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.
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Factors such as rising environmental concern and increasing road accidents are driving the growth of global self-driving truck market. However, security concern due to the automation is anticipated to hinder the growth of the market. Furthermore, decongestion of traffic provides a remarkable growth opportunity for the key players operating in the global self-driving truck market.
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.
Drivers, Restraints, and Opportunities
Rise in demand for low-emission and safe transportation, surge in the development of safety features, and supportive government initiatives drive the growth of the global self-driving electric vehicle market. However, high manufacturing and maintenance costs and privacy & security issues restrict the growth of the market. On the other hand, technological advancement & research, and the growing use of self-driving electric vehicles for ride-hailing and delivery services will present new growth opportunities for the global self-driving electric vehicle market in the coming years.
Covid-19 Scenario
- The outbreak of the COVID-19 pandemic had a negative impact on the sales of self-driving electric vehicles, owing to the disruption of the entire global automotive supply chain, and plant closure.
- However, several manufacturers focused on the design and development of self-driving electric vehicles post pandemic for the delivery and logistic industries.
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Autonomous self-driving trucks in construction and manufacturing industry optimize efficiency with diagnostic sensors so as to monitor asset performances with safer job sites and work being done more accurately. The driverless trucks deliver loads more efficiently and minimize delays & fuel use. These trucks are controlled by operators remotely, which ensure safety of the workers, and maximize precision and equipment utilization.
Self-driving mining trucks are autonomous trucks, which are capable to derive an exact route every time without getting tired or taking time off. The elimination of human errors improves safety concerns of the operator and helps to increase the productivity. Furthermore, self-driving truck needs few people at site and minimizes human errors due to fatigue. Moreover, self-driving truck in mining industry employs both radar and LIDAR to sense objects around the vehicle. This, combined with GPS, creates an overall picture of location, speed, and possible obstacles. Thus, all these factors drive the market growth of self-driving trucks in the mining industry.
Autonomous self-driving trucks in ports assist in relieving shortage of manpower and raise productivity with more cargo transported per driver. Furthermore, they improve work efficiency, save labor cost, track environment, and can navigate & decide the ideal route to move containers within the port using artificial intelligence and chips. These factors together fuel the adoption of self-driving trucks at the ports.
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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