The automated trucks market incorporates the industry devoted to the design, manufacture, and sale of trucks that are driven by automation technology. These trucks, which range from partially to fully automated, are equipped with sensors, cameras, and integrated systems that enable them to navigate, make decisions, and drive with minimal human intervention. The growth of this market is a result of the industry's pursuit of increased efficiency, safety, and cost-cutting. In recent years, the discourse surrounding autonomous vehicles has increased, and trucks have not been exempt. With the potential to revolutionise freight transportation, mining operations, and more, automated vehicles have attracted the attention of numerous stakeholders, from manufacturers to logistics providers. The market for automated vehicles is projected to grow at a CAGR of 19.2% between 2024 and 2032, driven by safety and accident reduction.
The reduction of accidents resulting from human error is one of the primary benefits of automated vehicles. In the transportation industry, fatigue, distraction, and impaired driving have been longstanding issues. It is anticipated that automated systems, which are immune to these issues, will drastically reduce the number of road accidents. Preliminary tests and demonstrations of automated trucks demonstrate this, as the number of collisions and off-road incidents was significantly lower compared to human-driven trucks. Automated vehicles include a variety of safety features, including adaptive cruise control, lane-keeping assistance, and automatic emergency braking. The features consistently monitor the vehicle's surroundings for potential hazards.
Automated trucks can operate perpetually, unlike human drivers who must adhere to regulations and take breaks. This capability enables faster transport of products, resulting in shorter lead times and more efficient supply chains. For instance, mining companies have already reported increased productivity as a result of automated trucks' ability to facilitate 24-hour operations. Automated systems are optimised for effective driving patterns, allowing for more seamless acceleration, braking, and gearshifts. This optimisation can result in substantial petroleum savings, a boon for industries where fuel costs represent a substantial operational expense.
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The technology underlying automated vehicles is not inexpensive. Sensors, onboard computers, and other essential components necessitate a significant initial investment. This price is prohibitive for many businesses, particularly smaller operations. The slow adoption rates of fully automated vehicles in comparison to their partially automated counterparts are indicative of this limitation in the real world. Supporting infrastructure, such as smart roads and vehicle-to-everything (V2X) communication systems, are crucial for the optimal operation of automated vehicles. Currently, the lack of such infrastructure in many regions of the globe restricts the areas where these trucks can operate efficiently.
The transition to autonomous vehicles, including lorries, presents substantial legislative challenges. Among the many regulatory obstacles that must be overcome are determining liability in the event of an accident, establishing a framework for testing and approvals, and ensuring the interoperability of systems across regions. The varying degrees of regulatory readiness across nations, with some countries having defined frameworks in place while others lag behind, is evidence of this difficulty. The widespread adoption of automated trucks in the trucking industry raises concerns about employment displacement. Many are concerned that as automation becomes more prevalent, the demand for human drivers will decrease, resulting in significant employment losses.
In the dynamic market for automated vehicles, nuanced segmentation provides a deeper understanding of current trends and future projections. In terms of automation level, the categories range from Level 1 to Level 5. Each level represents a progressively higher degree of automation, with Level 1 representing driver assistance and Level 5 representing entire automation without human intervention. Trucks with Level 2 automation secured the largest revenue share as of 2023, primarily due to their balance of sophisticated features and affordability. Level 2, which represents partial automation, is favoured for its safety enhancements that do not completely replace the driver. During the period from 2024 to 2032, however, it is anticipated that Level 4 automation will experience the highest CAGR. This projection is rooted in the fact that Level 4, known for high automation, can handle most driving situations independently, signifying a significant leap towards fully autonomous trucking, yet retaining the option for human intervention when required.
Diverting into the market segmented by ADAS (Advanced Driver Assistance Systems) characteristics reveals a multitude of functionalities. These include Adaptive Cruise Control (ACC), Automatic Emergency Braking (AEB), Blind Spot Detection (BSD), Intelligent Park Assist (IPA), Lane Keep Assist (LKA), and Traffic Jam Assist (TJA), among others. In terms of revenue, Adaptive Cruise Control (ACC) will dominate in 2023. ACC, which automatically adjusts the truck's speed to maintain a safe distance from vehicles ahead, has played a significant role in minimising fatigue-related accidents and is a standard feature on many modern trucks. However, the Automatic Emergency Braking (AEB) system is anticipated to record the highest CAGR between 2024 and 2032. As safety standards become more stringent and the emphasis on preventing collisions grows, the demand for AEB, which autonomously applies the brakes in collision-prone situations, is expected to increase.
Geographically, North America dominated the automated truck market in terms of revenue in 2023. North America has been at the forefront of this revolution due to its robust infrastructure, tech-savvy industries, and regulatory climate favourable to autonomous innovations. However, between 2024 and 2032, Asia-Pacific is expected to have the highest CAGR. This anticipated growth is fueled by rapid technological advancements and expansive infrastructure initiatives in countries such as China and Japan. Increasing investments in autonomous technologies by major vehicle manufacturers in the region also contribute to the region's growth
Speaking of competitive trends and strategies, 2023 saw fierce competition among giants like AB Volvo, Aptiv, Autonomous Solutions Inc., Caterpillar Inc., Continental AG, Daimler AG, Denso Corporation, Embark Trucks, Inc., Hitachi Ltd., Intel Corporation, Komatsu Corporation, NVIDIA Corporation, PACCAR, Inc., Qualcomm Technologies, Inc., Robert Bosch GmbH, Valeo, Waymo LLC, Tesla, and ZF Friedrichshafen AG. Utilising their technological expertise and R&D capabilities, these companies have introduced a plethora of sophisticated features, thereby establishing new industry standards. Particularly with the Tesla Semi, Tesla's advancements in electric and autonomous vehicles attracted significant attention. Simultaneously, Daimler's Freightliner Cascadia, which featured Level 2 automation, became a standard for combining efficiency and safety. During the years 2024 to 2032, the market is anticipated to be characterised by intensified innovation, collaboration, and possibly the entry of new participants. To obtain a competitive advantage, market leaders will likely prioritise comprehensive automation, improved connectivity, and the incorporation of AI-driven features.
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