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Autonomous Trucks Market Projected to Reach $6.9 Billion by 2028, Reveals Latest BCC Research Study

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BOSTON, Feb. 19, 2024 /PRNewswire/ — Autonomous trucks are vehicles that can drive themselves without human intervention, using sensors, cameras, and artificial intelligence. They offer many benefits such as improved safety, efficiency, and cost savings for the global transportation industry.

Boston: “According to the latest BCC Research study, the demand for Autonomous Trucks: Global Markets is estimated to increase from $3.3 billion in 2023 to reach $6.9 billion by 2028, at a compound annual growth rate (CAGR) of 16.2% from 2023 through 2028.”

This comprehensive report offers a detailed overview of the global autonomous trucks market, leveraging 2022 as a baseline year and projecting estimated market data for the period spanning 2023 to 2028. Revenue forecasts during this timeframe are intricately segmented across various parameters including components, autonomy levels, propulsion types, truck categories, end-use applications, and regional considerations. By delving into major market trends and challenges, the report sheds light on the dynamic landscape that shapes the industry. Furthermore, it elucidates current market dynamics while providing in-depth profiles of key players and a nuanced understanding of their strategies aimed at bolstering their market presence. The report not only estimates the market size for autonomous trucks in 2023 but also offers comprehensive projections, painting a vivid picture of the expected market trajectory up to the year 2028. With its thorough analysis, the report serves as a valuable resource for stakeholders seeking insights into the rapidly evolving landscape of autonomous truck technology and its global market dynamics.

The integration of autonomous trucks is poised to revolutionize existing truck allocation structures, ushering in a new era of logistics models that facilitate both horizontal and vertical integration. This transformative shift holds the potential to address a multitude of challenges faced by shipping companies. Concurrently, manufacturers are actively engaged in developing low-emission Autonomous Vehicles (AVs) aimed at enhancing supply chain efficiency and mitigating transportation-related emissions within the freight transportation sector. Noteworthy achievements in this realm include TuSimple, Inc. receiving the EPA’s SmartWay High Performer award in 2021, a recognition reserved for the top 10% of fleets exhibiting the quietest CO2 emissions. In a regulatory context, the National Highway Traffic Safety Administration (NHTSA) took a pivotal step in April 2023 by amending reporting requirements for AV crashes. This amendment is anticipated to yield more accurate accident reports, furnishing crucial data to support future regulatory changes and further advancing the responsible integration of autonomous technologies into transportation systems.

Explore the comprehensive insights and strategic implications of this groundbreaking research. Click here to Learn More.

Key Drivers of Autonomous Trucks: Global Markets

Growing Emphasis on Enhanced Road Safety and Traffic Management: The advent of autonomous trucks heralds a significant paradigm shift towards heightened road safety and more efficient traffic control. Leveraging cutting-edge technologies such as sensors, cameras, and artificial intelligence, these vehicles have the potential to substantially mitigate human errors, thereby contributing to a safer road environment. Additionally, their ability to communicate with both fellow autonomous trucks and the infrastructure allows for optimized traffic flow, minimizing congestion and enhancing overall road system efficiency.

Reduced Emissions and Enhanced Fuel Efficiency in the Realm of Autonomous Trucks: Autonomous trucks emerge as powerful allies in the global effort to combat climate change, as they introduce innovative features like platooning, adaptive cruise control, and eco-driving. By leveraging these capabilities, these vehicles not only exhibit reduced fuel consumption but also significantly lower greenhouse gas emissions. Furthermore, the potential transition to electric propulsion represents a promising avenue for further diminishing their environmental footprint, aligning with the broader push towards sustainable transportation solutions.

Advancements in the Technological Landscape: The dynamic landscape of autonomous trucking is propelled by the rapid evolution and innovation of pivotal technologies, including Artificial Intelligence (AI), Light Detection and Ranging (LiDAR), 5G connectivity, and cloud computing. These technological strides play a pivotal role in elevating the performance, reliability, and security of autonomous trucks. Moreover, they pave the way for the emergence of novel business models and services, shaping a transformative future for the industry while bolstering its capacity to meet evolving demands.

