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The self-driving truck market size is forecast to increase by USD 1.13 billion, at a CAGR of 51.2% between 2023 and 2028.
Explore in-depth regional segment analysis with market size data - historical 2018-2022 and forecasts 2024-2028 - in the full report.
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The market continues to evolve, driven by advancements in technology and the increasing demand for efficient logistics solutions. Radar sensor technology and deep learning networks are at the core of self-driving trucks, enabling adaptive cruise control and vehicle dynamics control. IMU inertial measurement and hardware acceleration units enhance the trucks' ability to maintain stability and respond to changing road conditions. Moreover, software-defined vehicles integrate emergency braking systems, high definition mapping, collision avoidance systems, and simulation testing environments. Predictive maintenance and data analytics platforms enable proactive fleet management, while route optimization software and real-time localization ensure optimal delivery routes.
One notable example of market growth comes from a leading logistics company, which reported a 25% increase in on-time deliveries after implementing an autonomous driving system with object detection algorithms, GPS navigation, and traffic sign recognition. Industry growth is expected to reach 20% annually, with machine learning models, cybersecurity protocols, cloud computing services, and sensor fusion technology playing crucial roles. Lidar sensor technology and computer vision systems enable accurate path planning algorithms and driver monitoring systems, while edge computing platforms and lane keeping assist systems improve overall safety and efficiency. Obstacle detection systems and collision avoidance systems further enhance the trucks' ability to navigate complex environments.
Cybersecurity protocols and real-time data processing are essential components of the self-driving truck ecosystem, ensuring secure and reliable operations. As the market continues to unfold, the integration of these technologies will lead to more efficient, cost-effective, and sustainable logistics solutions.
The self-driving truck industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
The logistics segment is estimated to witness significant growth during the forecast period.
Self-driving trucks are adopting advanced technologies such as radar sensor technology, deep learning networks, IMU inertial measurement, hardware acceleration units, adaptive cruise control, and vehicle dynamics control to enhance their autonomous driving systems. These systems aim to mitigate the challenges posed by a truck's significant weight and longer stopping distance compared to cars. The National Highway Traffic Safety Administration (NHTSA) reports that 94% of car accidents occur annually due to human error. To address this issue, the focus on self-driving vehicles is intensifying, with the primary objectives being to minimize traffic accidents and fatalities. Self-driving features in trucks can lead to substantial cost savings by eliminating driver and support personnel expenses.
Furthermore, autonomous trucks can benefit from technologies like high definition mapping, collision avoidance systems, simulation testing environments, route optimization software, predictive maintenance, data analytics platforms, and emergency braking systems. The market is expected to grow by over 30% in the coming years, as per industry reports, driven by the increasing demand for improved safety, operational efficiency, and cost savings. One study revealed that self-driving trucks could save up to 30% on fuel costs and reduce CO2 emissions by up to 15%. Computer vision systems, lane keeping assist, obstacle detection systems, edge computing platforms, and sensor fusion technology are other essential components of self-driving trucks.
Cybersecurity protocols and cloud computing services ensure data security and real-time processing capabilities, while machine learning models and object detection algorithms optimize performance and adaptability.
The Logistics segment was valued at USD 33.40 billion in 2018 and showed a gradual increase during the forecast period.
North America is estimated to contribute 45% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
The market is experiencing significant growth, with North America leading the way due to infrastructure availability and technological advancements. Key technologies, such as radar sensor technology, deep learning networks, IMU inertial measurement, and hardware acceleration units, are driving the development of adaptive cruise control, vehicle dynamics control, and software-defined vehicles. These innovations are integrated with emergency braking systems, high definition mapping, collision avoidance systems, simulation testing environments, route optimization software, predictive maintenance, data analytics platforms, and autonomous driving systems. Object detection algorithms, GPS navigation systems, traffic sign recognition, lidar sensor technology, machine learning models, cybersecurity protocols, cloud computing services, lane keeping assist, obstacle detection systems, edge computing platforms, computer vision systems, path planning algorithms, driver monitoring systems, fleet management systems, and sensor fusion technology are all crucial components of self-driving trucks.
For instance, Tesla's infrastructure development and electrification of vehicles have significantly contributed to the growth of the North American market. According to recent industry reports, the market is expected to reach a value of over 50 billion US dollars by 2027, representing a substantial expansion. The integration of AI, automation, IoT, and x-by-wire technology into electric vehicles is further propelling the market's growth. Companies in North America are at the forefront of this technological revolution, offering cutting-edge self-driving truck solutions.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The self-driving truck market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the self-driving truck market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, self-driving truck market forecast, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the industry.
AB Volvo - The Volvo VNL self-driving truck, a leading innovation in long-haul transportation, integrates advanced safety and automation technologies.
The industry research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key industry players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Dive into Technavio's robust research methodology, blending expert interviews, extensive data synthesis, and validated models for unparalleled Self-Driving Truck Market insights. See full methodology.
Market Scope |
|
Report Coverage |
Details |
Page number |
185 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 51.2% |
Market growth 2024-2028 |
USD 1131.9 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
37.9 |
Key countries |
US, Canada, China, Japan, India, Germany, South Korea, UK, France, and Italy |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
We can help! Our analysts can customize this self-driving truck market research report to meet your requirements.
1 Executive Summary
2 Technavio Analysis
3 Market Landscape
4 Market Sizing
5 Historic Market Size
6 Qualitative Analysis
7 Five Forces Analysis
8 Market Segmentation by End-user
9 Customer Landscape
10 Geographic Landscape
11 Drivers, Challenges, and Opportunity/Restraints
12 Competitive Landscape
13 Competitive Analysis
14 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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