Truck Platooning Market

Truck Platooning Market Size (2023-2028):

The Global Truck Platooning Market was worth US$ 1.68 billion in 2022 and is anticipated to reach a valuation of US$ 8.53 billion by 2028 and is predicted to register a CAGR of 31.42% during 2023-2028.

When two or more vehicles go through different ways, this service is used for connecting them internet and automated technology for road safety and security concerns saving fuel efficiency rates. Also, the consumer wants to reduce the operational cost of the transportation factors, triggering market growth.  Truck platooning service makes new changes in transportation sectors so the government gives new opportunities for the market. Governments make initiatives rules and regulations, which give a boost to the market of truck platooning. The main reason for the growing market is the truck platooning system that provides quick reactions and avoids accidents or other things. Currently increasing high investment from different regions and their countries for making platooning truck give new opportunities in front of the world market. Also, increasing concern about road safety and security, for that trying to save costs for transportation operations.  These factors are supporting the Global Truck Platooning Market. 4-5% fuel saving policy rather than 7-9% fuel saving policies from other services of the truck is accepted by the consumers. According to different regions, increasing adoption of IoT and different technologies gives a boost to the Global Truck Platooning Market.

Market Drivers:

In the Global Truck Platooning Market, some factors are playing a vital role in driving the market throughout the forecast period.  The increasing demand and concern about road safety and security give the opportunity in the market growth of truck platooning. Also, every transportation company wants to reduce the operation transportation cost for this purpose increasing demand for the market. But some are really important factors that help in the growth of the market and drive the whole market forward. The government also supports truck platooning because of safety and security reasons, so all countries trying to make a new market for platooning.

The rising government rules for emission reduction in transportation and vehicles drive the global truck platooning market. Before platooning, vehicles used to consume 7-9% more fuel for transportation and travelling but after the introduction of truck platooning, the consumption of fuel was reduced to 4-5%.  Also, some new applications such as Adaptive Cruise Control, LKA- Lane Keep Assist, and ADAS- Advance Driver Assistance System make new changes in the market of truck platooning and all components of the market drive the Global Truck Platooning Market.

Market Restraints:

All over the world, every nation wants to adopt new technology but some countries are underdeveloped and weak in economies. In the Truck Platooning Market, the high amount of cost of hardware and technology needed for platooning is not affordable.

Also, with no strong restrictions on rules and regulations of road safety and security in some countries, the truck platooning market is likely to be disturbed. The acceptance of drivers, transporters, and other users on the road are some restraints in the global truck platooning market.

Market Recent Developments:

• In June 2018, the two most popular industries in vehicle manufacturing, the Volvo Group, and FedEx made a project with the Carolina Turn Pike Authority on the successful demonstration of Truck Platooning services.

• In Dec 2017, Pelotone, the big and leading industry in the US, worked on a project of driver-assistive truck Platooning technology in Florida.

TRUCK PLATOONING MARKET REPORT COVERAGE:

Market Segmentation:

Truck Platooning Market - By Platooning Type:

• Autonomous Truck Platooning
• DATP

In this segment, DATP has a major market share and demand in the global Truck Platooning Market. With the highest revenue, it dominated whole platooning-type segments.

Truck Platooning Market - By System:

• Adaptive Cruise Control
• Automated Emergency Breaking 
• Blind Spot Warning
• Forward Collision Warning
• Global Positioning System

Of these, the ACC maintained high revenue and a high-growth market. It maintains the distance between two vehicles during travelling and transportation.

Truck Platooning Market - By Sensor Type:

• Image
• Radar
• LiDAR

Of these, the image sensor type market is expected to have a market share during forecast periods. It provides an accurate image for truck platooning services and it will help consumers.

Truck Platooning Market - By Service:

• Telematics Services
• Automatic Crash Notification
• Emergency Calling
• Navigation And Infotainment
• On-Road Assistance
• Remote Diagnostic and Vehicle Tracing
• Pricing
• Financial Transaction
• Match Making

Market Reginal Analysis:

The Global Truck Platooning Market Report includes the segmentation of regions:

• North America - U.S., Canada
• Europe - Norway, Germany, Sweden
• Asia Pacific - China, India, Japan
• Latin America - Brazil, Mexico, Argentina
• Middle East and Africa - Middle East, Africa

high investment is seen in the Platooning Market, and it dominates all over the market due to the high adoption of technology in these countries. Europe also demonstrates different activities towards truck platooning and acquiring big revenue and market share. 25% of the 1.5 million trucks in Europe engage in truck Platooning. APAC is also starting to invest in the Truck Platooning Market. Japan and Singapore started launching a new trend in truck platooning services in the local market.

Leading Company:

Pelotone and Diameler AG are the two industries that dominated the whole Truck Platooning Market globally.

Key players

1. Peloton Technology
2. Daimler AG
3. Volvo Group
4. Scania AB
5. Continental AG
6. DAF Trucks (Paccar Company)