The need to mitigate road-accidents, increase transportation effeciency while reducing cost and technological advancements in artificial intelligence (AI) propel the growth of the global self-driving truck market
PORTLAND, Oregon, May 2, 2019 /PRNewswire/ -- Allied Market Research published a report, titled, "Self-Driving Truck Market by Level of Autonomy (Level One, Level Two, Level Three, and Level Four) and Industry Vertical (Logistics, Construction & Manufacturing, Mining, and Port) - Global Opportunity Analysis and Industry Forecast, 2020-2025". According to the report, the global self-driving truck market would generate $1 billion in 2020 and is further expected to reach $1.67 billion by 2025, growing at a CAGR of 10.4% during the forecast period, 2020-2025.
The growth of the global self-driving truck market is driven by the growing number of human-induced road accidents and surge in artificial intelligence (AI) capabilities in automotive that reduces the transportation cost significantly. However, concerns pertaining to security and privacy of shipments hamper market growth. Nonetheless, the drive to traffic decongestion would provide lucrative opportunities for emerging market players in the near future.
For Purchase Enquiry: https://www.alliedmarketresearch.com/purchase-enquiry/4388
Trucks having level four autonomy expected to grow at a rapid rate in the future
By level of autonomy, level four segment is expected to grow at the highest CAGR of 18.7% from 2020 to 2025. Their demand is driven by that fact that these vehicles can continue to operate autonomously even if the driving situation is out of control, thereby preventing approximately 75-90% of road accidents. However, level one segment is poised to dominate the global market through 2025, on account of the fact that it was the first step towards automated driving in trucks and have been widely adopted.
Ports segment expected to grow at highest CAGR from 2020 to 2025
Based on industry vertical, the port segment is projected to grow at a mammoth CAGR of 26.6% during the forecast period. This is driven by the increasing number of cargoes that are transferred through ports, which require autonomous self-driving trucks to increase work efficiency and save on labor cost. However, the construction & manufacturing segment would continue to generate the highest revenue in the future by occupying more than two-fifths of the global share by 2025.
Request Sample Report at: https://www.alliedmarketresearch.com/request-sample/4388
North America to continue its global market dominance through 2025
Regionally, North America generated two-fifths of the global revenue in 2017 and is expected to maintain its dominance through 2025. This is attributed to the surge in demand for road safety which results in the highest adoption of self-driving trucks. Meanwhile. LAMEA is expected to grow at the fastest CAGR of 18.7% from 2018 to 2025, owing to the rise in disposable income in the region.
Key market players
The key players analyzed in the report include BMW AG, Isuzu Motors Limited, General Motors, Otto motors, AB Volvo, Daimler AG, Tesla, Waymo, Toyota, and Volkswagen. They have adopted different strategies including collaborations, joint ventures, partnerships, expansions, mergers & acquisitions, and others to gain a strong position in the industry.
Access KNOWLEDGE TREE (Premium on-demand, subscription-based pricing model) at: https://www.alliedmarketresearch.com/knowledgetree
Knowledge tree is a cloud-based intelligence platform that offers more than 2,000 selective, off-the-shelf reports on niche markets to enable our clients gain deep insights on the latest trends, dynamic technologies, and emerging application areas.
Technological advancements and growth in vehicle standards contribute toward the growth of the automotive pedestrian protection system market in Europe. Moreover, increase in sales of safety features vehicles promoted the growth of advanced pedestrian protection system in Europe. High disposable income and rise in prevalence of vehicle standards drive the growth of the market specifically in European countries.
In the wireless electric vehicle charging industry the EV charging is an emerging technology that provides enhanced durability of electric vehicles (EVs) and ease of charging. The miles covered per charge by the electric vehicles and the availability of the charging stations, and time required for charging are some of the restraining factors for the adoption of the electric vehicles.
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
5933 NE Win Sivers Drive
#205, Portland, OR 97220
USA/Canada (Toll Free):
+1-800-792-5285, +1-503-894-6022, +1-503-446-1141
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
SOURCE Allied Market Research