Autonomous Truck Market Size, Share, Growth Analysis, By Type(Furnaces, boilers, and heat pumps), By Application(Residential, commercial, and industrial sectors), By Region - Industry Forecast 2024-2031


Report ID: SQMIG25C2088 | Region: Global | Published Date: February, 2024
Pages: 157 |Tables: 63 |Figures: 75

Autonomous Truck Market Insights

Autonomous Truck Market size was valued at USD 301.2 billion in 2022 and is poised to grow from USD 346.38 billion in 2023 to USD 921.38 billion by 2030, at a CAGR of 15% during the forecast period (2023-2030).

The global autonomous truck market is witnessing rapid growth due to advancements in technology, with key players like Tesla, Waymo, and Volvo investing heavily.

The market is driven by the potential for increased road safety, efficiency, and reduced operational costs. Autonomous trucks offer features such as platooning and self-driving capabilities, revolutionizing long-haul logistics. However, challenges remain, including regulatory hurdles, public acceptance, and technological refinement.

As the industry evolves, collaborations between tech companies and traditional manufacturers are likely to shape the market's trajectory, with the autonomous truck market poised to significantly transform the transportation and logistics sectors on a global scale.

US Autonomous Truck Market is poised to grow at a sustainable CAGR for the next forecast year.

Market Snapshot - 2023-2030

Global Market Size

USD 301.2 billion

Largest Segment

residential

Fastest Growth

residential

Growth Rate

15% CAGR

Global Autonomous truck market by region
Country Share for North America (%)

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Autonomous Truck Market Segmental Analysis

The global autonomous truck market can be segmented into key categories based on technology, application, and region. In terms of technology, it encompasses levels of autonomy ranging from driver-assisted systems to fully autonomous capabilities. Application-wise, segments include long-haul transportation, freight logistics, and construction. Geographically, the market spans North America, Europe, Asia Pacific, and other regions.

Autonomous Truck Market Analysis By Technology

The largest segment of the autonomous truck market was likely at Level 1 & 2 Automation. Many modern trucks were equipped with driver-assistance features that fell within these levels. These technologies enhance safety and comfort for drivers and help pave the way for higher levels of automation in the future.

The fastest-growing segment was likely Level 3 Automation. Companies were investing in developing technology that allowed trucks to operate autonomously under specific conditions, primarily on highways. This level of automation has the potential to significantly improve long-haul trucking efficiency and reduce driver fatigue on monotonous highway stretches.

Autonomous Truck Market Analysis By Application

Historically, the residential autonomous truck market has been one of the largest segments due to the sheer number of households requiring heating solutions. The demand for energy-efficient and eco-friendly heating systems has been growing, driving innovation in this sector.

The fastest-growing segment varies depending on factors such as technological advancements, government regulations, and market trends. However, the commercial segment was experiencing substantial growth due to the expansion of commercial spaces, coupled with increasing awareness about energy efficiency and sustainable heating solutions.

Global Autonomous truck market by application

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Autonomous Truck Market Regional Insights

The largest markets for heating equipment are often found in regions with colder climates and strong economies. North America, Europe, and parts of Asia-Pacific are generally considered the largest markets.

The fastest growing markets can vary based on economic growth, urbanization, and environmental considerations. In recent years, there has been a growing emphasis on energy efficiency and sustainability, leading to increased demand for modern, efficient heating solutions. Developing economies in Asia-Pacific, where urbanization is rapid, might see faster growth rates in the autonomous truck market.

Global Autonomous truck market by geography
  • Largest
  • Fastest

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Autonomous Truck Market Dynamics

Autonomous Truck Market Drivers

Introduction of AI for Advance Processes

  • Advances in technology, particularly in the fields of artificial intelligence (AI), machine learning, sensor technology, and connectivity, have enabled the development and deployment of autonomous trucks. These technologies allow trucks to perceive their surroundings, make real-time decisions, and navigate complex environments without human intervention.

