Source: Fact.MR announcement

ROCKVILLE, Md. — The global automated truck market is projected to grow at a healthy CAGR (compound annual growth rate) of more than 22 percent from 2021 to 2031, touching an impressive valuation of more than $1.5 billion, concludes a recently published market intelligence report by Fact.MR..

Rising concerns regarding road safety is prompting increased automation in the automotive industry, stimulating growth.

From 2016 to 2020, sales of automated trucks recorded an impressive surge, closing in at US$ 210 Mn by the end of the historical period.

Amidst the COVID-19 pandemic, prospects further inclined, as mandatory social distancing norms prompted automotive manufacturers to invest a considerable portion of their funds to develop driverless systems- a trend which is expected to become the new normal in forthcoming years.

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The technology is hailed by the automotive sector since it has helped in significantly curbing the risk of accidents caused due to negligence.

An ESOMAR-certified market research and consulting firms recent market intelligence study has identified that automotive trucks will be a thriving market. The demand for automated trucks is forecast to surge in the coming years especially because they are in-built with advanced technological systems such as improved cameras and sensors for quick response.

Key Takeaways from Market Study

•           Global automotive trucks market to expand seven fold (7X) from 2021 to 2031
•           Logistics to remain primary end user, capturing approximately 1/3rd of the revenue
•           LiDAR based automated trucks to hold considerable sway, expanding at a CAGR of 10 percent
•           Class 8 and Class 9 trucks to be top selling, capturing half of the global sales
•           Level 3 autonomy automated trucks to capture majority share, accounting for three out of five sales
•           U.S to register staggering growth, expanding at a CAGR of 15 percent through 2031
•           35 percent of global automotive sales likely to be spurred by U.K
•           Asia to be a highly opportunistic market, China to be the vanguard of regional demand

Competitive Landscape

Some of the prominent players in the automated truck market include Uber Technologies Inc., Daimler AG, Ford Motor Co., AB Volvo, BMW AG, Tesla Inc., Google Inc., IVICO, MAN, DAF, Scania, among others. 

These players focus on adopting various strategies to expand product offerings and strengthen geographic presence. With the advancement in technology, new players are expected to enter the market.

Further information on the research and the topic can be viewed by clicking HERE.