The autonomous trucks market is expected to surpass $2.5 billion by 2028, as reported in a research study by Global Market Insights.
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Supportive government initiatives and new innovations by market players is fueling the business expansion.
The self-driving trucks market is poised to see an upward trend due to significant investments by OEMs in R&D for new truck innovations.
Market players, such as Daimler Truck, AB Volvo, and TuSimple, Inc., are highly emphasizing on testing their self-driving truck prototypes to enhance their brand positioning, contributing to industry share.
For instance, in December 2021, TuSimple, Inc. successfully completed the trial of its autonomous truck without driver on public road in the U.S. The truck was operated fully on ADAS technology, and the company expects its first batch of self-driving truck will be manufactured by 2024, improving the market expansion.
The significant transmission of COVID-19 virus in 2020 adversely impacted the autonomous truck market. However, post pandemic, the market is experiencing considerable growth owing to shifting focus of logistics & transportation companies toward self-driving trucks to minimize their workforce cost and to enhance the transport safety.
The last mile delivery application is anticipated to observe a high growth over the coming years. To improve the delivery speed and brand value, established e-retail companies are focusing on developing self-driving trucks for last mile delivery across the globe.
For instance, in September 2021, Alibaba Group Holding Limited, an e-commerce company, announced to develop a self-driving truck for last mile delivery in China. For this, the company will leverage the autonomous technology from its partner DeepRoute.ai.
The Europe autonomous truck industry is witnessing a high demand driven by the increasing deployment of autonomous trucks for transportation.
For instance, in December 2020, Steer AS deployed its autonomous trucks for stones & fine rock material transportation at Osterfjord quarry on West coast in Norway.
Emerging startups in the autonomous trucks market and their strategic business initiatives to strengthen their market position are propelling the adoption of self-driving trucks worldwide. For instance, in March 2022, Inceptio Technology, an autonomous truck startup in China, raised USD 188 million in funding round led by Legend Capital and Sequoia Capital China.
The company will utilize this fund to accelerate its innovations as well as to improve its production capacity. ■
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