Truck Platooning Market Size to Worth Around USD 3448.32 Bn by 2032

The global truck platooning market was valued at USD 60 billion in 2022 and is projected to be worth around USD 3448.32 billion by 2032, growing at a CAGR of 50% from 2023 to 2032.

The truck platooning is seen as the transportation sector’s future. The multiple vehicles in a truck platoon travel at an aerodynamically efficient distance and work together to keep the distance. The truck platoon is structured similarly to a train compartment, but with physical disconnects. If truck platoons are allowed to operate entirely on truck only highways, it is likely that the infrastructure service provider and the transportation service provider will develop and integrated economic model.

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The self-driving trucks have the potential to reduce traffic congestion. This technology has the potential to lower transportation costs while also addressing the scarcity of truck drivers. For the truck platooning market, the autonomous vehicle opens up a lot of possibilities. Moreover, the truck platooning market is expected to be fueled by increased demand for road safety and security as well as technological developments in truck platooning, throughout the estimated period. There are number of constraints and problems that could hinder the truck platooning market expansion. The truck platooning market limitations are anticipated to include worries about data privacy, shipping delays, a lack of sufficient infrastructure, and the expensive cost of technologies.

The environmental pollution, traffic congestion, and the demand for safer, cleaner, and more efficient vehicles are all driving the growth of the global truck platooning market around the world. Furthermore, the government’s strict regulations to reduce rising fuel emissions as well as different initiatives aimed at boosting autonomous automobiles are propelling the expansion of the global truck platooning market. On the other hand, the market for truck platooning is expected to be hampered by the high cost of platooning equipment, an increase in privacy and security concerns, and a significant danger of cyber-attack.

Report Highlights:

Based on the technology, the adaptive cruise controlsegment dominated the global truck platooning market in 2020 with largest market share. The adaptive cruise control is a cruise control sophisticated driver support system for road cars that changes the vehicle swiftness automatically to maintain a safe distance from automobiles ahead.
On the basis of component, the RADAR base collision mitigationsegment holds the largest market share the global truck platooning market in 2020. This system helps the automobile with lane change assistance, pedestrian protection systems, and blind spot monitoring as well as collision detection, warning, avoidance, and mitigation.
Europe is the largest segment for truck platooning market in terms of region. The groundbreaking initiatives in truck platooning, technical improvements, and severe vehicle safety requirements in the region are among the primary drivers driving the truck platooning market’s growth.
North America region is the fastest growing region in the truck platooning market. The North American market has a strong tendency for embracing new technology, which will accelerate truck platooning adoption in the upcoming years.

Future of Truck Platooning Market

The transportation industry, as well as government agencies and service providers, are concerned about road security and safety. Major traffic accidents could be caused by distracted or sleepy drivers, who lose focus while driving. According to statistics from around the world, drivers devote more time to their jobs than is required, resulting in a significant loss of work attention and fatal accidents. According to the European Union’s drivers’ working hour standards, a driver’s daily limit of work should not exceed 9 hours, with 11 hours being the maximum during specified periods.

COVID-19 Impact Analysis:

Due to travel restrictions and lockdowns enforced by many countries throughout the world to control the spread of the COVID-19 epidemic, the truck platooning market has declined.
Another factor limiting the truck platooning market expansion is the high expenses associated with the adoption and implementation of currently available technology.
On the other hand, due to government initiatives that encourage truck platooning, the market is likely to increase steadily.

Key Developments in the Marketplace:

Scania purchased Nantong Gaokai, a truck manufacturer in China, in November 2020, with the intention of producing trucks for the first time in the world’s largest auto market. The acquisition’s purpose is to push technologies such as truck platooning in order to bring safer and more fuel-efficient cars to market.
In October 2020, TRATON SE purchased 100% of Avistar International Corporation in order to extend its product line. The major purpose of this transaction is to establish and grow a trucking business.
Bendix Commercial Vehicles Systems LLC spends a lot of money on research and development to stay ahead of the competition. This will help the company increase its sales revenue.

Some of the prominent players in the global truck platooning market include:

Peloton Technology
AB Volvo
Scania
Daimler AG
Navistar Inc.
PACCAR Inc.
MAN
IVECO
Hino Motors Ltd.
Continental AG

Market Segmentation

By Component

Forward Looking Camera
System Display with Rear Time Camera
RADAR Base Collision Mitigation
LiDAR

By Technology

Acceleration & Braking Controller
DSRS V2V Communication
Adaptive Cruise Control
Automated Emergency Braking (AEB)
Blind Spot Warning (BSW)
Forward Collision Warning (FCW)
Global Positioning System (GPS)
Human Machine Interface (HMI)
Lane Keep Assist (LKA)
Others

By Platooning Type

Driver-assistive Tuck Platooning (DATP)
Autonomous Truck Platooning

By Communication Technology

Vehicle-to-infrastructure (V2I)
Vehicle-to-vehicle (V2V)
Vehicle-to-everything (V2X)

By Services

Telematics-Based Services
- Automatic Crash Notification
- Emergency Calling
- Navigation & Infotainment
- On-road Assistance
- Remote Diagnostics
- Vehicle Tracking
Platooning-Based Services
- Pricing
- Financial Transaction
- Match Making