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Report Synopsis

Report Metrics

Details

Base year considered

2022

Forecast Period considered

2023-2028

Base year market size

$2.9 billion

Market Size Forecast

$6.9 billion

Growth Rate

CAGR of 16.2% from 2023 to 2028

Segment Covered

By Component, Autonomy, Propulsion Type, Truck Type, End Use, and Region

Regions covered

North America, Europe, Asia-Pacific, and the Rest of the World (RoW)

Countries covered

U.S., Canada, Mexico, U.K., Germany, China, India, and Japan

Key Market Drivers

 

Growing Emphasis on Improved Road Safety and Traffic Control Reduced Emissions and Higher Fuel Efficiency of Autonomous Trucks Improved Technological Landscape

 

Autonomous Trucks Global Markets Segmentation:

By Component: Analyzing the Autonomous Truck Market’s Building Blocks

This segmentation delves into the intricate layers of the autonomous truck market, dissecting it based on the fundamental components that drive these cutting-edge vehicles. The bifurcation centers around the dichotomy of software and hardware. Software, the brain of the autonomous truck, encompasses programs and algorithms that orchestrate functions such as navigation, perception, and decision-making. Meanwhile, hardware comprises the sensory and operational apparatus, featuring devices like cameras, navigation systems, sensors, and Advanced Driver Assistance Systems (ADAS) components, collectively serving as the eyes and ears of these autonomous entities.

By Autonomy: Unraveling Degrees of Autonomy in the Trucking Realm

This market segmentation peels back the layers based on the degree of autonomy inherent in autonomous trucks, delineating the spectrum of human intervention required for seamless operation. Semi-autonomous trucks tread a middle ground, proficient in executing certain functions autonomously but necessitating human oversight and control. In contrast, fully autonomous trucks emerge as self-sufficient entities, adept at executing all functions autonomously, sans any human intervention, marking a paradigm shift in the landscape of autonomous transportation.

By Propulsion Type: Navigating the Power Sources of Autonomous Trucks

This segment intricately categorizes the market according to the type of propulsion systems propelling these autonomous marvels. Internal Combustion (IC) engines harness the combustion of fossil fuels for power generation, while electric trucks rely on batteries or fuel cells to store and convert electrical energy into propulsive force. Hybrid trucks ingeniously blend IC engines and electric motors, optimizing power and efficiency in a symbiotic fusion of traditional and contemporary technologies.

By Truck Type: Gauging Autonomy Based on Truck Size and Capacity

This segmentation classifies the market based on the size and capacity of autonomous trucks, offering a nuanced perspective. Light-duty trucks, with a Gross Vehicle Weight Rating (GVWR) below 6,000 lbs, find their niche alongside medium-duty trucks (6,000 to 26,000 lbs GVWR) and heavy-duty trucks (exceeding 26,000 lbs GVWR). This categorization provides a comprehensive understanding of the diverse landscape encompassing various truck types within the autonomous domain.

By End Use: Mapping Autonomous Truck Applications Across Industries

This segment unfolds based on the diverse industries and sectors harnessing the potential of autonomous trucks. Logistics and transportation, manufacturing, mining, construction, and an array of others form the tapestry of end-use applications. From the movement of goods and people to the production of goods, extraction of minerals, construction activities, and beyond, the autonomous truck’s impact extends across an array of sectors, encompassing ports, farming, oil and gas, chemicals, and agriculture.

By Region: Navigating the Global Terrain of Autonomous Truck Adoption

This geographical segmentation scrutinizes the global landscape, partitioning it into regions such as North America, Europe, Asia-Pacific, and the Rest of the World. Further sub-segmentation drills down into specific countries, providing a comparative analysis of market size, growth, and trends. This regional perspective offers invaluable insights into the diverse dynamics shaping the adoption and evolution of autonomous trucks across different corners of the globe.

