Truck Platooning Market Size to Worth US$ 3448.32 Bn by 2032

The global truck platooning market size was valued at USD 89.7 billion in 2023 and is projected to surpass around USD 3448.32 billion by 2032 with a registered CAGR of 50% from 2023 to 2032.

Truck Platooning Market Size, Statistics 2023 to 2032

Truck platooning is an emerging transportation technology that involves two or more trucks driving in close proximity, connected through wireless communication systems and advanced driver-assistance systems. This technology enables the lead truck to control the speed and direction of the following trucks, allowing them to travel safely at a reduced distance from each other. The primary goals of truck platooning are to improve fuel efficiency, enhance safety, and reduce emissions. The market for truck platooning is poised for significant growth in the coming years, driven by advancements in automation and connectivity.

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Growth Factors

The growth of the truck platooning market is primarily driven by the need for fuel efficiency and emission reduction in the transportation industry. Platooning can decrease fuel consumption by reducing aerodynamic drag and improving truck coordination. Additionally, increased focus on road safety and the adoption of autonomous and connected vehicle technologies contribute to the growth of the market. Furthermore, the implementation of supportive government regulations and incentives for reducing carbon emissions is expected to bolster the adoption of truck platooning.

Region Insights
North America and Europe are key regions for the truck platooning market, given their robust transportation infrastructure and active initiatives in autonomous and connected vehicle technologies. North America, particularly the United States, is expected to lead in terms of market share due to the presence of major players, advanced technology adoption, and supportive regulatory frameworks. In Europe, countries such as Germany and the Netherlands are at the forefront of truck platooning trials and pilot programs, which may result in widespread adoption across the continent.

Report Scope of the Truck Platooning Market

Report Coverage Details
Market Size by 2032 USD 3448.32 Billion
Growth Rate from 2023 to 2032 CAGR of 50%
Largest Market Europe
Fastest Growing Makret North America
Base Year 2022
Forecast Period 2023 to 2032
Segments Covered Services, Platooning Type, Communication Technology, Technology, Component, Autonomous Level, Geography

The main drivers of the truck platooning market include fuel efficiency, emission reduction, and road safety. Trucks driving in a platoon can save fuel by reducing aerodynamic drag, leading to lower operating costs for transportation companies. Additionally, platooning can decrease emissions, aligning with global efforts to combat climate change. Enhanced safety features such as collision avoidance systems and adaptive cruise control further drive market adoption.

Opportunities in the truck platooning market include the potential for cost savings in logistics and transportation, as well as improvements in supply chain efficiency. The technology also opens up new possibilities for collaborations between automakers, technology companies, and logistics providers. The growing demand for efficient and sustainable transportation solutions presents a significant market opportunity for truck platooning.

Despite the potential benefits, there are challenges in the truck platooning market, including regulatory hurdles and public acceptance of autonomous driving technologies. Ensuring compatibility with existing road infrastructure and addressing cybersecurity concerns are also significant challenges. Furthermore, the initial investment in technology and infrastructure may pose a barrier for some transportation companies, limiting the rate of adoption.

Read Also: Battery Technology Market Size to Rise USD 223.55 Bn by 2032

Key Developments

  • The new Journeyware suite of automobile solutions was announced by Xevo in June 2017. This is the only data management software system that combines machine learning and advanced data analytics to help automobile manufacturers gain a deeper knowledge of their customers. The software suite offers sophisticated safety measures to detect accidents, limit distracted driving and improve vehicle maintenance due to the unique data analysis.
  • Scania purchased Nantong Gaokai, a truck firm in China, in November 2020 to begin manufacturing trucks in the world’s largest auto market for the first time. The goal of the acquisition is to promote technologies like truck platooning in order to deliver safer and more fuel-efficient automobiles to the market.
  • TRATON SE purchased 100% of Avistar International Corporation in October 2020 to expand its product line. The primary goal of this purchase is to start and develop a trucking company.
  • Bendix Commercial Vehicles Systems LLC is investing much in research and development in order to gain an advantage over its competition. This will assist the business in increasing its sales revenue.

Truck Platooning Market Companies

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

Segments Covered in the Report

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

By Autonomous Level

  • Semi-autonomous
  • Full-autonomous

By Geography

  • North America
    • U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
  • Asia-Pacific
    • China
    • India
    • Japan
    • South Korea
    • Malaysia
    • Philippines
  • Latin America
    • Brazil
    • Rest of Latin America
  • Middle East & Africa (MEA)
    • GCC
    • North Africa
    • South Africa
    • Rest of the Middle East & Africa

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