The Semi-autonomous & Autonomous Truck Market is estimated to be 10.5 million units in 2017 and is projected to reach 27.7 million units by 2022, growing at a CAGR of 21.36%. The autonomous vehicle's market is estimated to be 0.5 million units in 2025 and is projected to reach 6.9 million units by 2030, at a CAGR of 68.94%.
Increased accident fatalities, increasing concern for vehicle safety and security, and high insurance premium owing to human impetuous driving are equally attributing towards the need for the development of semi-autonomous and autonomous vehicles.
"Automatic Emergency Braking: Key technology likely to drive global semi-autonomous market"
The Automatic Emergency Braking (AEB) is expected to show the fastest growth followed by Adaptive Cruise Control and Intelligent Park Assist. The recent mandates regarding the compulsory use of the AEB system in commercial vehicles in the US are expected to be introduced in passenger car segments also. Along with this, the increasing need to make driving safer, avoid accidents due to the carelessness of the drivers, and increased need to have autonomy in vehicles has led to increased growth of the above-mentioned ADAS features along with others.
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"RADAR: Estimated to be the largest segment of semi-autonomous vehicle market"
Radar is estimated to be the largest segment of the semi-autonomous vehicle market in 2017. The major advantage of radar is that it can be used for long as well as short distance ranges. At present, ADAS technologies such as Adaptive Cruise Control (ACC), Lane Departure Warning (LDW), Blind Spot Detection (BSD), and Park Assist (PA) use radar sensor technology.
"Asia Pacific market plays a crucial role in semi-autonomous and autonomous vehicles growth"
The region consists of major home-grown, innovative automotive vehicle manufacturing companies and foreign players in countries such as China, Japan, and South Korea, which supports the growth of semi-autonomous and autonomous vehicles market. Asia Pacific region is projected to be the third largest market share holder in the year 2022 for semi-autonomous and second largest for autonomous vehicle market in the year 2030, in terms of volume. The region has home-grown manufacturers such as Nissan Motors Corporation (Japan), and other major foreign OEMs have their headquarters in this region with manufacturing units.
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The semi-autonomous and autonomous truck market is dominated by a few globally established players such as Bosch (Germany), Continental (Germany), Aptiv (UK), ZF (Germany), and Denso (Japan). Moreover, technology developers such as Uber (US), Waymo (US), and simple are providing momentum to the growth of the market.
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Semi-autonomous & Autonomous Truck Market worth 81.8 Thousand Units by 2030
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