This report on Autonomous Trucks: Global Markets provides comprehensive insights and analysis, addressing the following key questions:

1.  What is the projected market size and growth rate of the market?

The global market for autonomous trucks was projected to grow from $2.9 billion in 2022 to $6.9 billion in 2028, at a compound annual growth rate (CAGR) of 16.2% during the forecast period 2023-2028.

2.  What are the key factors driving the growth of the market?

The key factors driving the growth of the autonomous trucks market include growing emphasis on improved road safety and traffic control, reduced emissions and higher fuel efficiency of autonomous trucks, improved technological landscape, and growth of connected infrastructures.

3.  What segments are covered in the market?

Global autonomous trucks market is segmented based on component, autonomy, propulsion type, truck type, end use, and region.

4.  By End use, which segment will dominate the market by the end of 2028?

By the end of 2028, the logistics and transportation segment will continue to dominate the global autonomous trucks market. The segment will show a dominating position till the end of 2028, owing to lower load and long haulage costs, streamline traffic flows, shorter delivery time, and improve fuel efficiency by reducing freight and logistics costs.

5.  Which region has the highest market share in the market?

Europe holds the highest market share in the global autonomous trucks market. Presence of major OEMs such as Tesla, Inc., Robert Bosch GmbH, Mercedes Benz Group, and MAN Truck & Bus which are launching new models with advanced automation levels, implementation of various self-driving vehicle related rules and regulations by the European Union, and availability of advanced communication infrastructure drives the demand for adopting autonomous trucks in the region.

Some of the Key Market Players Are:

 AB VOLVO APTIV CATERPILLAR CONTINENTAL AG DENSO CORP. EINRIDE KODIAK ROBOTICS INC. MERCEDES-BENZ GROUP AG PACCAR INC. ROBERT BOSCH GMBH TESLA INC. TUSIMPLE HOLDINGS INC. WAYMO LLC

Directly Purchase a copy of the report with BCC Research.

For further information or to make a purchase, please get in touch with info@bccresearch.com.  

About BCC Research

BCC Research provides objective, unbiased measurement and assessment of market opportunities with detailed market research reports. Our experienced industry analysts’ goal is to help you make informed business decisions, free of noise and hype.

Contact Us
Corporate HQ: BCC Research LLC, 49 Walnut Park, Building 2, Wellesley, MA 02481, USA
Email: info@bccresearch.com,
Phone: +1 781-489-7301

For media inquiries, email press@bccresearch.com or visit our media page for access to our market research library.

Data and analysis extracted from this press release must be accompanied by a statement identifying BCC Research LLC as the source and publisher.

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Complete Genomics Highlights Innovation with Expanded Multi-Omics and Spatial Transcriptomics Applications at ASHG 2024

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DENVER, Nov. 4, 2024 /PRNewswire/ — At the American Society of Human Genetics (ASHG) Annual Meeting (Nov. 5-9, 2024), Complete Genomics, a pioneering genomic sequencing company, will highlight an expanded application menu and broader market adoption of its flagship sequencer DNBSEQ-T7 ™ and a series of product launches and new innovations.

Over the last year, Complete Genomics’ flagship sequencer, DNBSEQ-T7 has gained more adoption in the market for its flexibility, catering to the industry trend of sequencing more modalities (multi-omics from DNA/RNA to protein), at a lower cost and higher resolution (from bulk to single cell and spatial omics), through an expanded menu of applications to enable human genetics research using DNBSEQ CompleteWGS, spatial transcriptomics, proteomics, and single cell sequencing.

“Aligning with the industry’s demand to rapidly provide more data at a lower cost point, in 2024, our flagship high throughput sequencer, DNBSEQ-T7, gained good traction in the high throughput sequencing market,” said Rob Tarbox, VP of Product and Marketing at Complete Genomics.

At Booth #745, ASHG attendees can learn about whole genome sequencing (WGS) and spatial solutions, product highlights, new technology innovations, sequencing product demos, a menu of sequencing applications. To learn more and add the full program of speakers to your calendar, visit completegenomics.com/ASHG2024.

