Autonomous Truck Market Size By Level of Autonomy (Level 1, Level 2, Level 3, Level 4), By Fuel (Diesel, Alternative Fuels), By Application (Last Mile Delivery, Freight Transport), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive

Autonomous Truck Market Size By Level of Autonomy (Level 1, Level 2, Level 3, Level 4), By Fuel (Diesel, Alternative Fuels), By Application (Last Mile Delivery, Freight Transport), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 - 2028

The autonomous truck market is expected to grow extensively by 2028 due to rising concerns about road safety in key regions across the globe. In addition, the cost effectiveness of autonomous trucks is likely to further fuel market growth over the forecast period.

Governments from around the globe are taking major steps to initialize more automated transportation technologies. Moreover, governments in countries, such as Canada, the U.S, China, and Germany, are showing increased interest in autonomous truck technology, which has been favorable for the product scenario.

Notably, the United States Department of Transportation (USDOT) aims to support transportation innovation and improve safety of customers to ensure that the country leads in the autonomous vehicle industry. To cite an instance, in March 2022, the USDOT’s National Highway Traffic and Safety Administration (NHTSA) launched a first-of-its-kind rule to update safety requirements for occupants in vehicles in which traditional manual controls associated with a human driver are absent. Thus, surging emphasis on making these vehicles safer has played a vital role in business growth.

Moreover, key participants in the industry have been focusing on conveying many benefits of autonomous vehicle technology to grow in the market, which has enhanced overall industry dynamics. For instance, in January 2022, Scania, a key industry participant, signed a contract with China Automotive System Inc. (CAAS), a leading power steering components and system supplier in China, to develop eRCB steering systems for SCANIA’s trucks and buses. In addition, in April 2022, Scania inked a deal with CJ Century, a major supply chain expert, delivered the first 13 units belonging to its New Truck Generation (NTG) fleet that have been designed to offer lower CO2 emissions and better fuel efficiency.

The autonomous truck market has been divided on the basis of the level of autonomy, fuel, application, and region. Based on level of autonomy, the market has been further segregated into level 1, level 2, level 3, and level 4. The level 4 segment is anticipated to witness a positive outlook over the assessment timeline due to the introduction of driver assistance systems and the integration of advanced AI solutions.

With respect to fuel, the autonomous truck market has been segregated into diesel and alternative fuels. The alternative fuels segment is expected to grow substantially through the forecast period. Electric autonomous trucks would witness notable growth owing to the supportive charging infrastructure, which is likely to contribute to segmental progress.

In terms of application, the autonomous truck market has been classified into last mile delivery and freight transport. The freight transport segment in North America is contemplated to grow at approximately 18% CAGR over the study timeframe due to high emphasis of logistics companies on automating their fleet.

In the regional landscape, the Middle East and Africa autonomous truck market is slated to grow at a CAGR of about 7.5% through the review period on account of supportive government initiatives and penetration by global market players.