The latest report by IMARC Group, titled “Truck Platooning Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027,” finds that the global truck platooning market reached US$ 1.86 Billion in 2021. Truck platooning assists in linking two or more trucks in convoy by using connectivity technology and automated driving assistance systems. It also helps improve the safety of trucks as braking and other features are automatic, thereby less human intervention. It lowers fuel consumption and carbon dioxide (CO2) emissions as trucks drive closer together to reduce air-drag friction. In addition, it allows drivers to perform other tasks, such as administrative work or making calls. Truck platooning offers several advantages, such as optimizing transport by using roads more effectively, delivering goods faster, and reducing traffic jams.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Truck Platooning Market Trends:
The growing awareness about the harmful impact of increasing environmental pollution among the masses represents one of the key factors driving the market. Moreover, there is a rise in the demand for safer road transport across the globe. This, along with the escalating demand for high operational efficiency in trucks, is propelling the growth of the market. In addition, the growing utilization of truck platooning is facilitating the development of logistics, road transportation and infrastructure. This, coupled with the rising demand for organized fleet management around the world, is contributing to the growth of the market. Besides this, autonomous driving technologies of truck platooning systems help reduce road accidents, which is positively influencing the market. Apart from this, the increasing demand for safer, cleaner, and highly efficient vehicles is bolstering the growth of the market. Looking forward, IMARC Group expects the market to reach US$ 9.66 Billion by 2027, exhibiting a CAGR of 30.20% during the forecast period (2022-2027).
- Based on the platooning type, driver-assistive truck platooning (DATP) holds the largest market share, followed by autonomous truck platooning.
- On the basis of the communication technology, the market has been bifurcated into vehicle-to-infrastructure (V2I), vehicle-to-vehicle (V2V), and vehicle-to-everything (V2X). At present, the V2V technology dominates the market.
- Based on the technology, the market has been segmented into adaptive cruise control (ACC), blind spot warning (BSW), global positioning system (GPS), forward collision warning (FCW), lane keep assist (LKA), and others. Presently, ACC accounts for the majority of the total market share.
- On the basis of services, telematics-based services dominate the market, followed by platooning-based services.
- Based on the sensor type, the market has been divided into image, radar, and lidar sensors. Image sensors currently hold the biggest market share.
- Region-wise, the market has been divided into North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and Middle East and Africa. Amongst these, North America enjoys the leading position in the market.
- The competitive landscape of the market has been studied in the report, with some of the key players being AB Volvo, Aptiv PLC, Continental Aktiengesellschaft, DAF Trucks N.V. (PACCAR Inc.), Hino Motors Ltd. (Toyota Motor Corporation), Intel Corporation, Iveco Group N.V., Knorr-Bremse Aktiengesellschaft (Kb Holding GmbH), Peloton Technology, Robert Bosch GmbH, Scania AB (Traton SE), and ZF Friedrichshafen AG (Zeppelin-Stiftung).
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
30 N Gould St, Ste R
Sheridan, WY 82801, USA
Americas: +1-631-791-1145 | Europe & Africa: +44-753-713-2163 | Asia: +91-120-433-0800