The global autonomous trucks market size was valued at USD 40.7 billion in 2024 and is expected to reach USD 179.9 billion by 2035, at a CAGR of 14.4%. The autonomous trucks market is witnessing robust growth driven by increasing demand for autonomous vehicles and innovation around advance driving technologies may drive the market for autonomous trucks.
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.
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LiDAR segment is estimated to exhibit the fastest growth in autonomous trucks market
Laser imaging detection and ranging (LiDAR) technology employs laser beams to measure the distance from an object, operating on a principle similar to radar sensors. LiDAR sensors find application in systems such as adaptive cruise control, collision avoidance, and night vision. Unlike radar, LiDAR utilizes shorter wavelengths, enabling effective detection of nonmetallic objects and those with weaker reflections. Its angular resolution is precise, achieving sub-degree accuracy both horizontally and vertically, owing to its utilization of short wavelengths and pulses. This characteristic renders LiDAR well-suited for high-resolution 3D environment mapping, facilitating accurate detection of free spaces, boundaries, and vehicle localization. Consequently, LiDAR plays a pivotal role in achieving L3 and higher autonomy levels.
Europe region holds the largest share of the autonomous trucks market.
The automotive sector in Europe boasts 322 automobile assembly and production plants across the region. Among these, 71 focus on buses and 56 on trucks, as of August 2023. Despite the recent global automotive slowdown, the European automotive market has demonstrated consistent growth over the past six years. In January 2024, the European Union’s new vehicle market rebounded with a robust 12.1% year-on-year increase in registrations, totaling 851,690 units, following a slowdown in December 2023. Leading European automobile manufacturers have been offering high-performance engines and advanced safety features to maintain competitiveness, which are crucial for the development of autonomous trucks.
Key Players
The Autonomous trucks market is dominated by global players such as Daimler Truck AG (Germany), AB Volvo (Sweden), Iveco S.p.A. (Netherlands), NVIDIA Corporation (US), Robert Bosch GmbH (Germany), Continental AG (Germany), among others. These companies adopted new product development strategies, expansion, partnerships & collaborations, and mergers & acquisitions to gain traction in the market.
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