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Truck Industry Tech

Using online platforms, autonomy, electric and fuel-cell tech solutions to shape the future of trucking.

Overview

Tools and technologies shaping the future of trucking

Truck industry tech players are introducing next-generation technologies and tools, collectively referred to as “Truck Industry Tech,” comprising route planning and freight management apps, driving assist platforms, autonomous trucks, and electric and fuel cell truck components.

These tech solutions aim to shape the future of the truck industry by improving road safety and fuel efficiency while moving traditional freight matching and route planning online, providing convenience and cost savings for truck drivers, fleets, and shippers. The Internet of Things (IoT), sensors, and camera technologies have become essential to fueling the industry’s advancements.

Route planning, online freight matching platforms, and Society of Automotive Engineers (SAE) Level 1 autonomous technology are in the commercial stage, whereas autonomous trucks (SAE level 4 and 5) and electric and fuel cell trucks are still at the pre-commercial stages.

What's driving this industry?
Market Sizing

The combined market for autonomous trucks, electric trucks, and digital freight platforms in the US could reach USD 31 billion–USD 52 billion by 2030

Conservative case

USD 31.0 Bn

Base case

USD 41.6 Bn

Expansion case

USD 52.3 Bn

USD billion020406020202021202220232024202520262027202820292030
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COVID-19 IMPACT

  • Autonomous trucks and technological advancements in the industry have come into the spotlight during the Covid-19 pandemic, providing possible solutions to several issues within the sector, including driver shortages and bottlenecks in supply chain logistics. 

  • The closing of state borders and manufacturing plants resulted in various industry-related issues, leading to layoffs for some businesses (ex: Kodiak Robotics, KeepTruckin).

  • Trucking apps, including Transflo, Trucker Tools, and Drivewyze, introduced new tools and features to safeguard driver health and keep supply chains moving during the Covid-19 pandemic.

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Market Mapping


The trucking tech industry is dominated by incumbents, especially in route planning software, driving and safety assist tools, and autonomous trucks. In contrast, startups hold a notable presence in freight matching and tracking platforms, likely influenced by the success of the digital ride-hailing and hospitality industries. Despite being relatively capital-intensive, the autonomous trucks segment also has a high presence of startups as costs of autonomous technology have decreased due to the boom in the self-driving vehicles industry. For example, Waymo managed to bring its Laser Bear Honeycomb LiDAR prices down by around 90% to roughly USD 7,500 by 2019 from the industry norm of USD 75,000 a few years before.

Incumbents
Growth
Early
Seed
Pre-Seed
Autonomous trucks
?
Driving and safety assist tools
?
Electric and fuel cell trucks
?
Route planning platforms
?
Online freight platforms
?
Transportation
Transportation
Transportation
Transportation
Transportation
Tesla
Google
Daimler
Volvo
Scania
Hyundai (Xcient)
Paccar
TuSimple
Kodiak Robotics
Gatik
Peloton Technology
Nuro (Ike)
Aurora Innovation
Plus
Embark Technology
Robotic Research
Einride
Locomation
Pronto.ai
REE Automotive
Solo Advanced Vehicle Technologies
NuPort Robotics
Hydron
Vivify Trucks
Tesla
Google
Daimler
Volvo
Scania
LeddarTech
ZF Group
Intel (Mobileye)
Paccar
Bendix Commercial Vehicle Systems
Safe Drive Systems
Xos
NetraDyne
Peloton Technology
Idelic
Aurora Innovation
Voysys
VehWare
Daimler
Volvo
Toyota
Hyundai (Xcient)
General Motors
Net Element
Nikola Motor Company
Hyzon Motors
Xos
Rivian
Tevva
Einride
Lordstown Motors
Volta Trucks
TravelCenters of America
Love's Travel Stops
Renren
Rand McNally
Trimble MAPS
PTV Group
Direct Freight Services
Zonar
Transflo
Geotab
ASG
Platform Science
Drivewyze
TruckBook
TruckPark
Road Hunter
Sygic
Truckbubba
Toggle
Renren
Direct Freight Services
Zonar
Transflo
Uber
ASG
Transcore
Convoy
project44
Motive
Sennder
Transfix
NEXT Trucking
InstaFreight
Shippeo
Flock Freight
Loadsmart
NetraDyne
CloudTrucks
Leaf Logistics
Cargomatic
Shipwell
SmartHop
MyCarrier
The Ai Fleet
Parade
Onward Delivery
ComFreight
Post.Bid.Ship
Transmetrics
Cargobot
Doft
Spotter
Channel19
TNX Logistics
123Loadboard
LoadExpress
Fork Freight
Trulos Transportation
Truckbubba
Transport Carrier Network
Haul
Preteckt
Toggle
LoadBoard Network
Five Star Load Board
Optimise Logistics

The Disruptors


Prominent startups focusing on autonomous trucks yet to reach full commercialization

The most prominent disruptors in the industry come from the autonomous trucks segment (collective funds raised to date over USD 4 billion), despite these companies still not reaching full commercial scale. Aurora Innovation and TuSimple are considered the segment leaders, having raised USD 1.1 billion and USD 648 million, respectively, and reaching unicorn status in 2019. Nuro is also included in this segment, raising more than USD 1.5 billion in funding; however, the company is primarily involved in last-mile delivery automation with only a limited presence in the autonomous trucks industry.

