According to Acumen Research and Consulting, the global automated truck market value is poised to reach around US$ 1.9 billion by 2026 growing at noteworthy CAGR around 14.5 % throughout the forecast period 2019 to 2026.
The automated truck is a commercial vehicle based on various methods which make it possible to feel the environment and sail without any human input. Satellites, guided systems and ground sensors depend heavily on autonomous vehicles. These systems recognize barriers and appropriate signage to allow trucks to navigate properly for safe operation.
The report provides analysis of global Automated Truck market for the period 2015-2026, wherein 2019 to 2026 is the forecast period and 2018 is considered as the base year.
The market for Autonomous Trucks has seen significant development in the world market and is anticipated to grow by 14.5 percent with CAGR. The lack of drivers and enhanced delivery of products and equipment to different end sources are mainly responsible for self-employed trucks. In 2016 there was a shortage of 36,500 drivers according to the American Truck Association, which rose to 50,000 by the end of 2017. In 2017, approximately 71% of the cargo tonnage in America was carried by trucks. It is estimated that increasing shipment volumes at a fast rate will lead to the sale of independent lorries and promote producers or fresh investors. Increasing labor costs for drivers, particularly in emerging markets, will give independent trucks the chance to avoid mistakes and harms, depending on minimum human input methods. In addition, a change in manufacturing footprint to developing nations and increased economic growth would lead to increased sales of self-sufficient lorries. New entrants on the market will therefore have possibilities. However, the biggest challenge for industry producers is the increasing demand for fuel efficiency and a rigorous regulation on poor fuel emissions. Autonomous trucks are built from state-of - the-art satellite and software systems. This increases the risk of the system hacking, which can harm the systems enormously. In addition, the fresh entrants would be constrained.
In the midst of a ocean complete of trends driving innovation in the automotive sector, automated trucks overwhelm and speed up fast implementation in end-use sectors. The electrically driven cars trend has turned the automated car arena green, allowing companies to move beyond environmental barriers. However, in the developed world, the lack of drivers has given a major boost to many industries ' struggle with automated vehicles, which is likely to stay a key driver of their increasing adoption rate. A sharp increase in automated truck sales calls for careful evaluation to measure the chances of development of the entire landscape. As a result, the ARC, in the most recent research, reveals important trends in support of stakeholder development of sustainable growth policies through the forecasts, providing important indicators for impending changes that complement the developments of the automated truck industry.
With innovation backed by significant breakthroughs during the forecast period the automated truck sector has been and will be. With the automation and digitisation waves moving in the logistics sector, automated trucks are essential to the expansion of the sector to accommodate the rising demand.
During the prediction, the acceptance of automated vehicles will stay high, as countless sectors strive for process effectiveness with minimum human interference. Manufacturers count on the growth, optimize traffic management, lower fuel consumption and ensure security of automated vehicles with higher efficiency. At a speed of 5 G, it will be nearly instantly calculated to optimize the process effectiveness for end-use sectors for drive decision in automated cars. High infrastructure expenses connected with automated truck growth are however probable to generate an entry barrier for fresh players in this industry.
Mining industry is losing control in the logistics industry as demand for automated trucks
The growing consumer digital purchasing conduct has enhanced a desire for streamlined logistics in fleet managers seeking to reduce their operating costs. The logistics sector is therefore at the forefront of the automated truck adoption curve. The mining sector is likely to stay an appealing end-use sector by 2019, with mining firms deliberating to increase their production capacity to satisfy rising demand for minerals in the manufacturing sector. After 2019, e-commerce portals are rapidly rising and its demand for logistics is expected to pale mining sector market share in value terms.
In mining sector, automated trucks at level 5 stay extremely preferable because they work without the help of drivers and use cloud information and artificial intelligence. However, at the end of the forecast period, automatic lorries of tier 3 will override the acceptance rate of automated lorries at level 5 and will account for ~40% of its complete market share because car platooning is a component of automated lorries. The elevated price of automated trucks of Level 5 will also change revenues to automated trucks of Level 3.
By 2027, as demand for automated trucks for mining activity has been on the rise in Australia and better road infrastructure is likely to increase revenues in the logistics industry, Asia-Pacific is expected to stay an important automated truck sector. Moreover, the lack of drivers in advanced areas such as the United States and Japan will continue to represent an important chance for the penetration of automated vehicles. Although the automatic truck industry is experiencing unparalleled development, there are probable to be protests from truck driver committees and organisations. However, adequate training is needed, as automated trucks replace duties rather than employment. If properly understood, this will weaken the drivers ' resistance.
Strategic Roadmap to Drive Market
As most automated truck activities depend on software to calculate the shortest way and take rapid decision-making, software forms part of the landscape. Manufacturers can concentrate upon constructing software development alliances so that fresh characteristics can be integrated into their trucks and time to market is lowered.
In the long run, automated trucks at level 5 will probably see a slowdown in acceptance rates because of strict car industry road safety legislation. This implies that the chances of sales are great for trucks level 4 and level 3, as they require the help of a driver to reduce accident chances. The increasing demand for Level 3 trucks in the logistics sector enables manufacturers to capitalize on numerous close sales.
Global Automated Truck Market, By Truck Type
Global Automated Truck Market, By End Use
Global Automated Truck Market, By Sensor
Global Automated Truck Market, By Geography
The market research study on “Automated Truck Market - Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 - 2026” offers detailed insights on global Automated Truck market segments with market dynamics and their impact. The report also covers basic technology development policies.
Key Players & Strategies
In a high degree of rivalry, the automated truck market works. The risk of newcomers is small in the countryside, as entry into the market is a enormous original investment. The automated truck industry is still dominated by the market leaders- EMBARK, VOLVO AB, Daimler AG, TuSimple Inc., and Others.
Market leaders invest strongly in research and development operations to encourage landscape innovation and remain ahead of the corporate curve. For example, in June 2018, the truck platooning was submitted by ADAS, Volvo Trucks, North Carolina Turnpike Authority and FedEx Corporation.
Regional actors work with independent technology service suppliers working on the market for product suite growth. DENSO CORPORATION, for example, stated in January 2019 that it has partnered with TomTom to create a self-employed software platform. TomTom's HD map will fulfill the vehicle sensor of DENSO in this strategic partnership to create a fully independent drive system.
The automated truck is a commercial vehicle based on various methods which make it possible to feel the environment and sail without any human input.
According to Acumen Research and Consulting, the automated truck market value is anticipated to be worth around US$ 1.9 billion in 2026.
The automated truck market is anticipated to grow over 14.5% CAGR during the forecast period 2019 to 2026.
Asia-Pacific held maximum share in 2018 for automated truck market.
The automated truck market is segmented into North America, Europe, Asia Pacific, Latin America and The Middle East & Africa (LAMEA).
The automated truck industry is still dominated by the market leaders- EMBARK, VOLVO AB, Daimler AG, TuSimple Inc., and Others.
Mining and Logistics are the end users of automated truck market.