• Stacy Lawlor

Global Automated Truck Market Size to grow by USD 1550 million in 2030

The Global Automated Truck Market is projected to grow from USD 150.88 million in 2021 to USD 1550 million by 2030 at a CAGR of 22.4% during the forecast period.

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The rapid advancement of sensor technology and software processing, truck manufacturers have been able to introduce various levels of autonomy to the trucking industry. Autonomous vehicles can minimize the number of accidents and fatalities, improve fleet owners' operating efficiency (for example, by reducing truck downtime), and reduce labor expenses. Furthermore, heavy-duty trucks are responsible for a significant portion of greenhouse gas emissions and local air pollution. Platooning and other autonomous features can help cut fuel use. The need for self-driving trucks is being driven by these considerations.

The coronavirus pandemic-induced halt is likely to slow the adoption of significant trends like self-driving vehicles and electric vehicles. For various OEMs, declining daily cash flow is expected to cause financial concerns. As a result, investors and OEMs may be forced to reduce investment in novel solutions. For example, testing of highly automated trucks (level 3 and level 4) may be halted in the short to medium term. Due to the pandemic's impact, Ford has postponed its goal to deploy an autonomous vehicle service until 2022, after reporting a revenue reduction of USD 2 billion in the first quarter of 2020, compared to a profit of USD 1.1 billion in the same quarter of 2019.


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According to a research done by the Federal Motor Carrier Safety Administration in partnership with trucking industry leaders, the deployment of advanced driver assistance systems (ADAS) has greatly enhanced highway safety. J.B. Hunt, a large for-hire carrier in the United States, has installed forward-collision warning systems and lane departure warning systems on 98 percent of its vehicles, as well as dash cams on 84 percent of its class 8 trucks. The use of such technology has resulted in a 50% reduction in rear-end collisions, as well as an increase in asset uptime and driver retention.


Trucking is responsible for over 25% of the pollution produced by the transportation sector in the United States, and fuel consumption accounts for nearly 25% to 40% of total long-haul trucking expenditures in Europe and North America. Autonomous trucks can enhance long-haul fuel efficiency and immediately lead to increased driving performance and pollution reductions thanks to features like low RPM runs, greater speed governance, automated manual transmissions, and aerodynamic platooning. As a result, a major reason pushing the adoption of autonomous vehicles is the improvement in fuel efficiency and pollution management.

North America is the largest market for automated trucks due to the presence of major key players in this region such as Waymo, Embark Vehicles, and TuSimple. In 2019, UPS began transporting commercial cargo between Tucson and Phoenix, Arizona, using autonomous vehicles developed by TuSimple. Furthermore, Daimler, in collaboration with Torc Robotics, began testing autonomous trucks with level 4 autonomy on Virginia roadways in September 2019. As a result, the availability of infrastructure and support for autonomous vehicle testing by numerous states in the United States, in particular, is projected to contribute to significant market expansion in North America.


Asia Pacific is predicted to grow at a high CAGR throughout the projection period due to the growing road safety rules in various countries and the rapid advancement of autonomous cars in Japan and China, notably for last-mile delivery and mining trucks. Nearly 70% of trucks are built in Asia Pacific, and an increase in commercial vehicle-related fatalities, particularly in India and China, is driving up demand for trucks with advanced technologies like lane departure warning systems and automatic emergency braking. As a result of these factors, the region has increased its market share of autonomous trucks.


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KEY INDUSTRY DEVELOPMENTS:


in July 2020, TuSimple, in collaboration with UPS, McLane Inc., US Xpress, and Penske Truck Leasing, launched the first autonomous freight network (AFN) strategy, with the goal of commercialising autonomous vehicles by 2024.


January 2019, Daimler Trucks North America started to equip the Freightliner Cascadia trucks with Detroit Assurance 5.0, the first range of trucks to be equipped with these SAE level 2 technologies.


In 2019, Volvo Group announced collaboration with Nvidia to develop self-driving trucks. Both firms will collaborate on the development of the DRIVE AGX Pegasus platform, which will incorporate artificial intelligence to process driving data.


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