Global Truck Platooning Market By Type (Driver-assistive Tuck Platooning, and Autonomous Truck Platooning), By System Type, By Component Type, By Infrastructure Type, By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, and Forecast 2023-2032

Report Overview

The Global Truck Platooning Market size is expected to be worth around USD 16.29 Billion by 2032, From USD 2 Billion by 2023, growing at a CAGR of 24.00% during the forecast period from 2023 to 2032.

Truck platooning is described as a convoy made by a combination of two or more two trucks with the help of a drive-assisting system and connectivity technology. The trucks at the time of platooning manage a fixed distance from each other when connected for a specific duration on highways or roadways during the journey.

The truck controlling the platoon acts as a leader, and the other trucks behind it act and adapt the movements and instructions of the leading truck. The platooning can be either driver-assistive or autonomous. The driver following the leading truck remains in control and separates from the convoy or drives independently at any time.

The concept of truck platooning can make road transportation cleaner, safer, and highly efficient in the future. Truck platooning provides greater traffic safety, improves fuel efficiency, and decreases air drag between them.

Driving Factors

Efficient and Safer Road Transport

The increasing access to platooning technology is driving the growth of multiple industries, such as road transportation, logistics, and information technology.

The global truck platooning market is anticipated to witness rising demand for safer road transport, growing environmental pollution, high operational efficiency in trucks, and organized fleet management. Truck platooning includes autonomous driving technologies, which help in decreasing road accidents and enhance the operational efficiency of trucks.

Restraining Factors

High cost of hardware and technologies

The platooning trucks are expected to be high priced mostly due to the introduction of commercialized technology systems into vehicles.

The installation of advanced features such as Lane Keep Assist, Adaptive Cruise Control, Blind spot Warning, Human Machine Interface, and Human Machine Interface ultimately increases the overall cost of the vehicle.

Growth Opportunities

Self-Driving Trucks

The number of autonomous vehicles is growing rapidly. The self-driving truck is the most innovative in the transportation industry, which will increase supply chain efficiency, reduce shipping costs, increase road safety, and overcome the shortage of truck drivers.

Road safety and security is a major concern of the transportation sector and service providers. There is a chance that road accidents occur due to sleepy or distracted truck driver who tends to lose focus because of drowsiness while driving.

Latest Trends

Growing Technological Advancements in Truck Platooning are Driving the Market

The global truck platooning market has an increasing demand for safer and fuel-efficient vehicles, overdue to which automobile manufacturers are heavily investing in new technologies. Truck platooning is an advanced technology that automobile manufacturers use to make trucks safer and more efficient.

Various advanced features are deployed in truck platooning: forward collision avoidance and mitigation system, adaptive cruise control, active braking systems, and lane departure warning.

By Platooning Type Analysis

The platooning type segment is divided into Driver-assistive Tuck Platooning (DATP) and Autonomous Truck Platooning. The DATP holds the leading share of the global truck platooning market. DATP helps drivers determine and provide enough space for any vehicle between platooning trucks by assisting with safety technologies.

Developed countries such as the United Kingdom, United States, Netherlands, and Sweden adopted the technology and expected to deploy the driver-assistive truck platooning system on highways and roadways early. This technology can reduce operational costs.

By System Type Analysis

The system type segment is divided into Blind Spot Warning, Adaptive Cruise Control, Lane Keep Assist, Forward Collision Warning, Automatic Emergency Braking, Human Machine Interface, and Other Types.

Adaptive Cruise Control (ACC) is the fastest-growing segment and is expected to drive market growth during the forecasted period. Adaptive Cruise Control is an essential system for the efficient operation of platooning. It helps the truck to maintain optimum distance between them and adjust the speed with the help of radio signals in the convoy.

By Component Type Analysis

The Component type segment is divided into Sensors, LIDAR, GPS, Radar, and Camera. The sensors segment is dominating in this type.

The image sensor is used in multiple applications such as forward collision warning, blind spot warning, lane keep assist, driver drowsiness, and road sign detection systems. Image sensors are gaining popularity due to object detection being essential for efficient truck platooning.

