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Utilizing network innovation and independent vehicle frameworks to bunch trucks in closeness, the truck platooning market is a creative transportation procedure. Upgrades in innovation, administrative structures, cost-adequacy, and coordinated operations viability all apply an impact on this market. The arrangement of units by trucks is made conceivable by the advancement of independent vehicle innovation, sensors, and man-made consciousness calculations; these decreases streamlined drag and increments efficiency. Industry patterns and market request impact the truck platooning market, which is moved by the requirement for practical, financially savvy transportation arrangements that upgrade fuel utilization, decrease fossil fuel byproducts, and improve operations effectiveness; consequently, the organization of platooning frameworks creates expanded revenue. Financial variables apply a significant impact on the elements of the truck platooning market, wherein eco-friendliness and work cost decreases arise as urgent components. Armada administrators are attracted to ventures that offer the potential for diminished functional costs and improved benefit. The underlying costs related with carrying out platooning innovation may, in any case, affect market entrance and paces of reception. The truck platooning market is eminently affected by administrative drives and administrative guidelines, which thus significantly affect guidelines relating to vehicle mechanization, wellbeing, and emanations. Tough guidelines can hinder development, while steady arrangements can assist market reception. Industry coordinated efforts, contest, and market combination influence the truck platooning market. To speed up mechanical progressions, organizations put resources into platooning frameworks, consolidate their skill, and lay out associations. The truck platooning market is dependent upon the impact of geological elements and foundation readiness, as administrative preparation and framework improvement levels change across locales. Legitimate systems, street quality, and correspondence networks are determinants of platooning organizations' suitability and versatility. Mechanical headways, savvy transportation, financial elements, administrative norms, industry contest, and framework preparation aberrations all impact the truck platooning market. These powers should be explored by partners to cultivate advancement, conquer difficulties, and hold onto invaluable conditions. Platooning frameworks and administrative structures that are helpful for development are critical for this area's change; they empower key entertainers to be at the very front of this developing business sector.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Segment Outlook | Component, Technology, and Region |
Truck Platooning Market Highlights:
Truck Platooning Market Overview:
The Truck Platooning Market size was valued at USD 1.33 Billion in 2023. The Truck Platooning industry is projected to grow from USD 1.47 Billion in 2024 to USD 3.06 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 9.53% during the forecast period (2024 - 2032). Increased commercial vehicle sales increase demand in sectors such as road development, transportation, logistics, and information technology; rising demand for automated technologies is the key market driver enhancing market growth.
Source Secondary Research, Primary Research, MRFR Database, and Analyst Review
Truck Platooning Market Trends
Growing Technological Advancements in Truck Platooning are driving the market growth.
There is an increase in demand for more fuel-efficient and safer vehicles, so automobile manufacturers are heavily investing in the latest vehicle technologies. Truck platooning is an advanced technology that automobile manufacturers use to make trucks more efficient and safer. Some advanced features deployed in Truck platooning include adaptive cruise control, forward collision avoidance, mitigation system, lane departure warning, and active braking systems. All these features, if availed in the trucks, are expected to enable them to enter the semi-autonomous level of driving and reduce the probability of human error accidents during their transit. Other developed infrastructure systems involved in Truck platooning, including vehicle-to-vehicle communications (V2V), vehicle-to-infrastructure (V2I), and satellite communications (GPS), have ensured secure connectivity between vehicles and other information networks, where freight fleet operators can smoothly monitor the transportation administrations.
Additionally, many leading companies such as Peloton, Scania, and others are working on Truck platooning Technology to increase the level of fuel consumption. The platooning trucks follow the leading trucks with a very short distance in between, which reduces the air resistance for the following trucks and results in less fuel consumption. For instance, Scania AB, a truck manufacturer, has been testing truck convoys using Truck platooning Technology with a focus on solving significantly reducing the fuel consumption for the transportation industry. Thus, a reduction in fuel consumption due to the adoption of Truck platooning Technology boosts the Truck Platooning market revenue and increases government regulations for transportation sector emissions and lower fuel usage. Furthermore, the Truck platooning business is growing due to favorable government platooning rules.
Truck Platooning Market Segment Insights:
Truck Platooning Component Insights
Based on components, the Truck Platooning market segmentation includes a Forward Looking Camera, System Display with Rear Time Camera, RADAR Base Collision Mitigation. The RADAR base collision mitigation segment dominated the Truck platooning market in 2022. The requirement for RADAR-based collision mitigation has surged as enhanced driver assistance systems are used on a large scale in Truck platooning.The forward-looking camera segment was the fastest-growing segment of the Truck platooning market in 2022. The forward-looking camera in Truck platooning is used to click accurate and precise pictures.
