Financing models, federal rules take shape for autonomous trucks
Autonomous truck market could reach $1.5T by 2034
The autonomous truck market continues to heat up as financing models and a federal framework come into focus.
The global autonomous truck market is projected to more than quadruple to $1.5 trillion in 2034 from $356.9 billion in 2024, according to Global Market Insights.
But despite rapid market growth, financing models have not been solidified due to unclear pricing data and residual value uncertainty. However, the financing landscape is starting to take shape as it shifts from “speculative investment toward more structured, performance-based models,” Robert Brown, vice president of business development at Houston-based autonomous trucking company Bot Auto, told Equipment Finance News.
“As the technology proves its reliability and economic value, traditional lenders are beginning to explore asset-backed loans, usage-based financing and full-service leasing structures,” he said.
“As more data on cost-per-mile, uptime and safety becomes available, expect financing options to become more scalable and commercially grounded.”
— Robert Brown, Bot Auto
To give lenders confidence, autonomous fleet operators, OEMs and technology providers must “shift focus from technology speculation to operational performance and commercial proof points,” Brown said.
Industry greenlights federal proposal
Republican Rep. Vince Fong of California recently introduced the America Drives Act, a federal proposal aimed at preempting state regulations for autonomous trucking, including fully driverless vehicles, according to a July 24 release by the congressman’s office. The legislation would exempt autonomous trucks from human-specific rules such as hours-of-service limitations while aligning them with broader industry standards.
As of now, 35 states allow some form of autonomous testing, while others have imposed restrictions, the release states.
Anita Kim, director of government affairs and policy at autonomous technology provider Torc Robotics, told EFN that the proposed legislation “paves the way for advancing autonomous trucking, delivering greater safety benefits, strengthening the nation’s freight system and supply chains and solidifying the United States’ position as a global leader in the autonomous vehicle industry.” Blacksburg, Va.-based Torc is an independent subsidiary of Daimler Truck.
Bot Auto similarly sees the America Drives Act as a “meaningful step toward national clarity and American leadership in autonomous trucking,” Brown said.
“By establishing a consistent federal framework for the safe deployment of driverless commercial vehicles, the bill helps unlock the full potential of this technology while still allowing states to play an important role in implementation,” Brown said.
The legislation would help the industry “safely scale Level 4 autonomous trucks,” which are already being tested and operated under rigorous conditions, Brown said. Level 4 autonomous vehicles have a person in the cab.
Earlier this year, the Autonomous Vehicle Industry Association suggested a federal policy framework, which offers additional legislative recommendations. These include the creation of a national safety data repository and increased oversight from the DOT, Torc’s Kim said.
“These measures would support not only autonomous trucking, but the broader AV industry,” she said.
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