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The self-driving truck market size growth is expected to progress at a CAGR of 46.54 % and is estimated at USD 864.39 million by 2026.
This self-driving truck market research report extensively covers self-driving truck market segmentations by the following:
This self-driving truck industry report further provides detailed data on several market vendors, including AB Volvo, Alphabet Inc., Aptiv Plc, Caterpillar Inc., Clearpath Robotics Inc., Continental AG, Daimler Truck Holding AG, Embark Technology Inc., Ford Motor Co., Hino Motors Ltd., Inceptio Technology, Isuzu Motors Ltd., Iveco S.p.A, Kodiak Robotics Inc., PACCAR Inc., PlusAI Inc., Sinotruk (Hong Kong) Ltd., Tesla Inc., TuSimple Holdings Inc., and Volkswagen AG among others. One of the key highlights of this report is the post COVID-19 impact analysis on the market, which will help companies evaluate their business approaches for the future.
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The increasing road accidents is notably driving the self-driving truck market growth, although factors such as rising security concerns may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the self-driving truck industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Self-driving Truck Market Driver
Increasing road accidents owing to various causes such as drinking and driving, speed, distraction, and others, is one of the key factors driving the global self-driving truck industry growth. For instance, according to the National Highway Transportation Safety Administration, the number of individuals killed or injured in traffic crashes in the US was 20,160 in 2021, which grew by 18.4% from 2020 to 2021. The self-driving truck is expected to reduce the number of accidents, due to features such as following speed restrictions, constantly regulating the speed, and taking over the steering. Such factors will boost the demand for these trucks, which will drive the market growth during the forecast period.
Key Self-driving Truck Market Trend
Decongestion of traffic is one of the key autonomous truck market trends that is expected to impact the industry positively in the forecast period. The migration to cities in search of employment and inefficient transportation has resulted in a considerable population rise. Thus, getting from one location to another is time-consuming due to excessive traffic. Hence, the demand for self-driven trucks is predicted to increase as they save trip time by analyzing less crowded and congested roadways. In addition, self-driving technology can calculate the duration of an approaching traffic light, allowing it to slow down rather than entirely stop, helping traffic decongestion.
Key Self-driving Truck Market Challenge
One of the key challenges to the global self-driving truck industry growth is the rising security concerns owing to the increase in cyber attacks. Concerns over information access from operating software are projected to impede the expansion of the self-driving truck business, as this software is sensitive to hackers. Furthermore, even if the self-driving truck has a supervisor inside the vehicle, hackers might compromise the software and override the controls. Thus, the surge in cybercrime and the threat from hackers is projected to hamper the optimum market penetration during the forecast period.
This self-driving truck market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global self-driving truck market as a part of the global trucking market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the self-driving truck market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the self-driving truck market encompasses successful business strategies deployed by the key vendors. The self-driving truck market is fragmented and the vendors are deploying growth strategies such as technological innovation to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The self-driving truck market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the self-driving truck market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by End-user
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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