November 2020 a truck company in China called Nantong Gaokai has been acquired by Scania to make the tracks. This acquisition will help the company make more fuel-efficient and safer vehicles.
October 2020 all Avistar International Corp. has been acquired by TRATON SE to enhance its product portfolio. The main aim of this acquisition is the establishment and development of trucks.
Truck Platooning Technology Insights
Based on Technology, the Truck Platooning market segmentation includes acceleration & braking controllers and DSRS V2V communication. The DSRS V2V communication is the fastest-growing segment in the truck platooning market in 2022. This is due to vehicle-to-vehicle communication enabling one Truck to communicate with other. This also able to track and navigate the location of the truck.
October 2020 TRATON SE planned to acquire the remaining 83.2% stake in Navistar International Corp. for a total cash consideration of USD 3.7 billion to expand its product portfolio. The acquisition will likely focus on developing and establishing trucks in the market for commercial applications.
Figure1 Truck Platooning Market, by Technology, 2022 & 2032 (USD billion)
Source Secondary Research, Primary Research, MRFR Database, and Analyst Review
Truck Platooning Regional Insights
By Region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The Asia-Pacific Truck Platooning Market area will dominate this market, with the growing investments to launch full-scale Truck platooning operations in the Region. Moreover, China’s Truck Platooning market held the largest market share, and the Indian Truck Platooning market was the fastest-growing market in the Asia-Pacific region.
Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure2 Global truck Platooning Market Share By Region 2022 (%)
Source Secondary Research, Primary Research, MRFR Database, and Analyst Review
Europe's Truck Platooning market accounts for the second-largest market share due to the availability of a well-established technologically advanced infrastructure that fuels the market demand in this Region. Further, the German Truck Platooning market held the largest market share, and the UK Truck Platooning market was the fastest-growing market in the European Region.
North Americais expected to grow at the fastest CAGR from 2023 to 2032. This is due to the existence of countries such as the U.S., Canada, and Mexico; the market demand in this Region is driven. It is, furthermore, expanding government activities in this Region.
Truck Platooning Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development to expand their product lines, which will help the Truck platooning market grow even more. Market participants are also undertaking various strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. The truck platooning industry must offer cost-effective items to expand and survive in a more competitive and rising market climate.
Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the Truck Platooning industry to benefit clients and increase the market sector. In recent years, the Truck Platooning industry has offered some of the most significant advantages to the automotive industry. Major players in the Truck Platooning market include 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).
Scania AB is a major Swedish manufacturer headquartered in Södertälje, focusing on commercial vehicles—specifically heavy lorries, trucks, and buses. It also manufactures diesel engines for heavy vehicles and marine and general industrial applications.Scania acquired Nantong Gaokai, a truck company in China, to start making trucks for the first time in the world's biggest auto market. The focus of acquisition is to bring safer and more fuel-efficient vehicles by promoting technologies like Truck platooning in the market.
HORIBA MIRA Ltd. is an automotive engineering and development consultancy company headquartered near Nuneaton in Warwickshire, United Kingdom. It provides product engineering, research, testing, and information and certification services to the automotive sector.Horiba MIRA has confirmed that its partnership with GNSS specialist GMV NSL to develop new and improved passenger car platooning solutions for the European Space Agency (ESA) will enter a live trials phase in Q1 2022, encompassing both simulated and physical testing.
Key Companies in the Truck platooning market include
- OTTO Technologies (San Francisco)
- Delphi Automotive PLC (Dublin)
- Continental AG (Germany)
- AB Volvo (Sweden)
- Peloton Technology (US)
- Daimler AG (Germany)
- Bendix Commercial Vehicles Systems LLC (Ohio)
- Meritor Wabco (Auburn Hills)
- Navistar International Corporation (US)
- Scania AB (Sweden)
Truck Platooning Industry Developments
March 2022 Electronic handshakes have linked two Peterbilt trucks to establish tight following distances for platooning trials in Alberta, Canada. In other research by Auburn University and FP Innovations, platoons have been seen on Quebec highways and logging roads. While the platoon's lead Truck is in charge of acceleration and braking, the vehicle behind it is controlled semi-autonomously.
March 2022 IVECO contributed to developing and implementing a multi-brand platooning technology agreed upon by all major European truck manufacturers. The EU-funded 46-month project demonstrated that platooning could be critical in achieving sustainable transportation. Platooning improves fuel economy, CO2 emissions, road safety, and traffic efficiency.
Truck Platooning Market Segmentation:
Truck Platooning Component Outlook
- Forward-Looking Camera
- System Display with Rear Time Camera
- RADAR Base Collision Mitigation
Truck Platooning Technology Outlook
- Acceleration & Braking Controller
- DSRS V2V Communication
Truck Platooning Regional Outlook
- North America
- US
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
- Rest of the World
- Middle East
- Africa
- Latin America
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