Global autonomous truck market to hit $2 billion by 2027

22 Dec, 2019 | posted in: News | 0
Global autonomous truck market to hit $2 billion by 2027

The global automated truck market is expected to be valued at around $2 billion USD by the year 2027, according to a new market intelligence report by Global Mining Review. That would translate to a compound annual growth rate (CAGR) of about 55 percent between 2019 and 2027. Much of this projected growth is expected to be driven by the Asian Pacific market, which is expected to grow at a CAGR of approximately 40 percent in the forecast period.

Automated trucks are broken down according to truck type, vehicle class and autonomy level. There are two types of autonomous truck: cab-integrated and cabless. The former type currently dominates the market as the vast majority of testing is done with cab-integrated trucks. Cabless trucks are still in the conceptual phase.

The two automated truck classes are class 8 and 9, and ultra-class. When automated trucks hit the market (in or after 2022) most will be in the class 8 and 9 category, which are suitable for logistics purposes. Ultra-class automated trucks will be used for mining applications; for example, transporting heavy loads of coal and ore.

Automated trucks are also split up according to the level of automation. The lowest level is level 3, which indicates partial automation, e.g. truck platooning. Level 4 trucks are mostly autonomous, needing a small amount of human assistance. The highest level is level 5, designating a truck that is 100 percent autonomous, requiring no human assistance. All three levels are expected to experience significant growth during the forecast period.

As mentioned, Asia Pacific, which includes Australia, is expected to be the most important region for the autonomous trucks market during the forecast period. The other regions are North America, Middle East and Africa, and Latin America.

The rise of automated trucks will have the largest impact on the logistics and mining industries, which are set to invest heavily in the autonomous market in the coming years.