Truck Platooning Market Size to Hit USD 1,360 Million, at a CAGR 50.1% by 2030 | Fortune Business Insights
Truck Platooning Market to be Worth USD 1,360 Million by 2030 | Growing Initiatives for Truck Platooning to Boost Market Growth in Europe: Fortune Business Insights
Pune, India., Sept. 05, 2023 (GLOBE NEWSWIRE) — The global truck platooning market size was valued at USD 59.4 million in 2022. The market is projected to grow from USD 79.2 million in 2023 to USD 1,360 million by 2030, exhibiting a CAGR of 50.1% during the forecast period. Truck platooning technology enables trucks to follow and communicate closely. The technology decreases air drag and enhances efficiency and fuel economy. The demand for truck platooning is rising due to increasing adoption of new-generation trucks across transportation and logistics operations.
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Market Drivers & Restraints-
Rising Road Safety Demand to Propel Market Growth
The trucks used for transportation and logistics carry heavy cargo load, increasing the demand for road safety globally and propelling the truck platooning market growth during the forecast period. The increase in road accidents worldwide has boosted the demand for road safety contributing to market growth. According to the National Highway Traffic Safety Administration (NHTSA), in 2021, 523,796 heavy trucks were involved in road accidents across the U.S. High technology, operations, and hardware costs may hamper the market growth during the forecast period.
Report Highlights:
| Report Coverage | Details |
| Forecast Period | 2023-2030 |
| Forecast Period 2023 to 2030 CAGR | 50.1% |
| 2030 Value Projection | USD 1,360 Million |
| Base Year | 2022 |
| Market Size in 2023 | USD 79.2 Million |
| Historical Data for | 2019-2021 |
| No. of Pages | 120 |
Competitive Landscape-
Rising Key Players Focus on Partnership Strategies to Boost Market Growth
The major key players operating in the industry, such as Volvo, Daimler, and others, are focusing on partnership strategies to develop and deploy autonomous truck fleets. Market players’ rapid adoption of these strategies propels market growth during the forecast period. As autonomous trucks’ availability increases globally, truck platooning technology utilization in transportation and logistics activities is estimated to grow during the forecast period.
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Segments-
Rising Demand for Adaptive Cruise Control to Propel Segment Growth
By technology, the market is segmented into Adaptive Cruise Control (ACC), Blind Spot Warning (BSW), Forward Collision Warning (FCW), Lane Keep Assistance (LKA), Autonomous Emergency Braking (AEB), and others. The Adaptive Cruise Control (ACC) segment held the highest market in 2022 owing to the rapidly increasing demand for adaptive cruise control systems among platooned trucks.
Increasing V2V Communication Demand to Aid Segment Growth
By infrastructure type, the market is classified into Vehicle-to-Vehicle (V2V), Vehicle-to-Infrastructure (V2I), and Others. The Vehicle-to-Vehicle (V2V) segment dominated and held the highest market share in 2022. The growth is attributed to the rising demand for effective V2V communication among platooned trucks worldwide.
Growing Prevalence of ADAS and Connected Technology to Boost Segment Growth
Based on level of autonomy, the market is divided into semi-autonomous and fully autonomous. The semi-autonomous segment is estimated to dominate the truck platooning market share during the forecast period owing to the rising prevalence of Advanced Driver Assistance (ADAS) and connected technology.
Geographically, the market is studied across North America, Europe, Asia Pacific, and Rest of the World.
| Segmentation |
By Technology
By Infrastructure Type
By Level of Autonomy
|
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Regional Insights-
Growing Initiatives for Truck Platooning to Boost Market Growth in Europe
Europe is estimated to be the dominating region and held the largest market share in 2022. The growth is attributed to growing initiatives, such as the ENSEMBLE project, for improving traffic safety and fuel economies across Europe.
Asia Pacific is estimated to experience the fastest growth during the forecast period owing to the rapidly increasing truck industry and strong logistics and manufacturing industries in emerging Asia Pacific countries.
Report Coverage-
- Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
- Comprehensive insights into regional developments.
- List of major industry players.
- Key strategies adopted by the market players.
- The latest industry developments include product launches, partnerships, mergers, and acquisitions.
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A list of prominent Automotive HMI manufacturers operating in the global market:
- AB Volvo (Sweden)
- Daimler (Germany)
- Scania (Sweden)
- Peloton Technology (U.S.)
- Continental AG (Germany)
- Volkswagen AG (Germany)
- Wabco (Switzerland)
- Navistar, Inc. (U.S.)
- MAN (Germany)
- ZF Friedrichshafen AG (Germany)
- Bendix Commercial Vehicles Systems LLC (U.S.)