Most disruptors operate in the online freight platforms segment, raising more than USD 2 billion in funding collectively. These companies have reached commercial-scale operations, with the majority operating in early or growth stages. Convoy is the highest-funded company in the space, raising USD 666 million as of March 2021 (reaching unicorn status in 2018). KeepTruckin and Germany-based Sennder are other prominent trucking app startups, both having raised more than USD 200 million as of March 2021.

The industry also includes several companies that have been listed or propose to be listed via special purpose acquisition companies (SPACs), including 1) Nikola, an electric and fuel cell truck manufacturer that was listed in June 2020 at a post-money valuation of USD 3.3 billion; 2) Ree Automotive, an autonomous truck manufacturer listed in July 2021 through a SPAC at a valuation of USD 3.6 billion; 3) Hyzon, a hydrogen fuel cell truck manufacturer listed in July 2021 through a merger with a SPAC at a valuation of USD 2.7 billion; 4) Einride, an autonomous truck operator that announced it is looking for IPO opportunities via a SPAC in March 2021; 5) Plus, an autonomous truck manufacturer that announced its plans to be listed through a SPAC at a valuation of USD 3.3 billion in May 2021; 6) Embark Trucks, an autonomous truck manufacturer that announced its plans go public through a SPAC merger at a valuation of USD 5.2 billion in June 2021; and 7) Aurora Innovation, an autonomous truck manufacturer that announced its plans to publicly list through a SPAC merger at a valuation of USD 13 billion in July 2021. The autonomous truck operator TuSimple also filed for an IPO in March 2021.

Autonomous trucks

?

Disruptors

?
Funding in USD Millions
Aurora Innovation
Public - Market cap USD 2.5 bn
TuSimple
Public - Market cap USD 1.7 bn
Embark Technology
Public - Market cap USD 171.1 mn
REE Automotive
Public - Market cap USD 163.9 mn
Plus
520
Robotic Research
228
Kodiak Robotics
165
Einride
152
Gatik
122
Peloton Technology
78
Locomation
57
Watchlist
?
Nuro (Ike)
Solo Advanced Vehicle Technologies
NuPort Robotics
Hydron
Pronto.ai
Vivify Trucks

Driving and safety assist tools

?

Disruptors

?
Funding in USD Millions
Aurora Innovation
Public - Market cap USD 2.5 bn
Xos
Public - Market cap USD 199.3 mn
NetraDyne
263
Peloton Technology
78
Idelic
31
Safe Drive Systems
Unknown
Watchlist
?
VehWare
Voysys

Electric and fuel cell trucks

?

Disruptors

?
Funding in USD Millions
Rivian
Public - Market cap USD 30.2 bn
Nikola Motor Company
Public - Market cap USD 1.5 bn
Hyzon Motors
Public - Market cap USD 421.4 mn
Lordstown Motors
Public - Market cap USD 393.6 mn
Xos
Public - Market cap USD 199.3 mn
Volta Trucks
329
Tevva
174
Einride
152

Route planning platforms

?

Disruptors

?
Funding in USD Millions
Platform Science
198
Drivewyze
83
Watchlist
?
TruckBook
Toggle
TruckPark
Road Hunter
Sygic
Truckbubba

Online freight platforms

?

Disruptors

?
Funding in USD Millions
Convoy
931
project44
818
Motive
567
Flock Freight
399
Loadsmart
346
Sennder
340
NetraDyne
263
CloudTrucks
142
Transfix
129
NEXT Trucking
124
InstaFreight
75
Shippeo
68
Leaf Logistics
59
Cargomatic
56
Shipwell
47
SmartHop
47
MyCarrier
36
The Ai Fleet
25
Parade
18
Haul
13
Watchlist
?
Onward Delivery
Preteckt
ComFreight
Post.Bid.Ship
Transmetrics
Cargobot
Toggle
Doft
Spotter
Channel19
Truckbubba
TNX Logistics
LoadBoard Network
123Loadboard
Five Star Load Board
LoadExpress
Fork Freight
Trulos Transportation
Optimise Logistics
Transport Carrier Network

