Factors such as rising environmental concern and increasing road accidents are driving the growth of global self-driving truck market.
PORTLAND, OR, UNITED STATES, March 9, 2023 /EINPresswire.com/ — Many self-driving truck companies are developing new innovative and advanced technologies, which in turn is anticipated to propel the market. For instance, TuSimple, a self-driving truck technology developer has introduced a new vision system and proprietary automotive-grade camera which will be deployed in the vehicle in third quarter of 2019. This custom designed camera allows low light and reliable night operations doubling the current truck utilization.
According to a recent report published by Allied Market Research, titled,”Self-Driving Truck Market by Level of Autonomy and Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2020 – 2025,”the global self-driving truck market was valued at $1,004 million in 2020, and is projected to reach at $1,669 million by 2025, growing at a CAGR of 10.4% from 2020 to 2025.
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At present, North America dominates the self-driving truck industry. In 2020, China is expected to register the highest self-driving truck market growth in Asia-Pacific. Similarly, the UK is expected to lead the overall self-driving truck industry share in Europe in 2020. In the same year, according to self-driving truck market analysis, the U.S. is estimated to dominate the North American market.
The global self-driving truck market is projected to register significant growth during the forecast period attributed to rise in environmental concern and increase in number of road accidents. However, threat of hackers and rise in cybercrime restrict the growth of the market.
Key Findings of the Self-Driving Truck Market:
Level one is expected to generate the highest revenue in 2020.
In 2020, the c onstruction & manufacturing segment is projected to account the highest revenue in the self-driving truck market.
Asia-Pacific is anticipated to exhibit the highest CAGR during the forecast period.
In 2020, based on level of autonomy, the level one segment is anticipated to dominate the global self-driving truck market, in terms of revenue. However, based on industry vertical, construction & manufacturing is projected to dominate the global market in the same year.
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The key players profiled in the report include BMW AG, Isuzu Motors Limited, General Motors, Otto motors, AB Volvo, Daimler AG, Tesla, Waymo, Toyota, and Volkswagen.
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