Autonomous Truck Market to Reach USD 67.73 Billion by 2030; Better Fuel Efficiency and Decreased Emissions of Automated Trucks to Augment Market Growth

The global autonomous truck market size touched USD 30.70 billion in 2022 and is predicted to reach USD 33 billion in 2023. The market is anticipated to touch USD 67.73 billion by 2030, recording a CAGR of 10.8% over 2023-2030.

Fortune Business Insights™ presents this information in its latest report titled “Autonomous Truck Market Size, Share & COVID-19 Impact Analysis, By Level of Autonomy (Level1, Level 2, Level 3, and Level 4), By Propulsion Type (IC Engine and Electric), By Truck Type (Light-Duty Trucks, Medium-Duty Trucks, and Heavy-Duty Trucks), By Industry (Manufacturing, Construction & Mining, Military, FMCG, and Others), and Regional Forecasts, 2023-2030”.

Autonomous trucks use a wide range of cutting-edge technologies to automate the transportation process with little to no human interaction. Sensor technologies and software processing are undergoing rapid advancements to help truck manufacturers create different levels of automation in the trucking industry. Self-driving trucks also reduce the risk of accidents and fatalities and boost the operational efficiency of fleet owners. They can also reduce the labor cost significantly, thereby supporting the autonomous truck market growth.

COVID-19 Pandemic Boosted the Demand for Autonomous Trucks due to Rising E-commerce Sector

While the COVID-19 pandemic had a negative effect on the automotive sector due to factors, such as disturbances in the development of advanced technologies, the demand for automated trucks rose. This is attributed to the fact that government-enforced movement restrictions and lockdowns helped the e-commerce industry expand its operations. The logistics industry in this sector also witnessed a tremendous boom during this period, which further enhanced the sales of fully-automated freight trucks across the globe. Moreover, after facing the initial setback, the sales of electric vehicles, including new generation electric trucks, grew tremendously. These factors helped the autonomous truck market share grow during the pandemic period.

Better Fuel Efficiency and Decreased Emissions of Automated Trucks to Augment Market Growth

The transportation sector in the U.S. is responsible for nearly 25% of the environmental pollution, which is mainly caused by trucks. In addition, fuel consumption accounts for around 25-40% of the overall long-haul trucking costs in North America and Europe. Automated trucks are equipped with features such as greater speed governance, low RPM runs, aerodynamic platooning, and automated manual transmissions. These characteristics can significantly enhance fuel economy in trucks meant for long-haul transportation, can automatically reduce carbon emissions, and improve driving performance. These attractive benefits offered by automated trucks will fuel their adoption in the coming years.

Competitive Landscape

Daimler AG to Emerge as a Leading Market Player with Growing Involvement in Partnerships and Acquisitions

This market has a notable presence of leading companies, such as AB Volvo, Continental AG, Caterpillar, and Daimler AG, who are involved in the production of trucks equipped with advanced technologies. However, out of these market players, Daimler AG is expected to hold a dominant position in this industry as the company is getting increasingly involved in a wide range of strategic partnerships. It is also signing various acquisition and merger deals to retain its leading position in the market. For example, Torc Robotics, a subsidiary of Daimler AG, announced its decision to acquire Algolox Inc. This deal is predicted to help Daimler achieve its goal of bringing SAE level 4 self-driving trucks into series manufacturing in the U.S. within the next 10 years. The company is also deeply involved in a variety of investments.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/autonomous-truck-market-103590

Notable Industry Development:

• November 2022 – Autonomous trucking company Waabi launched its first generation of trucks that are made for OEM integration. The trucks are equipped with Waabi Driver, a combination of the company’s software, sensors, and computing power.

List of the Companies Profiled in the Report:

• TuSimple, Inc. (U.S.)


• Waymo LLC (U.S.)


• Embark Trucks (U.S.)


• Tesla (U.S.)


• Caterpillar (U.S.)


• AB Volvo (Sweden)


• Daimler AG (Germany)


• Continental AG (Germany)


• Robert Bosch GmbH (Germany)


• NVIDIA Corporation (U.S.)


• Aptiv (Ireland)

Further Report Findings

• North America is anticipated to hold a dominant position in the global market during the forecast period. The region has a notable presence of well-known companies as well as budding start-ups that are engaged in the production of highly automated trucks. These firms are also actively involved in the development of next-gen trucking technologies and are conducting trials of the same across North America.


• The Europe market is anticipated to hold a sizeable share of the market during the forecast period as the region is introducing various initiatives such as the EU-funded ENSEMBLE project that intends to deploy level 3 truck automation in the region over the next three years to enhance traffic safety and boost fuel economy.


• The supplies segment captured a major market share in 2022. The segment’s robust growth can be credited to the growing demand for clear aligners and introduction of smart clear aligners by leading companies in the market.

Table of Segmentation