According to a recent report published by Allied Market Research, titled,“Self-Driving Truck Market by Level of Autonomy and Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2020 – 2025,”the global self-driving truck market was valued at $1,004 million in 2020, and is projected to reach at $1,669 million by 2025, growing at a CAGR of 10.4% from 2020 to 2025.
At present, North America dominates the self-driving truck industry. In 2020, China is expected to register the highest self-driving truck market growth in Asia-Pacific. Similarly, the UK is expected to lead the overall self-driving truck market share in Europe in 2020. In the same year, according to self-driving truck market analysis, the U.S. is estimated to dominate the North American market.
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Many self-driving truck companies are developing new innovative and advanced technologies, which in turn is anticipated to propel the market. For instance, TuSimple, a self-driving truck technology developer has introduced a new vision system and proprietary automotive-grade camera which will be deployed in the vehicle in third quarter of 2019. This custom designed camera allows low light and reliable night operations doubling the current truck utilization.
The global self-driving truck is segmented based on industrial vertical which includes logistics, construction & manufacturing, mining, and ports. The upcoming trend of self-driving trucks is expected to have an impact on the logistics industry, as it is estimated that logistic industry will adopt the self-driving technology much faster than any other industry. Furthermore, rise in demand for automation of transportation mode has been witnessed to meet consumer expectations.
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North America is a dominant market for self-driving truck, and has major players offering advanced solutions. The key factors that drive the growth of the North American market include surge in demand for artificial intelligence (AI), increase in the level of automation, availability of high-end infrastructure, and emergence of Internet of Things (IoT). Furthermore, rise in investments by the automakers, government initiatives to promote the development of automation, and increase the overall market productivity boost the market growth. Increase in adoption of self-driving trucks in the European region due to surge in demand for road safety drives the market growth.
Key Findings of the Self-Driving Truck Market:
- Level one is expected to generate the highest revenue in 2020.
- In 2020, the construction & manufacturing segment is projected to account the highest revenue in the self-driving truck market.
- Asia-Pacific is anticipated to exhibit the highest CAGR during the forecast period.
The key players profiled in the report include BMW AG, Isuzu Motors Limited, General Motors, Otto motors, AB Volvo, Daimler AG, Tesla, Waymo, Toyota, and Volkswagen.
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