Autonomous Trucks Market worth $179.9 billion by 2035, Globally, at a CAGR of 14.4%, says MarketsandMarkets™
Delray Beach, FL, Feb. 19, 2025 (GLOBE NEWSWIRE) -- Autonomous Trucks Market size is projected to grow from USD 40.7 Billion in 2024 to USD 179.9 Billion by 2035, at a CAGR of 14.4%, as per the recent study by MarketsandMarkets™. The increasing demand for electric and autonomous vehicle and government regulation regarding safety is expected to increase the demand for autonomous trucks. Additionally, continuous innovation in advance driving technologies and components will boost the demand for autonomous trucks.
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List of Key Players in Autonomous Trucks Market:
Daimler Truck AG (Germany)
AB Volvo (Sweden)
Iveco S.p.A. (Netherlands)
NVIDIA Corporation (US)
Robert Bosch GmbH (Germany)
Continental AG (Germany)
Drivers, Opportunities and Challenges in Autonomous Trucks Market:
Driver: Rising adoption of automation technology
Restraint: Lack of infrastructure in developing countries
Opportunity: Surge in demand for truck platooning
Challenge: Regulatory hurdles
Key Findings of the Study:
LiDAR segment is estimated to exhibit the fastest growth in autonomous trucks market
Last-mile Delivery Truck segment is expected to have significant growth in autonomous trucks market during the forecast period
Europe region holds the largest share of the autonomous trucks market.
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Electric segment is expected to be the fastest in the Autonomous trucks market
The electric segment is expected to be the fastest one during the forecast period. The rising demand for passenger safety and efficient bus transit operations would boost the demand for the electric segment for the advanced autonomous bus market during the forecast period. Favorable government regulations for better road safety would positively impact the autonomous bus market. Features such as AEB and BSD are expected to be compulsory for all vehicles, including buses. In December 2023, Davao Metro Shuttle Corporation (Philippines) launched a self-driving shuttle and its first electric bus, which includes AEB and ACC features.
Shuttle segment is estimated to exhibit the fastest growth in Autonomous trucks market
The shuttles segment is expected to be the fastest market in the autonomous trucks market, as they are commercialized. Navya (US), Easilmile (France), and Local Motors (US) have developed self-driving shuttles. Successful pilot programs of autonomous shuttles worldwide indicate that shuttles could be a practical solution to the gaps in traditional public transport. In January 2023, EasyMile(France) partnered with Keolis (France) on an autonomous shuttle project underway at France's National Sports Shooting. Such partnerships highlight the growth of the shuttles segment in the market.
US to lead the Autonomous trucks market in North America
The US is expected to have the largest market share in terms of value in the North American autonomous trucks market due to strict safety regulations imposed by the NHTSA that have compelled OEMs to provide safety features. Road safety is very critical for efficient transportation. Autonomous trucks can help to improve safety, which, in turn, would boost the market in the region. Major OEMs in the region are forming supply contracts for products like sensors, LiDAR that would further enhance their vehicles performance. For instance, in January 2024, Daimler Truck AG (Germany) and TORC Robotics (US) selected Aeva Technologies (US) to Supply advanced 4D LiDAR technology for series-production of autonomous trucks.
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Recent Developments:
In March 2024, MAN Truck & Bus SE partnered with TRATON GROUP, Scania, Navistar International Inc., and PlusAI, Inc. for autonomous driving for trucks. In February 2024, MAN Truck & Bus SE expanded its logistics center in Salzgitter, Germany, strengthening its global service parts network. In January 2024, Daimler Truck AG partnered with Aeva Inc. and Torc Robotics to commercialize self-driving vehicle technology to equip its series-produced autonomous trucks with Aeva Inc.'s advanced 4D LiDAR sensors. In December 2023, Demy Schandeler and AB Volvo entered into a contract for fifteen e-buses to upgrade the present Volvo 7900 Electric, which are scheduled for delivery in the first half of 2025. In October 2023, Hyundai Motor Company and Iveco S.p.A collaborated to develop and deploy electric heavy-duty trucks in Europe, focusing on autonomous driving technologies. In September 2023, AB Volvo partnered with Boliden to integrate autonomous transport solutions into mining operations.
In July 2023, IVECO S.p.A and PlusAI, Inc. announced that the IVECO S-Way truck, equipped with PlusDrive, is operational on public roads in Germany. In June 2023, Aurora Innovation Inc. launched the Aurora Multi-Sensor Dataset, a large-scale multi-sensor dataset in collaboration with the University of Toronto. In May 2023, Daimler Truck AG, Mitsubishi Fuso Truck and Bus Corporation, Hino Motors Ltd., and Toyota Motor Corporation signed an MoU. In April 2023, Continental AG and Aurora Innovation Inc. have entered an exclusive partnership to manufacture future generations of Aurora's flagship integrated hardware and software systems, such as Aurora Driving, aiming for commercial scalability. In February 2023, AB Volvo Venture Capital AB invested in Waabi Innovation Inc. to transform the freight transportation sector by accelerating the development and deployment of cutting-edge autonomous trucking solutions.
Related Reports:
Automotive V2X Market
Advanced Driver Assistance Systems Market
Self-driving Cars Market
CONTACT: About MarketsandMarkets™ MarketsandMarkets™ has been recognized as one of America's best management consulting firms by Forbes, as per their recent report. MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients. Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes. The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing. Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry. To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook. Contact: Mr. Rohan Salgarkar MarketsandMarkets Inc. 1615 South Congress Ave. Suite 103, Delray Beach, FL 33445 USA : 1-888-600-6441 UK +44-800-368-9399 Email: sales@marketsandmarkets.com Visit Our Website: https://www.marketsandmarkets.com/Sign in to access your portfolio
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