DUBLIN--(BUSINESS WIRE)--The "Semi-autonomous & Autonomous Truck Market by ADAS Feature (ACC, AEB, BSD, HP, IPA, LKA & TJA), Sensor (Camera, LiDAR, Radar, & Ultrasonic), Level of Automation (L1-L5), Truck Class (Class 1 to Class 8), Propulsion & Region - Global Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The semi-autonomous truck market is estimated to be 260.1 Thousand Units in 2018 and is projected to reach 1,132.3 Thousand Units by 2025, at a CAGR of 23.38%.
The autonomous truck market is estimated to be 15.2 thousand units in 2025 and is projected to reach 81.8 thousand units by 2030, at a CAGR of 39.96%.
The market growth is triggered by various factors such as the need for ease in driving and the increasing concerns of safety and security, which have led to the development of high-end technology and safety systems. Moreover, the increasing concern of truck driver shortage in many countries such as the US and Japan can be addressed with the help of semi-autonomous and autonomous trucks for goods transportation.
By ADAS features, Automatic Emergency Braking and Adaptive Cruise Control are estimated to hold the largest market share between 2018 and 2025. In the US, automatic emergency braking systems are expected to be standard in vehicles by 2022 according to the National Highway Traffic Safety Administration (NHTSA). The market for Blind Spot Detection would grow at the highest CAGR to increase road safety and decrease the number of accidents due to human errors.
By sensor, the market for LIDAR is estimated to be the largest for the autonomous truck market as it can provide reliable data of truck surrounding. However, the major challenge in the adoption of LIDAR sensor in semi-autonomous trucks is its high cost. The Radar segment is expected to dominate the semi-autonomous truck market.
The European region is estimated to dominate the semi-autonomous truck market, in terms of volume, in 2018. The region comprises technologically advanced countries such as Germany, France, and others. Also, European truck manufacturers such as Daimler (Germany), Volkswagen (Germany), and Volvo (Sweden) are focusing on research and development activities to develop autonomous vehicles.
North America is expected to dominate the autonomous truck market (volume) followed by Europe and the Asia Pacific. The region's key technology innovators such as Waymo (US), Uber (US), and Embark (US) are investing in R&D to test the autonomous vehicle technology.
- Increase in Road Safety
- Autonomous and Semi-Autonomous Trucks Can Alleviate Truck Driver Shortage
- Economic Effect of Semi-Autonomous and Autonomous Trucks on Trucking and Freight Transport Industry
- Cyber Security and Data Security Concerns
- Lack of Information Technology, Communication Infrastructure in Developing Nations
- Increasing Demand for 5G Technology for Vehicle Connectivity
- Latent Demand for Semi-Autonomous and Autonomous Truck Platooning
- Tapping the Untapped Market
- Legal and Regulatory Framework Issues
- Didi Chuxing
- Texas Instruments
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