$ 2.5 billion by 2028, Says Global Market Insights Inc.

Major autonomous trucks market participants include TuSimple, Inc., AB Volvo, PlusAI, Inc., Daimler AG, Kodiak Robotics, Inc., Dongfeng Motors, Inceptio Technology, Inc., Hino Trucks, Embark Trucks, Inc., Iveco, S.p.A, Sino Truk, MAN Trucks, Scania AB, Navistar International, Inc., and Paccar, Inc.

Selbyville, Delaware, April 12, 2022 (GLOBE NEWSWIRE) —

The autonomous trucks market is expected to surpass USD 2.5 billion by 2028, as reported in a research study by Global Market Insights Inc. Supportive government initiatives and new innovations by market players is fueling the business expansion.

The self-driving trucks market is poised to see an upward trend due to significant investments by OEMs in R&D for new truck innovations. Market players, such as Daimler Truck, AB Volvo, and TuSimple, Inc., are highly emphasizing on testing their self-driving truck prototypes to enhance their brand positioning, contributing to industry share. For instance, in December 2021, TuSimple, Inc. successfully completed the trial of its autonomous truck without driver on public road in the U.S. The truck was operated fully on ADAS technology, and the company expects its first batch of self-driving truck will be manufactured by 2024, improving the market expansion.

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The significant transmission of COVID-19 virus in 2020 adversely impacted the autonomous truck market. However, post pandemic, the market is experiencing considerable growth owing to shifting focus of logistics & transportation companies toward self-driving trucks to minimize their workforce cost and to enhance the transport safety.

The last mile delivery application is anticipated to observe a high growth over the coming years. To improve the delivery speed and brand value, established e-retail companies are focusing on developing self-driving trucks for last mile delivery across the globe. For instance, in September 2021, Alibaba Group Holding Limited, an e-commerce company, announced to develop a self-driving truck for last mile delivery in China. For this, the company will leverage the autonomous technology from its partner DeepRoute.ai.

The Europe autonomous truck industry is witnessing a high demand driven by the increasing deployment of autonomous trucks for transportation. For instance, in December 2020, Steer AS deployed its autonomous trucks for stones & fine rock material transportation at Osterfjord quarry on West coast in Norway.

Emerging startups in the autonomous trucks market and their strategic business initiatives to strengthen their market position are propelling the adoption of self-driving trucks worldwide. For instance, in March 2022, Inceptio Technology, an autonomous truck startup in China, raised USD 188 million in funding round led by Legend Capital and Sequoia Capital China. The company will utilize this fund to accelerate its innovations as well as to improve its production capacity.

Some major findings in the autonomous trucks market report include:

• Supportive government initiatives for pilot testing and production of autonomous trucks are fueling the product adoption in North America.
• Presence of established market players and their R&D initiatives for technology innovations are creating a positive market outlook in Europe.
• Significant public & private investments in road infrastructure development along with the growing e-commerce industry are propelling the adoption of autonomous trucks in Asia Pacific.
• Emergence of autonomous driving technology startups and growing awareness related to autonomous trucks in Latin America are supporting the market demand.
• Financial assistance by government organizations for autonomous vehicle development and penetration by global players is contributing to market improvement in the MEA.
• Key players operating in the self-driving truck market include TuSimple, Inc., AB Volvo, PlusAI, Inc., Daimler AG, Kodiak Robotics, Inc., Dongfeng Motors, Inceptio Technology, Inc., Hino Trucks, Embark Trucks, Inc., Iveco, S.p.A, Sino Truk, MAN Trucks, Scania AB, Navistar International, Inc., and Paccar, Inc.

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Partial chapters of report table of contents (TOC):

Chapter 2   Executive Summary
2.1    Autonomous truck industry 360° synopsis, 2018 – 2028
2.1.1    Business trends
2.1.2    Regional trends
2.1.3    Level of autonomy trends
2.1.4    Fuel trends
2.1.5    Application trends
Chapter 3   Industry Insights
3.1    Introduction
3.2    Evolution of autonomous trucks
3.3    Impact of COVID-19 on autonomous truck industry landscape
3.4    Industry ecosystem analysis
3.5    Technology & innovation landscape
3.6    Investment landscape
3.7    Regulatory landscape
3.8    Industry impact forces
3.8.1    Growth drivers
3.8.1.1    Supportive government regulations for autonomous driving technology
3.8.1.2    Emergence of autonomous truck startups in North America
3.8.1.3    High driver shortfall in Europe
3.8.1.4    Rapid growth of e-commerce industry in Asia Pacific
3.8.1.5    Increasing adoption of self-driving technologies in Latin America and Middle East & Africa
3.8.2    Industry pitfalls & challenges
3.8.2.1    High initial investments in autonomous trucks
3.8.2.2    Safety and security concerns
3.9    Growth potential analysis
3.10    Porter’s analysis
3.11    PESTEL analysis

About Global Market Insights

Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology. 

CONTACT: Contact Us: Arun Hegde Corporate Sales, USA Global Market Insights Inc. Phone: 1-302-846-7766 Toll Free: 1-888-689-0688 Email: [email protected]

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