Autonomous Truck Market Restraints

Complex Legal Challenges

  • The deployment of autonomous trucks often involves complex regulatory and legal challenges. Different regions and countries have varying regulations regarding autonomous vehicle operation on public roads. Issues related to liability, insurance, safety standards, and overall legal frameworks can slow down the widespread adoption of autonomous trucks.

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Autonomous Truck Market Competitive Landscape

The global autonomous truck market features intense competition among key players. Established companies such as Carrier, Daikin, and Johnson Controls strive to maintain dominance through continuous technological advancements, energy-efficient solutions, and comprehensive service networks. New entrants like Mitsubishi Electric and Bosch Thermotechnology are innovating to capture market share, emphasizing smart and sustainable heating solutions. The competitive landscape is marked by mergers, acquisitions, and collaborations, enhancing product portfolios, and expanding global reach. Energy efficiency, eco-friendliness, and cost-effectiveness are pivotal factors influencing consumer choices, prompting companies to focus on holistic, customer-centric strategies to thrive in this dynamic market.

Autonomous Truck Market Top Player’s Company Profiles

  • Honeywell International Inc. - USA
  • Daikin Industries Ltd. - Japan
  • Lennox International Inc. - USA
  • Ingersoll Rand - Ireland
  • United Technologies Corporation (Carrier) - USA
  • Bosch Thermotechnology - Germany
  • Johnson Controls International plc - Ireland
  • Trane Technologies plc - Ireland
  • Mitsubishi Electric Corporation - Japan
  • Vaillant Group - Germany
  • Rheem Manufacturing Company - USA
  • Danfoss - Denmark
  • A. O. Smith Corporation - USA
  • Viessmann Group - Germany
  • Nortek Global HVAC - USA
  • Fujitsu General Limited - Japan
  • Emerson Electric Co. - USA
  • Stiebel Eltron GmbH & Co. KG - Germany
  • Watts Water Technologies, Inc. - USA
  • Zehnder Group AG - Switzerland

Autonomous Truck Market Recent Developments

  • In March 2023, Gatik, an autonomous vehicles company, collaborated with Kroger, the largest pure-play grocer in the U.S. Kroger utilizes Gatik's self-driving box trucks to transport products from its e-commerce fulfillment center in Dallas, Texas, to various stores.

Autonomous Truck Key Market Trends

  • The global autonomous truck market has witnessed significant developments driven by growing demand for energy-efficient solutions and increasing adoption of smart technologies. Manufacturers are focusing on innovations in heat pumps, solar heating systems, and advanced HVAC systems to reduce carbon emissions and enhance energy conservation. Integration of Internet of Things (IoT) features into heating equipment enables remote monitoring and control. Additionally, stricter environmental regulations and consumer awareness are shaping the market, encouraging a shift towards sustainable heating solutions. These trends indicate a dynamic landscape with a strong emphasis on eco-friendly, smart, and efficient heating equipment.

Autonomous Truck Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Product types team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.

According to our analysis, the global autonomous truck market is poised for promising growth due to increasing demand for energy-efficient and eco-friendly solutions. As climate concerns mount, consumers and industries are seeking innovative heating technologies that reduce carbon footprints. Smart thermostats, heat pumps, and solar heating systems are gaining traction. Additionally, stringent government regulations regarding energy efficiency are driving market expansion. Emerging economies' infrastructure development and rising disposable incomes further contribute to the market's potential. The integration of Internet of Things (IoT) capabilities and renewable energy sources will likely shape the market's future, fostering sustainable and intelligent heating solutions.

