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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

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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.

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
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Driving and safety assist tools
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Electric and fuel cell trucks
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Route planning platforms
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Online freight platforms
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Post.Bid.Ship
Post.Bid.Ship
Post.Bid.Ship
Post.Bid.Ship
Post.Bid.Ship
Tesla
Google Waymo
Daimler
Volvo
Scania
Hyundai (Xcient)
Paccar
TuSimple
Gatik
Peloton Technology
Nuro (Ike)
Plus
Embark Trucks
Robotic Research
Kodiak Robotics
Einride
Locomation
Pronto.ai
Aurora Innovation
REE Automotive
NuPort Robotics
Vivify Trucks
Tesla
Google Waymo
Daimler
Volvo
Scania
LeddarTech
ZF Group
Intel (Mobileye)
Paccar
Bendix Commercial Vehicle Systems
Safe Drive Systems
NetraDyne
Peloton Technology
Voysys
Aurora Innovation
VehWare
Daimler
Volvo
Toyota Motor North America
Hyundai (Xcient)
General Motors
Rivian
Nikola Motor Company
Hyzon Motors
Xos Trucks
Lordstown Motors
Volta Trucks
Bollinger Motors
TravelCenters of America
Love's Travel Stops
Renren
Rand McNally
Trimble MAPS
PTV Group (PTV Navigator)
Direct Freight Services
Zonar
Transflo
ASG (Trucker Tools)
Drivewyze
TruckPark
Road Hunter
Sygic
TruckBook
Truckbubba
Toggle
Renren
Direct Freight Services
Zonar
Transflo
Geotab
Uber Freight
ASG (Trucker Tools)
Transcore (DAT Solutions)
project44
Convoy
KeepTruckin
Sennder
Transfix
NEXT Trucking
InstaFreight
Flock Freight
NetraDyne
Loadsmart
CloudTrucks
Cargomatic
Shipwell
SmartHop
Post.Bid.Ship
Transmetrics
Onward Delivery
Cargobot
Doft
TNX Logistics
LoadExpress
Truckbubba
Preteckt
Haul
Toggle
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

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Disruptors

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Funding in USD Millions
Aurora Innovation
Public - Market cap USD 8.2 bn
TuSimple
Public - Market cap USD 5.2 bn
Embark Trucks
Public - Market cap USD 2.0 bn
REE Automotive
Public - Market cap USD 1.8 bn
Plus
520
Robotic Research
228
Kodiak Robotics
165
Einride
152
Gatik
122
Peloton Technology
78
Locomation
57
Watchlist
?
Nuro (Ike)
NuPort Robotics
Pronto.ai
Vivify Trucks

Driving and safety assist tools

?

Disruptors

?
Funding in USD Millions
Aurora Innovation
Public - Market cap USD 8.2 bn
NetraDyne
198
Peloton Technology
78
Safe Drive Systems
Unknown
Watchlist
?
VehWare
Voysys

Electric and fuel cell trucks

?

Disruptors

?
Funding in USD Millions
Rivian
Public - Market cap USD 70.6 bn
Nikola Motor Company
Public - Market cap USD 3.0 bn
Hyzon Motors
Public - Market cap USD 1.2 bn
Lordstown Motors
Public - Market cap USD 597.8 mn
Xos Trucks
Public - Market cap USD 400.7 mn
Volta Trucks
69
Watchlist
?
Bollinger Motors

Route planning platforms

?

Disruptors

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

Online freight platforms

?