Complete Genomics will highlight the following product innovations:

DNBSEQ-G400RS FluoXpert: This new multifunctional sequencer merges high-throughput sequencing with multiplex immunofluorescence (mIF), enabling in vivo spatial protein detection and seamless multi-omics analysis for both DNA/RNA and protein data within one system.DNBSEQ-G800: A versatile benchtop sequencer designed for exceptional accuracy and extended read lengths enabling Q40 accuracy and single-end reads of 600 bp and beyond, it delivers the longest single read among short-read sequencers, powered by CoolMPS technology for improved variant calling for a range of demanding applications.DNBelab-D4 Digital Sample Preparation System: A portable, fully automated system for preparing libraries from DNA or RNA samples to DNA Nanoballs (DNBs) in about 2.5-3.5 hours. This enclosed system minimizes contamination and accelerates turnaround, making it ideal for metagenomics, targeted sequencing, whole genome sequencing and converting third-party libraries for DNBSEQ compatibility.DNBSEQ-G99 – Delivering Q40 data quality for a broad swath of sequencing applications, with two independent flow cells for up to 48 Gb in less than 12 hours for PE150 (from loading to FASTQ), or 96 Gb in 30 hours for PE300.Spatial transcriptomics – New agreement to be the exclusive distributor of STOmics products in the U.S. STOmics, which specializes in solutions for spatial multi-omics through an advanced spatiotemporal multi-omics platform, is differentiated with unbiased, high resolution, species agnostic, large field of view multi-omics solutions. Researchers interested in incorporating spatial transcriptomics into their research can apply to two targeted tracks of the Complete Genomics Spatial Xcellerator grant program.CompleteWGS – A comprehensive workflow solution that provides increased genomic coverage, improved sequencing of challenging genes, and haplotype phasing. The solution enables labs to routinely sequence genomes yielding high quality, comprehensive data in a cost-effective and scalable manner. The approach is powered by the proven accuracy of DNBSEQ sequencing technology.

Here are the highlighted expert talks that Complete Genomics will host at ASHG 2024:

CoLab: Wednesday, Nov. 6, 9:45 a.m. – 10:15 a.m., CoLab Theater 3

Speaker: Joe Yeong, MD, Ph.D., FRCPath (UK), Group Leader, IMCB, A*STAR, Division of Pathology, Singapore General Hospital

Topic: Unlocking True Spatial Multi-Omics (DNA-RNA-Protein) with GoSpatial, Stereo-seq, and FluoXpert: When 1 + 1 > 2

Industry Workshop: Thursday, Nov. 7, 12:00 – 1:00 p.m., Room 105, Denver Convention Center

Michael Snyder, Ph.D. – Director, Center for Genomics and Personalized Medicine, Stanford UniversityTopic: Cutting Edge Omics Discovery by DNBSEQ™ TechnologyGang Wu, Ph.D. – Director, Center for Applied Bioinformatics, St. Jude Children’s Research HospitalTopic: Using Linked-read Sequencing to Dissect Complex Rearrangements in Extrachromosomal DNASky Lee, Ph.D. – Associate Director, Genomics Shared Resource, University of Colorado AnschutzTopic: $350 Human WGS from Sample to Result with DNBSEQ-T7 Platform

Exploring Spatial Omics: Dinner & Workshop, Thursday, Nov. 7, 7:00 – 9:30 p.m., Capitol Five, Hyatt Regency

Speakers:

Yongfu Wang, Ph.D., Sr. Manager, Field & Sales Support for STOmics
Complete Genomics

Topic: Mapping the Future Omics: Stereo-seq for Single-cell Spatial Whole Transcriptome Profiling for Diverse Biological Applications

Hui Shen, Ph.D. Professor, Associate Director, Tulane Center for Biomedical Informatics and Genomics, Deming Department of Medicine, School of Medicine, Tulane University

Topic: Spatial Transcriptomic Analysis of Alzheimer’s Disease Using Stereo-seq

About Complete Genomics

Complete Genomics is a pioneering life sciences company that provides novel, end to end DNA sequencing solutions. It has been at the forefront of high throughput, cost-effective sequencing technology development since its inception in 2005. Our products have powered over 9,400 publications across a wide array of applications. To learn more, visit www.completegenomics.com.

