Global self-driving trucks market is expected to grow during the forecast period i.e. 2018-2024 : Research Nester

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Self-Driving Trucks Market Overview

Self-driving truck is an undergoing technology which will let trucks or freights to run on their own. Self-driving trucks are semi-automated technology hence; a human driver is still an important element of the self-driving trucks. The aim behind the development self-driving trucks is to reduce number of accidents due to distractions on road and due to other human errors. In terms of efficiency, self-driving trucks have comparatively better fuel efficiency and a cost cutting technology too. Further, some of the leading truck manufacturing companies including Otto (Uber), Daimler are working on concept of self-driving trucks and trying to present their very first self-driving trucks in consumer market in near years.

Market Size & Forecast

Global self-driving trucks market is expected to grow during the forecast period i.e. 2018-2024. Technological advancements in automobile sector and growing number of road accidents due to distraction are some major factors which are expected to fuel the growth of global self-driving truck market during the forecast period. Moreover, growing technological advancements in automobile sector is a major trend, which is likely to attract consumers towards self-driving trucks in near future.

Regionally, self-driving trucks are segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Growing global logistics market and rising demand for low cost shipping solutions are some major factors which are envisioned to allow North America to dominate the global self-driving trucks market over the forecast period.

Additionally, Uber Company which is likely to become the leading company to produce self-driving trucks in consumer market is present in North America region. This additional factor is also expected to fuel the growth of global self-driving trucks market in North America region during forecast period.

Furthermore, Europe region is expected to experience an evolution in transport sector during the forecast period. Daimler (Germany) has presented its very first self-driving truck which is approved for autonomous driving on highways of Nevada. In addition to this, growing automotive sector in Europe region and rapid technological development with automobiles in this region are some dynamic factors which are anticipated to foster the growth of self-driving truck market in this region.

However, Asia Pacific region is also believed to be growing at a satisfactory pace during the forecast period owing to factors such as increasing disposable income and consumer’s inclination towards advanced automotive technology in this region.

Market Segmentation

Our-in depth analysis of the global self-driving trucks market includes the following segments:

By End User

Logistics Companies
Shipping Industries
Manufacturing Industries
Others

By Region

Global self-driving trucks market is further classified on the basis of region as follows:

North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
Latin America (Brazil, Mexico, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of Asia) Market size, Y-O-Y growth & Opportunity Analysis.
Middle East and Africa (GCC, North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis

Growth Drivers & Challenges

Number of accidents of truck or by trucks is rapidly increasing these days. Distraction on road while driving is a major reason which is propelling the number of accidents on road. Further, growing number of accidents and need for driver’s safety while driving are some of the key factors which are likely to drive the growth of global self-driving trucks market in near future.

Further, booming logistics transportations market is a major factor which is propelling the demand for a safe and cost effective transportation solution. Rising demand for safe and low cast transporting solution is likely to escalate the growth speed of global self-driving trucks market in near future.

Additionally, self-driving trucks offer additional advantages including increased efficiency, cutting cost and drivers can do extra loads per day. These various advantages of self-driving trucks are believed to be the major drivers to the growth of global self-driving trucks market in near future. Moreover, self-driving trucks are highly acceptable at those places where the shortage of truck drivers is usual thing. Further, these beneficial features of self-driving trucks are fueling demand for trucking which is likely to outpace driver supply during the forecast period.

Truck drivers are meant to be the major element while driving a truck. These drivers are not there just to drive the truck but are able to do many other things including decision making and other human activity. However, replacement of truck driving skills and abilities of truck driver with automation is a major challenge to the global market of self-driving trucks. Moreover, various rules and regulation is logistics sector through which self-driving trucks still have to pass is a major factor which is expected to hamper the growth of global self-driving trucks market in near future.

Key Players

The major players for self-driving trucks market are as follows: