According to a new market intelligence report from Transparency Market Research, the global automated truck market is projected to reach a valuation of $2 billion by 2027, expanding at a CAGR of approximately 55% during the forecast period.
In terms of truck type, the automated truck market has been segmented into cab-integrated and cabless trucks. The cab-integrated segment held a major share of the automated truck market, as currently, most of the testing is carried out on cab-integrated trucks only, and cabless trucks are only showcased by manufacturers and have not still been tested successfully.
Additionally, the arrival of automated trucks is expected after 2022; till then, the cab-integrated segment is projected to gain high popularity. Moreover, the high cost of cabless truck is likely to hinder the cabless segment in the automated truck market.
Based on vehicle class, the automated truck market has been divided into Class 8 and Class 9 and ultra class. The Class 8 and Class 9 is a highly promising segment, owing to its widespread utilization in the logistics industry, while ultra-class trucks are only used in the mining industry to carry large amounts of materials such as coal, ore, and overburden from pits.
The demand for haul trucks in the mining industry is significantly lower than that of trucks for the logistics industry, according to the report, which, in turn, is anticipated to propel the Class 8 and Class 9 segment of the automated truck market during the forecast period.
In terms of end-use industry, the logistics segment is anticipated to expand at a rapid pace, and is likely to generate higher revenue than the mining segment, owing to the large consumer base for trucks in the logistics industry as compared to the mining industry.
In terms of autonomy level, the automated truck market has been segregated into level 3, level 4, and level 5. Level 3 represents the partial automation of trucks, such as truck platooning. Level 4 represents trucks that are autonomous and require the assistance of a driver only for a few functions, while level 5 trucks are completely autonomous and do not require the assistance of a driver. Level 5 trucks for the logistics industry are under development; however, automated trucks for the mining industry are included in the level 5 segment.
Consequently, the segment initially is expected to account for a high share of the automated truck market, while the level 3 segment is projected to expand at a rapid pace during the forecast period, due to the rising popularity of truck platooning across the logistics industry.
Regional Overview of the Automated Truck Market
- In terms of region, the global automated truck market has been segregated into North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America. Asia Pacific leads the global automated truck market.
- Asia Pacific dominated the automated truck market due to the presence of Australia in the region, which has significantly large and highly advanced mines in the world. In 2018, the country adopted a large number of automated haul trucks. Furthermore, the demand for automated trucks in the logistics industry is likely to rise in countries such as Japan, Singapore, and China, due to the presence of large logistics and transport industries in these countries. The decline in the young and working population in Japan is anticipated to rapidly boost the adoption of automated trucks in the country in the near future.
According to the report, the global automated truck market is likely to be driven by a range of macroeconomic and industry-specific factors. Asia Pacific is expected to be at the forefront of global demand, with the automated truck market in the region expanding at a CAGR of approximately 40% between 2019 and 2027.
Automated trucks are anticipated to notably impact the logistics and mining industries, owing to extensive utilization of automated haul trucks in mines and rising investments by key truck manufacturers and technology companies in the development of autonomous trucks for the logistics industry.
Moreover, the rising inclination of the automotive industry toward vehicle connectivity and intelligent transportation has prompted manufacturers to focus on the development of autonomous trucks.