The innovation in automated trucks has made it possible to transport goods and materials without manual support, according to a new report by Fact.mr. The market itself offers “lucrative opportunities” to companies.
The technology is hailed by the automotive sector since it has helped them in significantly curbing the risk of accidents caused due to negligence. Automated trucks also are considered an environment-friendly option for transporting goods since they use gas and energy in lesser volume.
Fact MR in its recent study has identified it as a thriving market that holds immense potential for growth.
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 the quick response. These advancements also help in eliminating the need for the physical presence of the driver.
In the coming years, the market is expected to gain from the ever-increasing volume of goods and materials to transport and shortage of experienced drivers. Fact MR’s report on the automated trucks market offers a comprehensive overview, covering growth drivers, restraints, and uncovering hidden opportunities.
Key findings of report
- North America will continue to be the largest market for automated trucks
- In terms of the level of automation, the demand witnessed in the limited self-driving autonomous segment is considerably high
- Based on the type of sensor, the LiDAR segment is forecast to hold the lion’s share of the market
- Among end-users, the demand from the mining industry is predicted to remain considerably high throughout the forecast period
- Among truck types, the cab-integrated segment is forecast to account for a dominant share in the market
With governments of various countries pushing towards the use of automated trucks, the market is projected to have a great scope for expansion in the near future.
According to Fact MR, the market value is projected to rise exponentially by the end of the forecast period. Investment towards improving existing technologies will create lucrative prospects for the expansion of the market.
Research and development efforts to boost growth
Autonomous trucks have great potential to replace traditional ones because they are not dependent on manpower and ensure reduced safety threats. Various companies have begun collaborating with manufacturers to develop autonomous trucks. Significant developments by manufacturers like Volvo and Daimler AG in semi-autonomous trucks is expected to boost the market of automated trucks.
Automated trucks are eco-friendly as they use a significantly lesser amount of fuel and energy. They also are time efficient as these trucks can analyze roads and select routes with the least traffic.
Their ability to calculate the time of approaching traffic light allows them to slow down beforehand, reducing accidents and traffic congestion. Automated trucks are beneficial as they eliminate human errors of high speeding, road rage, distractions, and other errors caused due to incompetence.
With regulations accommodating the usage of such trucks, the market is a profitable investment for manufacturers and companies.
Some of the leading manufacturers are competing to develop the finest technology in order to raise their shares. Some of the key players in the market are Ford Motor Co., Daimler AG, AB Volvo, BMW AG, Isuzu Motors Limited, and Tesla Inc.
Valuable insights on the automated truck market report
FactMR presents a report stating the findings of an unbiased analysis of the automated truck market from the years 2018-2019 with projected predictions of the forecast period of 2019-2027. The market is divided into different segments in order to present and complete a detailed analysis. The market is segregated based on the truck type into cab-integrated and cables.
Based on the end-use industry, the market is divided into mining and logistics. On the basis of sensors, the market is segmented into RADAR, LiDAR, Camera, and others. Based on class, the market is segregated into class 8 and class 9, and Ultra class.
Whereas on the level of autonomy, the market is segmented into level 3, level 4, and level 5. The market is divided geographically into the regions of North America, Latin America, Europe, Asia Pacific, Middle East, and Africa.