COVID-19 Impact-
Decreased Transportation and Logistics During Pandemic Affected Market Growth
The COVID-19 pandemic had a negative impact on the global market. The market witnessed a drop due to transportation and logistics disruptions caused by strict COVID-19 guidelines by the governments. Post-pandemic, the market immediately recovered owing to relaxed COVID-19 regulations and improvements in supply chain operations.
Notable Industry Development:
June 2023 – The Port Authority of New York and New Jersey (PANYNJ) and Ohmio, an autonomous mobility company, to host a three-vehicle self-driving platooning demonstration at John F. Kennedy International Airport (JFK).
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Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Market Trends
- Key Insights
- Key Industry Developments – Mergers, Acquisitions & Partnerships
- Latest Technological Advancements
- Porters Five Forces Analysis
- Impact of COVID-19 Pandemic on Global Truck Platooning Market
- Global Truck Platooning Market Analysis, Insights and Forecast, 2019-2030
- 5.1 Key Findings / Definition
- Market Analysis, Insights and Forecast – By Technology
- Adaptive Cruise Control (ACC)
- Blind Spot Warning (BSW)
- Forward Collision Warning (FCW)
- Lane Keep Assistance (LKA)
- Autonomous Emergency Braking (AEB)
- Others
- Market Analysis, Insights and Forecast – By Infrastructure Type
- Vehicle-to-Vehicle (V2V)
- Vehicle-to-Infrastructure (V2I)
- Others
- Market Analysis, Insights and Forecast – By Level of Autonomy
- Semi-Autonomous
- Fully Autonomous
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Rest of the World
- Market Analysis, Insights and Forecast – By Technology
- North America Truck Platooning Market Analysis, Insights and Forecast, 2019-2030
- Market Analysis, Insights and Forecast – By Technology
- Adaptive Cruise Control (ACC)
- Blind Spot Warning (BSW)
- Forward Collision Warning (FCW)
- Lane Keep Assistance (LKA)
- Autonomous Emergency Braking (AEB)
- Others
- Market Analysis, Insights and Forecast – By Infrastructure Type
- Vehicle-to-Vehicle (V2V)
- Vehicle-to-Infrastructure (V2I)
- Others
- Market Analysis, Insights and Forecast – By Level of Autonomy
- Semi-Autonomous
- Fully Autonomous
- Market Analysis, Insights and Forecast – By Country
- U.S.
- Market Analysis, Insights and Forecast – By Level of Autonomy
- Canada
- Market Analysis, Insights and Forecast – By Level of Autonomy
- Mexico
- Market Analysis, Insights and Forecast – By Level of Autonomy
- U.S.
- Market Analysis, Insights and Forecast – By Technology
- Europe Truck Platooning Market Analysis, Insights and Forecast, 2019-2030
- Market Analysis, Insights and Forecast – By Technology
- Adaptive Cruise Control (ACC)
- Blind Spot Warning (BSW)
- Forward Collision Warning (FCW)
- Lane Keep Assistance (LKA)
- Autonomous Emergency Braking (AEB)
- Others
- Market Analysis, Insights and Forecast – By Infrastructure Type
- Vehicle-to-Vehicle (V2V)
- Vehicle-to-Infrastructure (V2I)
- Others
- Market Analysis, Insights and Forecast – By Level of Autonomy
- Semi-Autonomous
- Fully Autonomous
- Market Analysis, Insights and Forecast – By Country
- Germany
- Market Analysis, Insights and Forecast – By Level of Autonomy
- France
- Market Analysis, Insights and Forecast – By Level of Autonomy
- U.K.
- Market Analysis, Insights and Forecast – By Level of Autonomy
- Rest of the Europe
- Market Analysis, Insights and Forecast – By Level of Autonomy
- Germany
- Market Analysis, Insights and Forecast – By Technology
- Asia Pacific Truck Platooning Market Analysis, Insights and Forecast, 2019-2030
- Market Analysis, Insights and Forecast – By Technology
- Adaptive Cruise Control (ACC)
- Blind Spot Warning (BSW)
- Forward Collision Warning (FCW)
- Lane Keep Assistance (LKA)
- Autonomous Emergency Braking (AEB)
- Others
- Market Analysis, Insights and Forecast – By Infrastructure Type
- Vehicle-to-Vehicle (V2V)
- Vehicle-to-Infrastructure (V2I)
- Others
- Market Analysis, Insights and Forecast – By Level of Autonomy
- Semi-Autonomous
- Fully Autonomous
- Market Analysis, Insights and Forecast – By Country
- China
- Market Analysis, Insights and Forecast – By Level of Autonomy
- Japan
- Market Analysis, Insights and Forecast – By Level of Autonomy
- India
- Market Analysis, Insights and Forecast – By Level of Autonomy
- South Korea
- Market Analysis, Insights and Forecast – By Level of Autonomy
- Rest of APAC
- Market Analysis, Insights and Forecast – By Level of Autonomy
- China
- Market Analysis, Insights and Forecast – By Technology
Continued…
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