ID: MRFR/AM/4817-HCR | February 2021 | Region: Global | 100 pages
The Truck Platooning market size is estimated at $37.6 million in 2021 so far and is expected to grow up to $2,728.7 million by the end of 2030. It is expected to register a CGAR of 60.96% in the forecast period.
Platooning is very useful in the automotive sector, and its main motive is to improve safety, decrease pollution, and increase fuel efficiency. Truck Platooning offers connectivity technology and automated driving support. It can be defined as connecting two or more trucks using an automated driving assistance system and connectivity solution between two vehicles.
The vehicles in the Truck platooning maintain a very close distance for a certain part of the journey, and the platoon works for the first Truck is the leader, and the other vehicles following it are adapting to the changes in the movement of the leading trucks. This method is highly beneficial as it reduces the air drag and giver higher fuel economy and less carbon emission. The manufacturers are using advanced technology to boost the performance of the platooning system. The linked vehicle's technology helps to communicate and move in contiguity. The truck platooning system gives better safety to the drivers by providing quick reactions.
The major reason behind most trucks accidents is the driver's lost focus, and the increasing concerns regarding road safety is a big factor in the Truck Platooning market growth. The concept of Truck platooning holds a huge potential to improve road transportation and make it cleaner, efficient, and, most importantly, safer. Various factors like government rules, growing demand for fuel-efficient technology, and increasing awareness play a huge role in the market growth. Due to the high demand for Truck platooning, the market size is expected to grow in the forecast period.
Covid-19 affected so many businesses worldwide. Various sectors are struggling to be financially stable. The world economy is down due to the lack of supply of products and services. To reduce the further spread of the virus, the government has imposed a lockdown. The imposition of lockdown by various governments worldwide has affected various business sectors. Travel restrictions have also caused problems in the production of the products. The lack of raw materials has created a problem in the supply and demand chain. All these factors have declined the Truck Platooning market growth. The key players in the market are making every possible effort to keep the market stable.
The market will grow during the post-covid situation and show promising results in the forecast period.
The major key players in the Truck Platooning market are
These are the major key players in the market, and they are highly contributing to boosting the Truck Platooning market trends. Among them, Daimler AG is one of the leading contributors in the Truck Platooning industry.
According to the data of Scania, the fuel consumption cost is more than 30% of the operational cost in normal European transportation operations. Even a small reduction in fuel cost can have a huge impact on the transportation sector. The use of platooning technology in the trucking industry can reduce the cost of vehicle manufacturers. Reduction in aerodynamic drag of trucks offers fuel-saving for both the trailing and to lead the Truck. Apart from that, the US Department of Energy & Transportation and the North American Council for Freight Efficiency (NACFE) have shown double-digit figures while fuel saving in the platooning tests. Truck platooning can improve efficiency, reduce thefts, lower crash costs, and enhance vehicle utilization—all these factors driving the Truck Platooning market trends.
Road safety is one of the major concerns for the transport authorities, and most road accidents occur due to the driver's fault. Human error is 90% in the case of a vehicle accident. Most truck drivers work for so many hours, and they feel drowsy, which leads to an accident. With the help of Truck platooning technology, safety will increase, and it is another driver of the market.
With the increasing environmental concerns, the government is taking strict initiatives. The government bodies like the US Department of Transportation have initiated new policies and rules to reduce the CO2 emission from the vehicle. Heavy vehicles are responsible for 30% of CO2 emissions. With the help of the Truck Platooning system, carbon emission can be reduced; as a result, it is generating new opportunities for the market.
One of the major restraints in the Truck Platooning market is the high cost of technologies and hardware. The platoon trucks are costly due to the involvement of commercialized technological systems in vehicles. The installation of blind-spot warning, forward collision warning, adaptive cruise control, and other advanced features increase the overall cost of the vehicles. Apart from that, the lack of infrastructure is another restraint in the market. Truck platooning needs integrated application of IoT and great infrastructure. So lack of infrastructure hampering the market.
The lack of awareness and knowledge has become a challenge for the market. Apart from that, underdeveloped regions have not adopted advanced technology. As a result, it has become a challenge for the market.
Cumulative growth analysis
The Truck Platooning market will show great results in the forecast period. The market is constantly growing with a healthy CAGR rate, and it is expected to register a CAGR rate of 60.95% in the forecast period.
The Truck Platooning market is segmented based on components, vehicle type, sensor type, and technology.
Based on components, the market is segmented into the camera, real-time camera, system display, and radar base collision mitigation.
Based on technology, the market is divided into GPS, Cellular &wifi communication, braking, and acceleration controller, dedicated short-range communication V2V communication, adaptive cruise control, blind-spot warning, lane keep assisting.
The market is segmented into light commercial vehicles and heavy commercial vehicles based on vehicle type.
By sensor type, the market is segmented into image, Radar, LiDAR.
The major regions in the Truck Platooning market are North America, Europe, and Asia-pacific. Asia-pacific holds the highest market share because trucks are the major contributor to this region's transportation industry. New regulations regarding safety, compliance, accountability and Hours of Service Solutions are expected to boost this region's market size. Therefore the Truck Platooning industry is expected to see substantial growth in this region. Apart from that, strong financial stability in this region allows using of advanced technology in North America.
Europe holds the second highest Truck Platooning market share, and it is the fastest-growing Truck Platooning industry. The major factors like technological advancements, safety regulation, and environmental concerns driving the market trends in this region. Countries like Netherlands and Sweden have seen huge potential for the market. Apart from that, government initiatives in the Asia-Pacific region will bring so many opportunities for the market and boost the market's demand.
This global Truck Platooning industry report is based on the quantitative and qualitative analysis of the market. This report shows the market on the market overviews, market dynamics, covid-19 analysis, and analysis on the market. This global market report also highlights the competitive landscape, regional analysis, and recent market development.
Market, By Systems
By vehicle type
By Sensor Type
|Market Size||2027: Significant Value|
|CAGR||11% CAGR (2020-2027)|
|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.