Aurora Innovation

Aurora Innovation (Aurora) is an autonomous vehicle technology startup founded by former Google, Tesla, and Uber executives. It provides autonomous vehicles under two divisions, namely “Aurora Horizon” (its autonomous trucking service) and “Aurora Connect” (its autonomous ride-hailing service). Both are powered by the company’s self-driving technology “Aurora Driver,” which is expected to be feature complete by Q1 2023. In July 2020, the company tested Aurora Driver using Peterbilt Class-8 trucks and Chrysler Pacifica minivans. The vehicles were tested on commercial routes for package delivery in Texas. In August 2021, Aurora launched its “Fusion” next-generation hardware kit to improve the decision-making speed and accuracy of Aurora Driver and enable autonomous vehicles to operate in varying weather conditions. The company also introduced “Aurora Beacon,” a fleet management software in May 2022. The company has its own LiDAR sensor system, “FirstLight Lidar,” integrated into its Aurora Driver technology.

Aurora plans to provide the service to customers on a subscription basis once commercialized in 2024. The company had a fleet of 20 trucks as of June 2022.

Key customers and partnerships

In January 2021, Aurora partnered with the medium and heavy-duty truck manufacturer Paccar to develop and deploy autonomous trucks. The plan is to test autonomous Peterbilt and Kenworth trucks at Paccar’s technical center in Washington and on public roads. The companies expect to deploy the trucks in North America within the next few years. March 2021, Aurora also partnered with Volvo to jointly develop autonomous semi-trucks for the North American market. The prototype version of the truck was unveiled in September 2021.

Aurora has secured several deployment partnerships with companies including FedEx (September 2021; extended in May 2022) Uber Freight (December 2021), Werner Enterprises (April 2022), and Schneider National (August 2022) for delivery pilots in Texas. The company also has partnerships with U.S. Xpress (February 2022) and Covenant Logistics (May 2022) to design deployment strategies and refine its autonomous technology.

Aurora acquired Advanced Technologies Group (ATG), Uber’s self-driving car unit in December 2020, to complement its autonomous technology development. As part of the transaction, upon transferring ATG to Aurora, Uber invested USD 400 million in Aurora, and Uber’s CEO joined Aurora’s board. It has also acquired two LiDAR startups, namely Blackmore (May 2019) and OURS Technology (February 2021), to expedite and complement its LiDAR development process. 

Funding and financials

Aurora was listed on the Nasdaq in November 2021 by merging with a special purpose acquisition company (SPAC), valuing the combined entity at USD 13 billion. For the year ended December 2021, the company reported revenue of USD 83.5 million and a net loss of USD 755.5 million (a USD 1.22 loss per share).

Segment:
Autonomous trucks
Total funding:
USD 2.1 billion
Competitors:
Plus, TuSimple, Einride, Embark Technology, Kodiak Robotics
Disruptor Funding History

Autonomous trucks:

Aurora Innovation
TuSimple
Embark Technology
REE Automotive
Plus
Robotic Research
Kodiak Robotics
Einride
Gatik
Peloton Technology
Locomation
Nuro (Ike)
Solo Advanced Vehicle Technologies
NuPort Robotics

Driving and safety assist tools:

Aurora Innovation
Xos
NetraDyne
Peloton Technology
Idelic

Electric and fuel cell trucks:

Rivian
Nikola Motor Company
Hyzon Motors
Lordstown Motors
Xos
Volta Trucks
Tevva
Einride

Incumbents


Well-established truck manufacturers are increasingly adopting autonomous and alternative fuel solutions

Incumbents in the autonomous and alternative fuel truck space are well-established truck manufacturers, with the majority offering self-driving tech as well. For example, Volvo Trucks develops its own autonomous truck dubbed “Vera” while also offering a collision mitigation system called 'Volvo Active Driver Assist.'

Incumbents in the route planning and online freight platforms space include truck stop and travel center companies that introduce their own apps (TravelCenters of America, Love's Travel Stops), as well as other established road travel planning and freight matching companies with separate apps for truck drivers (Trimble MAPS, Zonar, and Direct Freight Services).

Autonomous trucks
Driving and safety assist tools
Electric and fuel cell trucks
Route planning platforms
Online freight platforms
In House Development
M&A
Partnership
Investment
Tesla
Google
Daimler
Volvo
Scania
Toyota
Hyundai (Xcient)
TravelCenters of America
Love's Travel Stops
Renren
Rand McNally
Trimble MAPS
PTV Group
Direct Freight Services
Zonar
Transflo
General Motors
Geotab
Uber
LeddarTech
ZF Group
Intel (Mobileye)
Paccar
Bendix Commercial Vehicle Systems
ASG
Transcore
Net Element

Notable Investors


No investor data is available

Funding data are powered by Crunchbase
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