Transparency Market Research has published a new report on the global automated truck market for the forecast period of 2019–2027. According to the report, the global automated truck market is projected to reach a valuation of ~ US$ 2 Bn by 2027, expanding at a CAGR of ~ 55% during the forecast period.
Automated Truck Market: Introduction
- 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 ~ 40% between 2019 and 2027.
- Automated trucks can be safely driven with little or no assistance on roads. These trucks are driven according to the situation detected by the installed sensors, and their response to the situation on the basis of artificial intelligence and cloud stored data.
- 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.
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- 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.
Key Drivers of the Automated Truck Market
- The automated truck market in North America is projected to expand at a high pace due to the significant shortage of truck drivers in the U.S. and Canada.
- Automated trucks can work for longer durations without any break, and hence, result in higher work efficiency.
- Low investments towards drivers and fuel with high work efficiency result in low operating costs for transportation companies. Thus, the rate of adoption of automated trucks is expected to be significantly high in the near future.
- High investments for the automation of mines by large mining companies such as Rio Tinto and BHP Billiton are anticipated to boost the demand for automated haul trucks to be used in the mining industry.