Semi & Fully Autonomous Truck Market to Witness Double-Digit Growth Rate until 2024

Ease of driving and increasing concerns pertaining to security and safety to drive global semi & fully autonomous truck market through 2024

According to TechSci Research report, “Global Semi & Fully Autonomous Truck Market By ADAS Feature, By Automation Level, By Component, By Fuel Type, By Application, By Company and By Geography, Forecast & Opportunities, 2024”, the global semi and fully autonomous truck market is expected to grow at a double digit CAGR during the forecast on account of increasing demand for safe, secure and efficient transport. Self-driving or autonomous trucks use components such as camera and LIDAR, among others along with complex algorithms that allows trucks to sense the surrounding environment and navigate easily without human intervention. Unlike fully autonomous trucks, semi-autonomous trucks require human intervention to some extent.  

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Global semi & fully autonomous truck market can be segmented based on ADAS feature, automation level, component, fuel type, application and region. On the basis of ADAS feature, market can be segmented into adaptive cruise control (ACC), automatic emergency braking (AEB), blind spot detection (BSD), intelligent park assist (IPA) and lane assist (LA). Automatic emergency braking segment is anticipated to hold significant share in the coming years due to mandate of having AEB in vehicles after 2022 in the United States, which is positively influencing the growth of the segment in the market.

The major players operating in the semi and fully autonomous truck market include Robert Bosch GmbH, Continental AG, Denso Corporation, Aptiv PLC, ZF Friedrichshafen AG, NXP Semiconductors N.V., Nvidia Corporation, Daimler AG, Qualcomm Incorporated, AB Volvo, among others. The companies operating in the market are using organic strategies such as product launches, and mergers and collaborations in order to register positive growth in the market.

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“Global semi and fully autonomous truck market is anticipated to grow at a double-digit CAGR during the forecast period on account of increasing demand for road safety and shortage of truck drivers. Furthermore, autonomous trucks use embedded systems, radars, cameras, among others to identify obstacle. Moreover, development of advanced software technologies with automated handling system would further steer growth in the market during forecast period.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Global Semi & Fully Autonomous Truck Market, By ADAS Feature, By Automation Level, By Component, By Fuel Type, By Application, By Company and By Geography, Forecast & Opportunities, 2024” has evaluated the future growth potential of global semi and fully autonomous truck market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decision. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in the global semi & fully autonomous truck market.

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