Global Automated Truck Market By Component (LIDAR, RADAR, Camera, and Sensors), Autonomy (Semi-Autonomous and Fully Autonomous), Type (Light Duty Trucks, Medium Duty Trucks, Heavy Duty Trucks), System Type (Adaptive Cruise Control, Blind Spot Detection System, Parking Assist System, Lane Departure Warning System, Tire Pressure Monitoring System, Emergency Braking System, Adaptive Front Lighting, and Others), Propulsion (IC Engine, Electric, and Hybrid) and Region - Market Share, Trend Analysis, Competitive Intelligence, Historical Data, and Forecast 2023 - 2030

Market Perspective

Global Automated Truck Market was valued at USD 245.36 billion in 2022 and is projected to reach USD 798.72 billion by 2030, growing at a CAGR of 15.89% from 2023 to 2030.

Automated trucks are revolutionizing the transportation industry, offering businesses a range of benefits and opportunities. These technologically advanced vehicles, equipped with cutting-edge autonomous driving systems, are set to transform the way goods are transported. With the ability to operate without human intervention, automated trucks promise increased efficiency, enhanced safety, and improved cost-effectiveness for businesses.

One of the key advantages of automated trucks is their potential to optimize logistics and supply chain operations. These vehicles can operate around the clock, eliminating the need for mandated rest breaks and reducing delivery times. With advanced navigation and real-time data analysis capabilities, automated trucks can optimize routes, avoid traffic congestion, and make on-the-fly adjustments to maximize efficiency. This not only leads to faster delivery times but also reduces fuel consumption and lowers overall operating costs for businesses. Moreover, automated trucks offer significant safety advantages over traditional human-operated vehicles. They are equipped with advanced sensors, cameras, and artificial intelligence systems that constantly monitor the surrounding environment and react quickly to potential hazards. This technology can help prevent accidents caused by human error, fatigue, or distractions, ultimately saving lives and reducing insurance costs for businesses. Additionally, automated trucks can be programmed to adhere strictly to traffic rules and regulations, further enhancing road safety.

In conclusion, automated trucks represent a game-changing innovation for the business world. With their potential to optimize logistics, enhance safety, and improve cost-effectiveness, these vehicles are poised to transform the transportation industry. As technology continues to advance and regulations evolve, businesses that embrace automated trucks can position themselves at the forefront of this transformative shift, gaining a competitive edge and reaping the benefits of a more efficient and secure transportation ecosystem.

Key Insights

• Based on component, the sensors segment acquired the largest market share in 2022
• Based on autonomy, the semi-autonomous segment captured the largest industry share in 2022
• Based on type, the medium duty trucks segment acquired the largest market share in 2022
• Based on system type, the adaptive cruise control segment captured the largest industry share in 2022
• Based on propulsion, the IC engine segment acquired the largest market share in 2022
• By region, North America accounted for the largest market share in 2022

Proliferating Demand for Autonomous Trucks for E-commerce Logistics Drive the Market Growth

The surging demand for autonomous trucks in e-commerce logistics is a transformative trend shaping the transportation and delivery industry. This shift is primarily driven by the rapid expansion of the e-commerce sector and its need for more efficient and scalable logistics solutions. However, the e-commerce boom, further accelerated by the COVID-19 pandemic, has led to an increased demand for swift and reliable delivery services. Autonomous trucks are emerging as a solution to optimize e-commerce logistics. They offer the potential for cost-effective and timely delivery processes, critical for meeting consumer expectations.

Moreover, autonomous trucks can enhance delivery accuracy and reduce operational costs. They are equipped with advanced navigation and sensing technologies, which minimize the risk of human errors and accidents. Additionally, the potential for platooning (multiple autonomous trucks following closely together) can further optimize delivery routes and reduce fuel consumption. As the demand for quick, reliable, and cost-effective e-commerce logistics continues to surge, autonomous trucks are poised to play a pivotal role in reshaping the industry and meeting the evolving needs of consumers and businesses alike.

Concerns Pertaining to High Initial Costs Hinders the Market Expansion

The initial cost of adopting automated trucks remains a significant restraint in the market. The development and implementation of autonomous technologies, including hardware, software, and the necessary infrastructure, can be prohibitively expensive for many businesses, especially smaller trucking companies. Furthermore, there's often a need for retraining or hiring skilled personnel to operate and maintain these systems effectively. The substantial upfront investment and potential disruption to existing operations deter some companies from embracing automated trucks, particularly in regions with a high percentage of small and medium-sized trucking businesses.

Recent Developments

June 2023: TuSimple, a leading global autonomous driving technology firm, achieved a significant milestone by successfully conducting China's inaugural fully autonomous semi-truck operation on public roads, completely devoid of human presence or intervention.