By Infrastructure Type Analysis

The Vehicle-to-Infrastructure (V21) technology type was dominating in the infrastructure type segment in 2022. V21 technology improves connected and automated truck drivers by sharing data connected with road conditions, accidents, traffic congestion, and suggested speed limits.

It allows efficient truck platooning with the help of instant changing speed recommendations depending on the different road conditions. With advanced communication technology and increasing collaborations between automobile manufacturers and major ICT players, the market is expected to have decent growth in the coming years.

Key Market Segments:

Based on Type

• Driver-assistive Tuck Platooning (DATP)
• Autonomous Truck Platooning

Based on the System Type

• Lane Keep Assist
• Blind spot Warning
• Adaptive Cruise Control
• Human Machine Interface
• Forward Collision Warning
• Automatic Emergency Braking
• Other Types

Based on Component Type

• Sensors
• Radar
• LIDAR
• Camera
• GPS

Based on Infrastructure Type

• Vehicle-to-Vehicle (V2V)
• Vehicle-to-Infrastructure (V2I)
• Global Positioning System (GPS)

COVID-19 Impact Analysis

Since the COVID-19 pandemic has become a part of the people, they have been facing multiple kinds of issues due to their livelihood and surroundings suffering. The transportation industry was at a halt during the pandemic situation.

The loss of concentration, work seriousness, and laziness have increased. Also, due to a lack of work, the market has been suffering from huge losses and functional issues, which are restricting them from making efficient use of technology.

Regional Analysis

The largest market share in the global truck platooning market, which is held by the Asia Pacific region due to the presence of developing and populated countries such as China and India, creates demand in this region. Growing disposable income is one of the reasons which drives the market growth in this region. The transportation industry plays a crucial role in logistics, and operations are the primary essentials in this industry.

North America is expected to grow fastest during the forecast period. Due to the existence of developed countries such as Canada, the United States, and Mexico, the demand in this region is increasing. In addition, the expansion of government activities in this region drives the market growth in this region.

Key Regions and Countries:

• North America
  • The US
  • Canada
  • Mexico
• Western Europe
  • Germany
  • France
  • The UK
  • Spain
  • Italy
  • Portugal
  • Ireland
  • Austria
  • Switzerland
  • Benelux
  • Nordic
  • Rest of Western Europe
• Eastern Europe
  • Russia
  • Poland
  • The Czech Republic
  • Greece
  • Rest of Eastern Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Australia & New Zealand
  • Indonesia
  • Malaysia
  • Philippines
  • Singapore
  • Thailand
  • Vietnam
  • Rest of APAC
• Latin America
  • Brazil
  • Colombia
  • Chile
  • Argentina
  • Costa Rica
  • Rest of Latin America
• Middle East & Africa
  • Algeria
  • Egypt
  • Israel
  • Kuwait
  • Nigeria
  • Saudi Arabia
  • South Africa
  • Turkey
  • United Arab Emirates
  • Rest of MEA

Market Share & Key Players Analysis

Some of the major key players in global truck platooning are Peloton Technology, AB Volvo, Daimler AG, Navistar Inc., PACCAR Inc., Hino Motors Ltd., Continental AG, Delphi Automotive PLC, OTTO Technologies, Bendix Commercial Vehicles Systems LLC, and Other Key Players.

Key Players in Truck Platooning Market:

Listed below are some of the most prominent truck platooning industry players.

• Peloton Technology
• AB Volvo
• Daimler AG
• Navistar Inc.
• PACCAR Inc.
• Hino Motors Ltd.
• Continental AG
• Delphi Automotive PLC
• OTTO Technologies
• Bendix Commercial Vehicles Systems LLC
• Other Key Players

Recent Developments:

• March 2022, Two Peterbilt trucks have been connected by electronic handshakes to establish tight following distances for platooning trials in Alberta, Canada. In other research by Auburn University and FP Innovations, platoons have been seen on Quebec logging roads and highways. While the platoon’s lead truck is in charge of acceleration and braking, the vehicle behind it is controlled semi-autonomously.
• In March 2022, IVECO contributed to implementing and developing a multi-brand platooning technology agreed upon with all major European truck manufacturers. The EU-funded 46-month project demonstrated that platooning could be critical in achieving sustainable transportation. Platooning improves fuel economy, traffic efficiency, CO2 emissions, and road safety.

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