The global truck platooning market was valued at USD 2.21 billion in 2023 and is anticipated to reach a valuation of USD 2.90 billion in 2024 from USD 25.84 billion by 2032, growing at a CAGR of 31.42% from 2024 to 2032.
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.
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.
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.
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REPORT METRIC |
DETAILS |
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Market Size Available |
2023 to 2032 |
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Base Year |
2023 |
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Forecast Period |
2023 to 2032 |
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CAGR |
31.42% |
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Segments Covered |
By Platooning Type, System, Sensor Type, Service, and Region. |
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Various Analyses Covered |
Global, Regional and Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities |
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Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
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Market Leaders Profiled |
Peloton Technology, Daimler AG, Volvo Group, Scania AB, Continental AG, DAF Trucks (Paccar Company), and Others. |
Global Truck Platooning Market Analysis By Platooning Type
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.
Global Truck Platooning Market Analysis By System
Of these, the ACC maintained high revenue and a high-growth market. It maintains the distance between two vehicles during travelling and transportation.
Global Truck Platooning Market Analysis By Sensor Type
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.
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.
Pelotone and Diameler AG are the two industries that dominate the whole truck platooning market globally.
Peloton Technology, Daimler AG, Volvo Group, Scania AB, Continental AG, DAF Trucks (Paccar Company). These are the market players that are dominating the global truck platooning market.
By Platooning Type
By System
By Sensor Type
By Service
By Region
Frequently Asked Questions
The Global Truck Platooning Market is expected to grow with a CAGR of 31.42% between 2023-2028.
The Global Truck Platooning Market size is expected to reach a revised size of US$ 8.53 billion by 2028.
Peloton Technology, Daimler AG, and Volvo Group are the three Truck Platooning Market key players.
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