Autonomous Truck Market Share to Significantly Expand Through 2028
By 2028, the global autonomous truck market size is estimated to reach about $2.5 billion. Industry participants have been accelerating the commercialization of self-driving truck technologies across emerging markets. For instance, in May 2021, U.S.-based self-driving truck startup, Kodiak Robotics, announced that it is collaborating with S.K. Corporation, a South Korean conglomerate, for strengthening its distribution networks across Asia Pacific.
Prevention of accidents and reduction of traffic congestion during peak hours are some factors pushing global autonomous truck market forecast. Since these trucks do not need breaks for resting like human drivers do, deliveries can be sped up. At the same time, potential risks from drowsy driving can be avoided.
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Higher safety, better fuel efficiency, and timely deliveries add some major advantages offered by these solutions. Over the upcoming decade, autonomous truck technology will shape the future of mobility by using data from on-board sophisticated sensors for warning fleet owners about potential problems in advance.
With the nation becoming a major e-commerce market in Asia Pacific, South Korea automotive truck industry share is expected to grow in the forthcoming years. According to domestic industry sources, the parcel delivery volume across South Korea is estimated to have seen an uptick of nearly 10% during 2021, as against a remarkable 20.7% rise during 2020. During the first quarter of 2021, the domestic logistics market witnessed an 8.8% rise from the previous year.
Despite the short-term slowdown in the logistics sector during 2022, the e-commerce industry will continue to record substantial gains over the next few years. Regional logistics companies such as Coupang have accelerated investments worth billions of dollars in their business, in a bid to expand their logistics networks throughout the nation. Coupang has already established numerous logistics centers throughout the country. These facilities are located within 10 km range of almost 70% of the total households in South Korea.
Product deployment will grow steadily in South Korea, as the economy has been recording growing volumes of cargo since the last few years. The number of drivers, however, has not increased, leading to an imbalance that could be potentially addressed by autonomous driving technologies. Since manned autonomous trucks allow drivers to deliver more shipments with less fatigue, increased profits are encouraging logistics in transportation companies to adopt these technologies.
To cater to the demand for artificial intelligence (AI) based trucking solutions, Mars Auto, a Korean startup, has announced its plan to introduce a commercial self-driving truck technology. The new solution is focused on improving fuel economy, thereby increasing truck turnover. This will translate to increased profits for both drivers as well as carriers.
A trucker’s driving skills as well as environmental factors play a crucial role in determining fuel efficiency. When machine learning-based AI is leveraged, discrepancies in the surrounding environment as well as reliance on the driver’s skills and abilities can be minimized. According to the company, its AI-powered technologies can boost fuel efficiency by nearly 10% to 20%, when compared with previous models.
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Some Point from Table of Contents:
Chapter 5 Autonomous Truck Market, By Level of Autonomy
5.1 Key trends by level of autonomy
5.2 Level 1
5.2.1 Market estimates and forecast, 2018 – 2028
5.3 Level 2
5.3.1 Market estimates and forecast, 2018 – 2028
5.4 Level 3
5.4.1 Market estimates and forecast, 2018 – 2028
5.5 Level 4
5.5.1 Market estimates and forecast, 2018 – 2028
Chapter 6 Autonomous Truck Market, By Fuel
6.1 Key trends by fuel
6.2 Diesel
6.2.1 Market estimates and forecast, 2018 – 2028
6.3 Alternative Fuels
6.3.1 Market estimates and forecast, 2018 – 2028
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