Global Autonomous Trucks

Global Autonomous Trucks

Autonomous Trucks are next-generation transportation vehicles equipped with a combination of drive assistance components such as LiDAR, RADAR, Camera, and various types of sensors in combination with robust predictive guidance software that helps the vehicle to drive with little to no human interference. Considering the increasing road accidents as well as curbing operational costs, many fleet management companies have started opting for autonomous trucks.

The Global Autonomous Trucks market was valued at USD 478.22 million in 2023 and is expected to grow at a strong CAGR of around 13.78% during the forecast period (2024-2032). Some of the factors that have contributed to the market growth are shortages of drivers, reduced operational costs, and curbing downtime during goods transportation. Alongside these factors, many of the leading truck manufacturers have also undergone collaboration and strategic partnerships with the autonomous driving solutions provider, which has further instigated the demand with the availability of a growing number of options in the autonomous trucks market.

In 2021, Volvo Autonomous Solutions and Aurora announced their partnership to jointly develop highway autonomous trucks (class 8 trucks). This prototype includes a Volvo truck long-haul VNL model integrated with Aurora Driver Technology.

Apart from this, the rapid private sector inclination towards autonomous trucks and government support has also instigated market growth in many of the leading economies of North America and European countries.

• Based on type, the global autonomous trucks market is segmented into light trucks, medium trucks, and heavy trucks. Considering the high demand for a large section of trucks from carrier freight, the e-commerce sector, warehouses, etc., a vast number of companies are looking forward to medium and large autonomous trucks to reduce their operational cost. Additionally, heavy autonomous trucks also provide long-distance travel, which is crucial in countries with vast geography, such as China, the US, etc. In these countries, a substantial number of major urban cities are located distantly from the sea areas, which is why heavy trucks come in handy to transport goods. Additionally, many of the companies have also placed their demand for class 8 or 33,000-pound autonomous trucks, which exhibit the upcoming surge in demand for heavy trucks. Medium and light autonomous trucks have a comparatively smaller footprint in transportation. These types of vehicles are used mainly for short- to medium-distance travel and are also conducive to city maneuvers and to tackle heavy traffic conditions. In line with this phenomenon, the demand for heavy autonomous trucks will dominate in the forthcoming years, i.e., 2024-2032.
• Based on the Level of Autonomy, the global autonomous trucks market has been bifurcated into semi-autonomous and fully autonomous. Considering the rapid advancements in self-driving technologies, the demand for fully autonomous cars is anticipated to lead to market growth in the forecasted years. Fully autonomous trucks can potentially reduce the accidents caused by human error, such as fatigue, distraction, and impairment, and react faster to unexpected events. These systems also constantly monitor the environment and maintain a much safer distance from other vehicles, cruising at a safe speed, further enhancing the fuel efficiency of the trucks. Additionally, many e-commerce companies are opting for fully autonomous trucks, leading to a surge in demand for such trucks.
• For a better understanding of the market adoption of autonomous trucks, the Global Automotive market is analyzed based on its worldwide presence in regions such as North America, Europe, Asia-Pacific, and the Rest of the World. Of these, the North American region held the largest share in 2023. North America has a vast transportation and e-commerce market, and it is looking forward to a shift in trucking technology, further offering better fuel efficiency and leading to environmental sustainability. Additionally, many of the regional automotive manufacturers have announced their plans to enhance their product offerings in autonomous trucks with the help of collaboration with the technology providers. For instance, in 2024, Navistar Inc. and Plus, an autonomous driving technologies provider, announced their partnership to bring self-driving trucks to US roads. According to Plus, it will use its class 4 autonomous trucks in trucks of Scania, Man, and Navistar in Europe and the USA.
• Some of the major players operating in the market include Volvo AB, BYD Co Ltd, Traton SE, Mercedes Benz Group, Tesla, Daimler Trucks, Waymo, Paccar, Embark, and TuSimple.