PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1485720
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1485720
Truck Platooning Market size was valued at USD 1,455.12 Million in 2023, expanding at a CAGR of 9.1% from 2024 to 2032.
Truck platooning is an advanced technique that involves aligning multiple vehicles closely on a highway to enhance road safety, reduce fuel consumption, and improve overall efficiency. Companies are combining connected vehicle technology and automation to achieve these benefits. In a truck platoon, the lead truck sets the pace while the following trucks mimic its movements and speed.
Truck Platooning Market- Market Dynamics
Stringent government regulations governing the transportation industry to propel market demand
The market for Truck Platooning is driven by stringent government regulations governing the transportation industry. Given that the transportation sector contributes significantly to global pollution, with a major portion of greenhouse gas emissions originating from trucks and other logistics vehicles, governments worldwide have implemented regulations to mitigate vehicle emissions. For instance, the European Emission Standards, or Euro Norms, impose limits on vehicle pollutants and promote the adoption of cleaner and fuel-efficient automotive technologies. Moreover, authorities in the region are increasingly endorsing truck platooning technology to curb fuel consumption and reduce pollution. As platooning vehicles travel closely together, they minimize air resistance for the following truck by approximately 40%, resulting in a roughly 10% reduction in carbon dioxide (CO2) emissions per mile traveled.
Truck Platooning Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 9.1% over the forecast period (2024-2032)
Based on technology segmentation, adaptive cruise control was predicted to show maximum market share in the year 2023
Based on sensor segmentation, radar was the leading type in 2023
Based on region, North America was the leading revenue generator in 2023
The Global Truck Platooning Market is segmented based on Technology, Component, Sensor, Communication Technology, Platooning Type, and Region.
The market is divided into six categories based on Technology: Active Brake Assist, Adaptive Cruise Control (ACC), Forward Collision Avoidance, Blind Spot Warning (BSW), Lane Keep Assist (LKA), and Others. In 2023, the adaptive cruise control segment dominates the market. This pivotal technology has become indispensable for truck platooning operations, offering a sophisticated solution to optimize efficiency and safety on the roads. Through seamless vehicle-to-vehicle communication, adaptive cruise control empowers automation, allowing trucks to maintain optimal speeds while traversing highways. Its integration into truck platooning systems signifies a significant leap forward in transportation technology, heralding a future where vehicles work together harmoniously to enhance overall traffic flow and mitigate risks on the road.
The market is divided into three categories based on sensor: image, Lidar and radar. In 2023, the radar segment emerged as the dominating segment. This segment's dominance underscores the growing need for robust safety measures in truck platooning operations. RADAR-based collision mitigation systems play a crucial role in enhancing driver assistance systems, offering advanced capabilities to mitigate potential collisions and ensure road safety. With the increasing adoption of driver assistance technologies in truck platooning, the demand for RADAR-based collision mitigation solutions has surged, reflecting a collective commitment to fostering a safer and more efficient transportation ecosystem.
Truck Platooning Market- Geographical Insights
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
To maintain their dominant market position in truck platooning, companies prioritize continuous innovation. Moreover, key players are allocating resources to research aimed at enhancing technology, such as communication systems and convoy management algorithms. The development of flexible solutions compatible with a variety of fleets ensures widespread market acceptance. Strategic partnerships with truck manufacturers and regulatory authorities play a pivotal role in shaping industry standards and addressing regulatory concerns, thereby ensuring sustained leadership in the landscape of freight transportation.
In November 2021, Horiba MIRA confirmed its partnership with GNSS specialist GMV NSL to develop new and improved passenger car platooning solutions for the European Space Agency (ESA), advanced into a live trials phase in Q1 2022. These trials encompassed both simulated and physical testing, marking a significant step forward in the development of innovative platooning solutions.
GLOBAL TRUCK PLATOONING MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHT
AB Volvo
Continental AG
Mercedes-Benz Group AG (former Daimler AG)
Peloton Technology, LLC
Robert Bosch GmbH
Scania AB
TOYOTA MOTOR CORPORATION
Bendix Corporation
DAF Trucks N.V
IVECO S.P.A.
Others