ID: MRFR/AM/4817-HCR | February 2021 | Region: Global | 100 pages
The truck platooning market reached a market value worth USD 27.6 million during the forecast period that ended in 2019. During the ongoing forecast period of 2021-2028, the market is expecting to grow at a CAGR of 60.96% and hence, reach a final market value worth USD 2,728.7 million.
COVID 19 Analysis
Since the pandemic has become a part of the lives of the people, they have been facing various kinds of issues due to which their livelihood and surroundings are suffering. The trucking and transportation work was at a halt during the lockdown imposed to curb the pandemic and hence, the degree of laziness, loss of concentration, and work seriousness has reduced. Also, due to the unavailability of work, the market has been suffering huge losses and functional issues which is barring them from making good use of technology.
However, the governments are intervening and rolling strict regulations. The main idea behind investing in the market operations is to combine the available data with the advanced feature brought in by the Internet of Things (IoT) sensors, maintenance logs, and external sources to improvise the market and lead the way towards growth during the forecast period that ends in 2028.
The most prominent major key players in the truck platooning market all across the globe are mentioned below:
These major key players use various strategies to sustain their market position in the truck platooning technology market in the global market by going for mergers, and acquisitions, by collaborating, setting up a new joint venture, establishing a partnership, developing a new product line, innovation in the existing product, developing a unique production process, and many others to expand their customer base in the untapped market of the truck platooning technology market all across the globe.
According to Scania, approximately 30% of the fuel costs are associated with the normal operational costs incurred in the European transport operations. A small reduction in the consumption of fuel is likely to have an overall impact on the freight cost that is a part of the transportation industry. The transportation industry operates on small profit margins. The use of platooning in this industry has a major role to play in reducing the fuel costs that the vehicle manufacturers tend to come across along with the transportation service providers. Also, it offers an increase in lower vehicle utilization, theft reduction, reduced repair and maintenance costs. Like, the maintenance systems help in predicting and avoiding machine failure in the long run.
Road security and safety is one of the major concerns of the transportation industry and amongst the authorities and service providers. There is a possibility that major road accidents are a result of distracted or sleepy drivers and they tend to lose focus due to being drowsy while driving. The World statistics show that the drivers are contributing more time to their profession than the prescribed time and this is resulting in a major degree of loss in their work concentration which is resulting in fatal accidents. Based on the information provided by the European Union drivers’ working hour regulations, the daily limit of working of drivers should not exceed 9 hours and in certain periods, 11 hours should be the maximum gig.
The increased use of technology is giving rise to the stringent emission norms regarding OEMs and manufacturers belonging to the Tier 1 group. These manufacturers and workgroups are adopting the new technologies that are a part of the functioning of heavy-duty vehicles. The US Department of Transportation is on its way to implementing new policies and programs that will reduce vehicle emissions. Based on the European Union statistics, the heavy-duty vehicles that are a part of Europe are known for moving 75% of the freight ton-kilometers as they account for 30% of the carbon emissions on the road.
The truck platooning technology market has been divided all across the globe based on components, technology, vehicle type, sensor type, and region.
Based on the Component
The truck platooning market has been divided all across the globe based on the component of the camera, radar base collision mitigation, system display, real-time camera, and many others.
Based on the Technology
The truck platooning market has been divided all across the globe based on the technology into lane keep assisting (LKA), blind-spot warning (BSW), adaptive cruise control (ACC), dedicated short-range communication V2V communication, acceleration control, braking, cellular and wifi communication, GPS, and others.
Based on the Vehicle Type
The truck platooning market has been divided all across the globe based on the vehicle type into heavy commercial vehicles and lightweight commercial vehicles.
Based on the Sensor Type
The truck platooning market has been divided all across the globe based on the sensor type into LiDAR, Radar, and image.
Based on the Region
The truck platooning market has been divided worldwide based on the region into the North American region, Asia-Pacific region, European region, Latin American region, and the Middle East and African region.
The truck platooning technology market has been divided all across the globe based on the region into the North American region, Asia-Pacific region, European region, Latin American region, and the Middle East and African region. Being the fastest-emerging region, the largest market share in the global market is held by the Asia-Pacific region due to the presence of various highly populous countries like China and India that creates more market demand in this region. Increasing disposable income is yet another reason that drives the market demand in this region.
The second-largest market share in the global market is held by the European region owing to the presence of a well-established technologically advanced infrastructure that drives the market demand in this region. Moreover, increasing environmental concerns, safety regulations, and technological advancements is another factor that drives the market demand in this region.
The third-largest market share in the global market is held by the North American region owing to the presence of countries like the US, Canada, and Mexico that drive the market demand in this region. Moreover, increasing government initiatives also provide various growth opportunities in this region.
The Latin American region and the Middle East and African region show the least market share due to the presence of low infrastructure in both these regions. Low per capita income is another contributing factor that restricts the market growth in these regions.
This global truck platooning market research report consists of the following components mentioned below:
This market research report contains factors that drive the growth of the truck platooning technology market in the global market and the factors that restrict its growth in the global market. The technical analysis in the global market during the forecasted period is mentioned. The impact of the COVID 19 on the truck platooning technology market in the global market is mentioned. The future growth rate in the truck platooning technology market during the review period is estimated and mentioned.
|Market Size||2030: Significant Value|
|CAGR||11% CAGR (2022 to 2030)|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||by Technology, by Application, by Material|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Daimler AG (Germany), Scania AB (Sweden), AB Volvo (Sweden), Peloton Technology (US), Navistar International Corporation (US), and Meritor Wabco (Auburn Hills). Bendix Commercial Vehicles Systems LLC (Ohio), Continental AG (Germany), Delphi Automotive PLC (Dublin), and OTTO Technologies (San Francisco)|
|Key Market Opportunities||
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
Europe to consider as stable market in the future for an increase in demand for smart mobility and automated driving system.
Daimler AG (Germany), Scania AB (Sweden), AB Volvo (Sweden) are the top 3 key players included in the study of the market.
The market will be valued highly than the previous in the forecast period.
The factors responsible for the growth of truck platooning market are rigorous environment regulations, revolution in platooning technologies, and the growing sales of commercial vehicles.
The component, technology, vehicle type are the segments included in the study of global truck platooning market.