Global Self-driving Trucks Market Outlook
There is nothing in our homes that did not touch a truck before it got to us. This makes logistics and transportation infrastructure an invaluable aspect of any economy. For instance, The Bureau of Transportation Statistics, the US Department of Transportation, estimates that the transportation sector comprised 8.9% of the nation’s gross domestic product (GDP) in 2017. For ages, governments across the world have been investing on revolutionizing freight trucking via every means possible, be it improving highways or freeways, compensating truck drivers, or installing road safety regulations.
However, minimal improvements are possible by these means, and there is a continued shortage of truckers. The true solution, now made possible by the automotive industry pioneers, is self-driving truck, also loosely termed as robotic truck. The autonomous truck system, with infrared radars and motion sensors, not only drives better but also promises to save on $700 billion spent alone in the US on transporting goods via trucks, accounting for 80% all freight related costs in the country. Shippers are pouncing on the nascent self-driving truck marketplace as it brings them immediate results in terms of retaining flow directly to their bottom line. Additionally, in an increasingly Amazon-driven ecommerce boom, saving on motor carriers is an apparent mode of profits for manufacturers. Consequently, automotive innovators are diving into the trend of transportation as a service and disrupting the trucking business. According to the findings of this business intelligence study, the demand in the global self-driving trucks market will be incrementing at a phenomenal CAGR during the forecast period of 2019 to 2024.
Self-driving Truck Market More Lucrative than that for Self-Driving Cars
In a glance, the challenges and opportunities in front of the autonomous driving trucks market appear similar to those countered by the self-driving cars market, or the autonomous vehicles technology as a whole. However, trucks are not just elongated cars. For starters, the economic rationale with self-driving trucks is much stronger than driverless cars. Moreover, autonomous trucks are capable of coordinating movement and platooning cohesively, relaying information on wind drag over long stretches of highways and thereby saving on fuel. As self-driving trucks can run on their own over defined routes, truckers can complete their routes sooner. There are 1.7 million trucking jobs in the US, according to the Bureau of Labor Statistics, and the self-driving trucks market is here to alter the job profile that accounts for one percent of the country’s employment.
China Self-driving Truck Market Poised for Prosperity
“While the US is set to dominate the North America self-driving truck sales, China will influx the most prominent chunk of the global demand in the near future,” remarks the analyst of the report. The manufacturing hub of the World has already granted road test license to TuSimple, and as of September 2018, its test driverless commercial truck had already completed 15,000 km on Shanghai city roads, causing no collision or affecting the traffic. TuSimple is head to head with several esteemed US autonomous vehicle manufacturers, including Tesla which has set aspirations of commercializing autonomous trucks by 2020. TuSimple, which has been working in the field since 2015, boasts that their trucks have the industry’s first 1,000 meter perception system.
Otto motors, BMW AG, General Motors, Tesla, AB Volvo, Daimler AG, Waymo, Volkswagen, and Toyota are some of the other notable self-driving trucks market companies foraying to be the early birds and catch the worm.
Self-Driving Markets Research Scope:
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the self-driving trucks market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the types of self-driving trucks market, and their specific applications in the logistics and transportation as a service (TaaS) sector.
Self-driving trucks Market Report: Industry Coverage
The self-driving trucks market report also analyzes the major geographic regions as well as the major countries in these regions. The regions and countries covered in the study include:
- North America: The U.S., Canada, Mexico
- South America: Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, Costa Rica
- Europe: The U.K., Germany, Italy, France, the Netherlands, Belgium, Spain, Denmark
- APAC: China, Japan, Australia, South Korea, India, Taiwan, Malaysia, Hong Kong
- Middle East and Africa: Israel, South Africa, Saudi Arabia