April 2023: Continental and Aurora Innovation forged an exclusive partnership to bring forth a commercially scalable iteration of Aurora's flagship integrated hardware and software system, the Aurora Driver. Through this collaboration, the companies will collaborate on the design, development, validation, delivery, and servicing of an autonomous system tailored for the trucking sector.

November 2022: Embark, a top autonomous technology developer for trucking, launched the coast-to-coast backbone of the Embark Coverage Map. This allows key Sunbelt markets to be served by Embark fleet partners, with nine transfer points in cities like Dallas, El Paso, Atlanta, and Jacksonville to cater to planned autonomous freight volume.

Segmentation Analysis

Based on the autonomy, the market is bifurcated into semi-autonomous and fully autonomous. The semi-autonomous segment garnered the highest revenue in 2022 driven by advancements in vehicle automation, particularly in the mining and delivery truck sectors. Additionally, the implementation of stricter safety regulations by several countries has further contributed to the growth of this segment.

Based on the type, the market is divided into light duty trucks, medium duty trucks, heavy duty trucks. The heavy duty trucks segment is anticipated to exhibit a high CAGR during the forecasted period due to the ongoing scarcity of drivers, particularly in the United States. A recent study by the American Trucking Association in October 2021 revealed a shortage of over 80,000 drivers for the same year. The deployment of advanced automated trucks can address driver shortage issue and substantially lower the cost per mile by eliminating driver wages. These factors are expected to drive the expansion of the heavy-duty trucks segment throughout the projected period, presenting lucrative opportunities for businesses in the industry.

Based on the propulsion, the market is categorized into IC engine, electric, hybrid. The IC engine segment held the largest market in 2022. Long-haul trucking operators are likely to prefer diesel trucks with IC engines due to the limited battery range of electric trucks. Moreover, considering the present advancements in power density and battery expenses, the progress in extending the range of electric trucks is anticipated to be gradual in the coming years. As a result, the preference for IC engine-powered trucks is expected to persist among users engaged in long-haul transportation, as they continue to rely on the proven reliability and cost-effectiveness of diesel vehicles.

Europe Dominated in 2022 Owing to Robust Infrastructure and Strong Presence of Major Players

Europe dominated the automated truck market in 2022 can be attributed to several factors, including a strong focus on environmental regulations, robust infrastructure, and the presence of leading automotive and technology companies in the region. European governments have been at the forefront of implementing stringent emissions standards, pushing the adoption of electric and autonomous trucks. Additionally, the well-established road and logistics infrastructure in Europe provides an ideal testing ground for automated truck technologies. With continuous investments in research and development, Europe is poised to maintain its leadership in the global automated truck market.

Asia Pacific is the Fastest Growing Region Owing to the Expanding Industrialization Across Industries

Asia-Pacific is the fastest-growing region during the forecasted period owing to the rapid growth can be attributed to a combination of factors, including the region's booming e-commerce sector, increasing demand for efficient logistics, and expanding industrialization. As Asia-Pacific countries strive for more sustainable and advanced transportation solutions, the market for automated trucks is flourishing. Moreover, the adoption of these technologies is accelerated by the availability of skilled labor, growing tech hubs, and substantial investments in research and development. The region's vast road networks and diverse transportation needs make it a prime market for the adoption of automated trucks, driving substantial growth in the forthcoming years.

Competitive Landscape

The global automated truck is fragmented with key players such as TuSimple, Embark Trucks, Inc., Tesla, Caterpillar, AB Volvo, Mercedes-Benz Group AG, Continental AG, NVIDIA Corporation, BYD Motors Inc., TRATON GROUP, PACCAR Inc., amongst others. Companies employ a variety of strategic measures such as acquisitions, mergers, partnerships, product introductions, and collaborations to expand their business globally and enhance their competitive position.

The global automated truck market is segmented as follows:

By Component

• LIDAR
• RADAR
• Camera
• Sensors

By Autonomy

• Semi-Autonomous
• Fully Autonomous

By Type

• Light Duty Trucks
• Medium Duty Trucks
• Heavy Duty Trucks

By System Type

• Adaptive Cruise Control
• Blind Spot Detection System
• Parking Assist System
• Lane Departure Warning System
• Tire Pressure Monitoring System
• Emergency Braking System
• Adaptive Front Lighting
• Others

By Propulsion

• IC Engine
• Electric
• Hybrid

By Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • France
  • UK
  • Spain
  • Germany
  • Italy
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Rest of Asia Pacific
• Middle East & Africa
  • GCC
  • North Africa
  • South Africa
  • Rest of Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America