* For Research Use Only. Not for use in diagnostic procedures.

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SOURCE Complete Genomics

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goeasy Ltd. Announces Closing of US$400 Million and C$150 Million Offering of Senior Unsecured Notes

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MISSISSAUGA, ON, Nov. 4, 2024 /CNW/ – goeasy Ltd. (TSX: GSY) (“goeasy” or the “Company”), one of Canada’s leading consumer lenders focused on delivering a full suite of financial services to Canadians with non-prime credit, is pleased to announce that it closed its previously announced offering of US$400 million aggregate principal amount of 6.875% senior unsecured notes due 2030 (the “USD Notes”), which was upsized from US$350 million at the initial time of offering, and C$150 million aggregate principal amount of 6.000% senior unsecured notes due 2030 (the “CAD Notes”, and together with the USD Notes, the “Notes”).

In connection with the offering of the USD Notes, goeasy also entered into a currency swap agreement (the “Currency Swap”) to reduce the Canadian dollar equivalent cost of borrowing of the USD Notes to 5.977% per annum. goeasy intends to use the net proceeds from the sale of the Notes to fund the previously announced, and now expired, cash tender offer (the “Tender Offer”) to purchase any and all of its outstanding 4.375% senior unsecured notes due 2026 (the “2026 Notes”), partially repay indebtedness under its secured facilities and for general corporate purposes. This press release shall not constitute an offer to purchase any of the 2026 Notes.

“We are pleased to announce the closing of our unsecured notes offering, including our inaugural Canadian dollar denominated issuance, highlighting the confidence in our business,” said Hal Khouri, goeasy’s Executive Vice President & Chief Financial Officer, “The Canadian dollar equivalent cost of borrowing of the USD Notes at 5.977% per annum is down from 6.38% per annum at our last notes offering in July. This financing increases our total funding capacity to C$1.8 billion to support our organic growth plans.”

About goeasy

goeasy Ltd. is a Canadian company, headquartered in Mississauga, Ontario, that provides non-prime leasing and lending services through its easyhome, easyfinancial and LendCare brands. Supported by over 2,500 employees, the Company offers a wide variety of financial products and services including unsecured and secured instalment loans, merchant financing through a variety of verticals and lease-to-own merchandise. Customers can transact seamlessly through an omnichannel model that includes online and mobile platforms, over 400 locations across Canada, and point-of-sale financing offered in the retail, powersports, automotive, home improvement and healthcare verticals, through over 10,300 merchant partners across Canada. Throughout the Company’s history, it has acquired and organically served over 1.4 million Canadians and originated over C$14.3 billion in loans.

Accredited by the Better Business Bureau, goeasy is the proud recipient of several awards in recognition of its exceptional culture and continued business growth including 2024 Best Workplaces™ in Financial Services & Insurance, Waterstone Canada’s Most Admired Corporate Cultures, ranking on the 2022 Report on Business Women Lead Here executive gender diversity benchmark, placing on the Report on Business ranking of Canada’s Top Growing Companies, ranking on the TSX30, Greater Toronto Top Employers Award and has been certified as a Great Place to Work®. The Company is represented by a diverse group of team members from over 70 nationalities who believe strongly in giving back to communities in which it operates. To date, goeasy has raised and donated over C$5.8 million to support its long-standing partnerships with BGC Canada and many other local charities. In 2023, the Company announced a 3-year, C$1.4 million commitment to BGC Canada’s Food Fund.

goeasy Ltd.’s. common shares are listed on the TSX under the trading symbol “GSY”. 

