Automated, LiDAR Trucks to Expand at 10% CAGR: Fact.MR

By- Fact.MR

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The global automated truck market is projected to grow at a healthy CAGR of over 22% from 2021 to 2031, touching an impressive valuation of over US$ 1.5 Bn, concludes Fact.MR’s recently published report. Rising concerns regarding road safety is prompting increased automation in the automotive industry, stimulating growth.

From 2016 to 2020, sales of automated trucks recorded an impressive surge, closing in at US$ 210 Mn by the end of the historical period. Amidst the COVID-19 pandemic, prospects further inclined, as mandatory social distancing norms prompted automotive manufacturers to invest a considerable portion of their funds to develop driverless systems- a trend which is expected to become the new normal in forthcoming years.

The technology is hailed by the automotive sector since it has helped in significantly curbing the risk of accidents caused due to negligence. Fact.MR in its recent study has identified that automotive trucks will be a thriving market. The demand for automated trucks is forecast to surge in the coming years especially because they are in-built with advanced technological systems such as improved cameras and sensors for quick response.