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Autonomous Trucks Market Is Expected to Grow 16% over Next 5 Years

Autonomous Trucks Market Is Expected to Grow 16% over Next 5 Years

March 31, 2022
With a large driver shortage, the self-driving truck is an option more companies are using.
Reducing exhaust emissions has been a goal of the transportation industry for a while According to a study conducted by the International Council on Clean Transportation, exhaust emissions from these vehicles were responsible for over 380,000 deaths in 2015, with health impacts amounting to roughly  $1 trillion.

The EPA estimates that the transportation sector accounted for 28% of the air pollution in the U.S.

Autonomous trucks represent a way to combat air pollution as these electric vehicles can result in a  substantial reduction of greenhouse gas emissions. Widespread pollution caused by conventional trucks will be a leading factor stoking the adoption of driverless trucks. Heavy-duty, diesel-powered trucks are one of the largest contributors to air pollution around the globe, playing a major role in premature deaths and health costs.

According to Fortune Business Insights, the autonomous truck market size is projected to reach $ 2,013.34 million by 2027, at a CAGR of 12.6%. The global Autonomous Trucks market size was $1,074.70 million in 2019.

Staggering Shortage of Truck Drivers to Favor Market Growth

The trucker shortage continues. The American Trucking Associations reported an increase in driver deficit from 10,000 in 2017 to 60,800 in 2018.

Furthermore, in the next five years, according to the American Transportation Research Institute, trucking companies will need to fill a dearth of 100,000 drivers to operate their vehicles.

To overcome these shortfalls, truck companies are expected to switch to driverless trucks in the coming decade, which is expected to prove beneficial for this market.

Automated Truck Startups 

Boasting a market size of $475.66 million in 2019, North America is predicted to dominate the autonomous truck market share during the forecast period. The rapid growth of startups specializing in self-driving vehicle technologies is the central factor driving the market in the region. Moreover, a generally positive attitude towards autonomous vehicles in the region will also contribute to the growth of the regional market.

The market in Asia Pacific is expected to grow at a high CAGR on account of the increasing stringency of road safety regulations and technologies in the region. Additionally, favorable adoption trends of driverless vehicles in China and Japan will further boost the regional market prospects.

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