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Autonomous Truck Market Size

Report ID: GMI5238
Published Date: Aug 2023
Report Format: PDF

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Autonomous Truck Market Size

Autonomous Truck Market size was valued at USD 301.2 billion in 2022 and is anticipated to register a CAGR of 15% between 2023 and 2032. The demand for increased efficiency and cost-effectiveness in the transportation & logistics industry is driving the market growth. With the rising demand for goods and the need for faster & reliable deliveries, traditional trucking operations will encounter limitations due to human driver-related constraints such as working hours & rest breaks.

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The adoption of sustainability practices further bolsters the autonomous truck market. With an increasing focus on environmental responsibility, companies are seeking ways to reduce their carbon footprint and comply with stringent emission regulations. Autonomous trucks, particularly those powered by electric or alternative fuels, offer a greener and more eco-friendly transportation solution. By adopting these vehicles, businesses can demonstrate their commitment to sustainability and gain a competitive edge in the market.

Autonomous Truck Market Report Attributes
Report Attribute	Details
Base Year:	2022
Autonomous Truck Market Size in 2022:	USD 301.2 Billion
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	15%
2032 Value Projection:	USD 1.16 Billion
Historical Data for:	2018 to 2022
No. of Pages:	200
Tables, Charts & Figures:	526
Segments covered:	Level of Autonomy, Fuel, Application, Class
Growth Drivers:	Supportive government regulations for autonomous driving technology Rising autonomous truck startups in North America The rapidly growing e-commerce industry in Asia Pacific Driver shortage in Europe Increasing adoption of self-driving technologies in Latin America High initial investments in autonomous trucks
Pitfalls & Challenges:	Safety and security concerns

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Safety and public acceptance are major ongoing concerns hindering the autonomous truck market growth. While autonomous driving technology has made considerable strides in recent years, there are still concerns about its reliability and ability to handle complex real-world scenarios. Accidents involving autonomous vehicles, even if they are statistically rare and often caused by human error rather than the technology itself, can lead to negative perceptions among the public and policymakers.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of autonomous truck reached USD 301.2 billion in 2022 and is set to record 15% CAGR from 2023 to 2032, due to the surging demand for increased efficiency and cost-effectiveness in the transportation & logistics industry.

The freight transport application segment recorded over 25% of the market share in 2022, driven by the ever-increasing need for faster, more efficient, and reliable delivery services. ?

North America market size held over USD 55.1 billion 2022, owing to the strong focus on research & development and the significant investments in autonomous technology.

Scania, Daimler Truck, TuSimple, Inc., Hino Trucks, Waymo (Alphabet Inc.), Tesla, AB Volvo, PACCAR Inc, Navistar, Inc., Embark Trucks, Inc., PlusAI, Inc. and Kodiak Robotics are some of the prominent autonomous truck companies.