Forward-Looking Statements

This press release includes forward-looking statements about goeasy, including, but not limited to, its business operations, strategy and expected financial performance and condition. Forward-looking statements include, but are not limited to, statements with respect to the expectations regarding the use of net proceeds of the Notes offering, the effect of the Currency Swap and the repurchase of the 2026 Notes pursuant to the Tender Offer. In certain cases, forward-looking statements that are predictive in nature, depend upon or refer to future events or conditions, and/or can be identified by the use of words such as “expect”, “continue”, “anticipate”, “intend”, “aim”, “plan”, “believe”, “budget”, “estimate”, “forecast”, “foresee”, “target” or negative versions thereof and similar expressions, and/or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved.

Forward-looking statements are based on certain factors and assumptions, including expected growth, results of operations and business prospects and are inherently subject to, among other things, risks, uncertainties and assumptions about the Company’s operations, economic factors and the industry generally. There can be no assurance that forward-looking statements will prove to be accurate as actual results and future events could differ materially from those expressed or implied by forward-looking statements made by the Company. Some important factors that could cause actual results to differ materially from those expressed in the forward-looking statements include, but are not limited to, goeasy’s ability to enter into new lease and/or financing agreements, collect on existing lease and/or financing agreements, open new locations on favourable terms, offer products which appeal to customers at a competitive rate, respond to changes in legislation, react to uncertainties related to regulatory action, raise capital under favourable terms, compete, manage the impact of litigation (including shareholder litigation), control costs at all levels of the organization and maintain and enhance the system of internal controls.

The Company cautions that the foregoing list is not exhaustive. These and other factors could cause actual results to differ materially from our expectations expressed in the forward-looking statements, and further details and descriptions of these and other factors are disclosed in the Company’s Management’s Discussion and Analysis, including under the section entitled “Risk Factors”. The reader is cautioned to consider these, and other factors carefully and not to place undue reliance on forward-looking statements, which may not be appropriate for other purposes. The Company is under no obligation (and expressly disclaims any such obligation) to update or alter the forward-looking statements whether as a result of new information, future events or otherwise, unless required by law.

SOURCE goeasy Ltd.

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dotCMS Hosts dotConnect24 Virtual Event, Connecting Digital Content & Experience Experts

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dotCMS, a leading Universal CMS solution, is hosting dotConnect24, a free virtual event on November 12 & 13, designed for marketing, development, and IT professionals. Attendees will explore the latest in multi-tenant content management, AI-driven workflows, and other cutting-edge digital experience topics to build a future-proof content strategy for 2025.

MIAMI, Nov. 4, 2024 /PRNewswire-PRWeb/ — dotCMS, the leading Universal CMS, will host dotConnect24, a virtual event happening November 12 & 13. This event invites marketing, development, and IT professionals to explore advanced CMS solutions and network with industry experts.

“dotConnect24 will give attendees the tools and knowledge to transform their digital strategies in meaningful ways.” – Inna Bosenko, VP of Marketing, dotCMS

dotConnect24 will feature presentations and panels from key dotCMS leaders, including Preston So, VP of Product, Freddy Montes, Technical Product Manager & Lead Frontend Developer, and Will Ezell, Co-Founder and CTO. They’ll be joined by thought leaders from Total Expert, Refine Labs, World Travel Holdings, GitBook, DEPT, Botify, and many others, presenting insights on modern digital content strategies, CMS advancements, brand development and consistency, multi-tenancy, and AI-driven content workflows.

“This event unites industry visionaries, innovators, and practitioners to dive deep into transformative solutions that empower technical and editorial teams to streamline content management and elevate digital experiences across every channel,” said Inna Bosenko, VP of Marketing at dotCMS. “dotConnect24 will give attendees the tools and knowledge to transform their digital strategies in meaningful ways.”

The event will also showcase an on-demand session from dotCMS’s Universal CMS Summit held earlier this year, and all registered attendees will receive access to this content for further learning and implementation.

Media Contact

Inna Bosenko, dotCMS, +1-305-900-2001, marketing@dotcms.com, dotCMS.com

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