Disruptors

?
Funding in USD Millions
project44
818
Convoy
676
KeepTruckin
417
Flock Freight
399
Sennder
340
NetraDyne
198
Loadsmart
146
CloudTrucks
142
Transfix
129
NEXT Trucking
124
Cargomatic
56
Shipwell
47
InstaFreight
35
SmartHop
17
Watchlist
?
Preteckt
Post.Bid.Ship
Transmetrics
Onward Delivery
Cargobot
Haul
Toggle
Doft
Truckbubba
TNX Logistics
LoadExpress
Optimise Logistics

Aurora Innovation

Aurora Innovation (Aurora) is an autonomous vehicle technology startup founded by former Google, Tesla, and Uber executives, listed on Nasdaq since November 2021. 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.” 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. The company has its own LiDAR sensor system, “FirstLight Lidar,” integrated into its Aurora Driver technology. It has acquired two LiDAR startups, namely Blackmore (May 2019) and OURS Technology (February 2021), to expedite and complement the development process. The company will provide the service to customers on a subscription basis once commercialized in 2023.

Aurora also 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. In August 2021, Aurora launched its “Fusion” next-generation hardware kit to integrate its technology with Uber ATG’s and improve the decision-making speed and accuracy of Aurora Driver and enable autonomous vehicles to operate in varying weather conditions, including rain, snow, and fog. In December 2021, the company also partnered with Uber Freight to launch a pilot to haul goods in Texas and integrate Uber Freight's shipping platform within Aurora Horizon.

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. The companies also partnered with logistics provider FedEx in September 2021, to launch a commercial pilot of autonomous trucks in linehaul trucking operations, by configuring Paccar’s trucks with “Aurora Driver'' to haul FedEx loads between Dallas and Houston. These trucks operate autonomously with a backup driver for additional safety, which is reported to be in line with Aurora’s target to launch autonomous trucking technology to operate without a safety driver by the end of 2023. In 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 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.

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

Autonomous trucks:

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

Driving and safety assist tools:

Aurora Innovation
NetraDyne
Peloton Technology

Electric and fuel cell trucks:

The 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).

Acquisition

In-house Product Development

Partnership

company-logo-0Tesla
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company-logo-1Google Waymo
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company-logo-2Daimler
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company-logo-3Volvo
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company-logo-4Scania
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company-logo-5Toyota Motor North America
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company-logo-6Hyundai (Xcient)
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company-logo-7TravelCenters of America
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company-logo-8Love's Travel Stops
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company-logo-9Renren
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company-logo-10Rand McNally
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company-logo-11Trimble MAPS
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company-logo-12PTV Group (PTV Navigator)
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company-logo-13Direct Freight Services
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company-logo-14Zonar
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company-logo-15Transflo
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company-logo-16General Motors
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company-logo-17Geotab
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company-logo-18Uber Freight
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company-logo-19LeddarTech
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company-logo-20ZF Group
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company-logo-21Intel (Mobileye)
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company-logo-22Paccar
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company-logo-23Bendix Commercial Vehicle Systems
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company-logo-24ASG (Trucker Tools)
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company-logo-25Transcore (DAT Solutions)
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Tesla

Unveiled in November 2017, “Tesla Semi” is Tesla Motors’ electric class 8 semi-truck that comes with its self-driving technology, “Tesla Autopilot.” The autopilot feature is equipped with automatic emergency braking, lane keeping alerts, lane departure warnings, and event recording, with SAE Level 2 automation. Tesla Semi marked its first test delivery in March 2018, transporting battery packs from the Gigafactory to the company’s car factory, both in Nevada, covering around 240 miles each way.

The company pushed back mass production of the truck to 2023 from 2019 but started limited production in December 2021. The delay came amid the company’s attempt to develop its own battery cells at scale for the trucks, and other supply chain shortages. The truck models are expected to be priced at USD 150,000 (300-mile range model) and USD 180,000 (500-mile range model). Tesla has secured preorders for the truck from companies including Karat Packaging (for 10 trucks; December 2021), MHX Leasing (for 10 Trucks; April 2021), Pride Group Enterprises (for 150 trucks; November 2020), Walmart Canada (for 130 trucks; September 2020), and Pepsi (for 100 trucks; December 2017). It was reported in February 2021 that at least two units had been spotted being transported in Sacramento, California, the first appearance since the launch in 2018.

Notable Investors

No investor data is available

Funding data are powered by Crunchbase
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