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Global Self-Driving Truck Market – by Vehicle Type, Level of Autonomy, Component, End Use, Region - Market Size, Demand Forecasts, Company Profiles, Industry Trends (2018 - 2025)
Self-Driving Truck Market – Segmented by Vehicle Type, Level of Autonomy, Component, End Use, Region | Market Size, Growth, Drivers, Trends, Industry Structure and Forecasts, Competitive Intelligence, Company Profiles | MarkGenes
Self-Driving Trucks also known as autonomous trucks or robotic trucks which run on their own. The vehicle can be fully autonomous or partially autonomous. Partial autonomous vehicles require driver’s assistance. The trucks will be fully equipped to detect, interact with and safely react to traffic conditions and the driving environment without the driver in manual control of the wheel. The system uses advanced technologies such as laser radars, cameras, motion sensors and are programmed with complex algorithms which enable the truck to drive itself. The aim behind the development self-driving trucks is to reduce number of accidents due to distractions on road and due to other human errors. In terms of efficiency, self-driving trucks have comparatively better fuel efficiency and a cost cutting technology too.
The trucks that are equipped with such technologies are still in the testing phase and have prototypes in use. The global autonomous vehicles market is forecasted to grow at a CAGR of more than 20%. After the successful deployment of such vehicles in the market, it is estimated to witness more than 500,000 unit sales for the automotive industry. The vehicles are expected to hit the road by the year 2020, with a valuation of around USD 1 billion.
Growth by Region
North America is expected to be the largest market for Self-Driving vehicles because of developed infrastructure and government support, by modifying traffic regulations to make way for autonomous vehicles. The need for low cost transportation and growing global logistics market combined with the presence of major market players in the region will allow North America to dominate for the forecasted period. Europe, coming second in the market share race, particularly Western Europe with growing consumer preferences for techno-advanced vehicles coupled with rapid technological advancements are some factors to foster future growth. With increasing disposable incomes and preference for technologically advanced products, Asia-Pacific has subsequent growth prospects.
Drivers vs Constraints
Increasing number of accidents on the roads, major distraction on the roads, rising environmental concerns regarding harmful carbon emissions from vehicles as well as ever increasing cost of fuel. These are some of the major issues which can be tackled with the introduction of Autonomous vehicles. The Self- Driving trucks uses electricity as its fuel, hence are more efficient in terms of energy consumption compared to conventional trucks, this also reduces pollution, which is a major growth contributing factor. Booming logistical and the need for cost effective transportation solution coupled with increasing R&D and technological advancements in the automotive industries and favourable legislations escalate the global market growth rate in the near future.
By taking away the human element in driving a truck has a certain disadvantage in terms of decision making and other activities. There exists a threat of hacking which raises many privacy and security concerns. These factors can hamper the market growth. Unfavourable rules and regulations and current liability laws are still some of the factors that restricts the market’s growth
Industry Trends and Updates
• Kodiak Robotics announces USD 40 million of financing for its self-driving truck project while Uber closes its self-driving trucking division
• TuSimple has made use of autonomous technology for port terminal tractors.
• Tesla’s autonomous semi-truck rumoured to be seen on highways of California, found to be the prototypes, Musk announced its first official journey to be a cargo trip from Nevada to California.
• Truck manufacturers like PACCAR are keen to join in the race for autonomous trucks and hence is partnering with Nvidia to develop a self-driving platform for its Peterbilt, Kenworth, and DAF rigs.
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