PORTLAND, Oregon, May 2, 2019 /PRNewswire/ — Allied Market Research published a report, titled, “Self-Driving Truck Market by Level of Autonomy (Level One, Level Two, Level Three, and Level Four) and Industry Vertical (Logistics, Construction & Manufacturing, Mining, and Port) – Global Opportunity Analysis and Industry Forecast, 2020-2025″. According to the report, the global self-driving truck market would generate $1 billion in 2020 and is further expected to reach $1.67 billion by 2025, growing at a CAGR of 10.4% during the forecast period, 2020-2025.
The growth of the global self-driving truck market is driven by the growing number of human-induced road accidents and surge in artificial intelligence (AI) capabilities in automotive that reduces the transportation cost significantly. However, concerns pertaining to security and privacy of shipments hamper market growth. Nonetheless, the drive to traffic decongestion would provide lucrative opportunities for emerging market players in the near future.
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Trucks having level four autonomy expected to grow at a rapid rate in the future
By level of autonomy, level four segment is expected to grow at the highest CAGR of 18.7% from 2020 to 2025. Their demand is driven by that fact that these vehicles can continue to operate autonomously even if the driving situation is out of control, thereby preventing approximately 75-90% of road accidents. However, level one segment is poised to dominate the global market through 2025, on account of the fact that it was the first step towards automated driving in trucks and have been widely adopted.
Ports segment expected to grow at highest CAGR from 2020 to 2025
Based on industry vertical, the port segment is projected to grow at a mammoth CAGR of 26.6% during the forecast period. This is driven by the increasing number of cargoes that are transferred through ports, which require autonomous self-driving trucks to increase work efficiency and save on labor cost. However, the construction & manufacturing segment would continue to generate the highest revenue in the future by occupying more than two-fifths of the global share by 2025.
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North America to continue its global market dominance through 2025
Regionally, North America generated two-fifths of the global revenue in 2017 and is expected to maintain its dominance through 2025. This is attributed to the surge in demand for road safety which results in the highest adoption of self-driving trucks. Meanwhile. LAMEA is expected to grow at the fastest CAGR of 18.7% from 2018 to 2025, owing to the rise in disposable income in the region.
Key market players
The key players analyzed in the report include BMW AG, Isuzu Motors Limited, General Motors, Otto motors, AB Volvo, Daimler AG, Tesla, Waymo, Toyota, and Volkswagen. They have adopted different strategies including collaborations, joint ventures, partnerships, expansions, mergers & acquisitions, and others to gain a strong position in the industry.
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SOURCE Allied Market Research