Report Metric Details
Market size value in 2022 USD 301.2 billion
Market size value in 2030 USD 921.38 billion
Growth Rate 15%
Base year 2023
Forecast period 2023-2030
Forecast Unit (Value) USD Billion
Segments covered
  • Type
    • Furnaces, boilers, and heat pumps
  • Application
    • Residential, commercial, and industrial sectors
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Honeywell International Inc. - USA
  • Daikin Industries Ltd. - Japan
  • Lennox International Inc. - USA
  • Ingersoll Rand - Ireland
  • United Technologies Corporation (Carrier) - USA
  • Bosch Thermotechnology - Germany
  • Johnson Controls International plc - Ireland
  • Trane Technologies plc - Ireland
  • Mitsubishi Electric Corporation - Japan
  • Vaillant Group - Germany
  • Rheem Manufacturing Company - USA
  • Danfoss - Denmark
  • A. O. Smith Corporation - USA
  • Viessmann Group - Germany
  • Nortek Global HVAC - USA
  • Fujitsu General Limited - Japan
  • Emerson Electric Co. - USA
  • Stiebel Eltron GmbH & Co. KG - Germany
  • Watts Water Technologies, Inc. - USA
  • Zehnder Group AG - Switzerland
Customization scope

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  • Segments by type, application, etc
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  • Market dynamics & outlook
  • Region

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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Autonomous Truck Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Autonomous Truck Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Autonomous Truck Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Autonomous Truck Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Autonomous Truck Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Autonomous Truck Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Autonomous Truck Market size was valued at USD 301.2 billion in 2022 and is poised to grow from USD 346.38 billion in 2023 to USD 921.38 billion by 2030, at a CAGR of 15% during the forecast period (2023-2030).

The autonomous truck market features intense competition among key players. Established companies such as Carrier, Daikin, and Johnson Controls strive to maintain dominance through continuous technological advancements, energy-efficient solutions, and comprehensive service networks. New entrants like Mitsubishi Electric and Bosch Thermotechnology are innovating to capture market share, emphasizing smart and sustainable heating solutions. The competitive landscape is marked by mergers, acquisitions, and collaborations, enhancing product portfolios, and expanding reach. Energy efficiency, eco-friendliness, and cost-effectiveness are pivotal factors influencing consumer choices, prompting companies to focus on holistic, customer-centric strategies to thrive in this dynamic market. 'Honeywell International Inc. - USA', 'Daikin Industries Ltd. - Japan', 'Lennox International Inc. - USA', 'Ingersoll Rand - Ireland', 'United Technologies Corporation (Carrier) - USA', 'Bosch Thermotechnology - Germany', 'Johnson Controls International plc - Ireland', 'Trane Technologies plc - Ireland', 'Mitsubishi Electric Corporation - Japan', 'Vaillant Group - Germany', 'Rheem Manufacturing Company - USA', 'Danfoss - Denmark', 'A. O. Smith Corporation - USA', 'Viessmann Group - Germany', 'Nortek HVAC - USA', 'Fujitsu General Limited - Japan', 'Emerson Electric Co. - USA', 'Stiebel Eltron GmbH & Co. KG - Germany', 'Watts Water Technologies, Inc. - USA', 'Zehnder Group AG - Switzerland'

Advances in technology, particularly in the fields of artificial intelligence (AI), machine learning, sensor technology, and connectivity, have enabled the development and deployment of autonomous trucks. These technologies allow trucks to perceive their surroundings, make real-time decisions, and navigate complex environments without human intervention.

The autonomous truck market has witnessed significant developments driven by growing demand for energy-efficient solutions and increasing adoption of smart technologies. Manufacturers are focusing on innovations in heat pumps, solar heating systems, and advanced HVAC systems to reduce carbon emissions and enhance energy conservation. Integration of Internet of Things (IoT) features into heating equipment enables remote monitoring and control. Additionally, stricter environmental regulations and consumer awareness are shaping the market, encouraging a shift towards sustainable heating solutions. These trends indicate a dynamic landscape with a strong emphasis on eco-friendly, smart, and efficient heating equipment.

The largest markets for heating equipment are often found in regions with colder climates and strong economies. North America, Europe, and parts of Asia-Pacific are generally considered the largest markets.

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