Truck Platooning Market Size was valued at USD 63.49 million in 2022 and is expected to reach USD 2866 million by 2030 and grow at a CAGR of 61% over the forecast period 2023-2030.
Truck platooning is when two or more trucks are linked together in a convoy using automated driving assistance systems and ways for the trucks to talk to each other. Truck platooning is when two or more trucks travel together for part of the way. During this time, they stay close to each other. The vehicle at the front of the platoon acts as the leader, and the vehicle behind it reacts and changes how the front vehicle moves. The driver of each of the following trucks is always in charge and can leave at any time or drive alone. The idea of truck platooning has a lot of potentials to make transportation on the road safer, cleaner, and more efficient in the future. Truck platooning technology can reduce the amount of fuel used and the number of harmful gases released, but only if the trucks are close enough to each other so that there is less air resistance between them.
In 2021, Continental made the MFC 500 camera platform, which is made up of separate parts that can be added to and linked together. The modular kit is made up of an intelligent MFC 500 camera, several satellite cameras, and a central computer for helping or automating driving. This computer is called the Assisted & Automated Driving Control Unit, or ADCU. Through V2V and V2I communications, the camera platform can also have functions for detecting the environment and driving.
KEY DRIVERS:
A further driver of this region's demand is the rapid growth of technology.
A rise in environmental concerns and safety standards.
Well-established technology infrastructure that fuels market demand.
The rise in the number of people with more money to spend.
RESTRAINTS:
Another factor limiting market expansion in these locations is the low per capita income.
Low infrastructure has resulted in a lower market share.
The high cost of technology is likely to operate as a limitation on market expansion.
OPPORTUNITIES:
Government initiatives are rising as well, which opens up new possibilities for development in this area.
Self-driving trucks will lower shipping costs and boost road safety by reducing accidents.
CHALLENGES:
Acceptance by carriers, drivers, and other road users is a fundamental challenge in truck platooning.
Concern around the privacy of data and the legislation surrounding cyber security.
Since the epidemic has become a part of people's lives, they've had to deal with a variety of problems that have harmed their livelihoods and the environment around them. As a result of the lockdown put in place to combat the epidemic, trucking, and transportation operations have seen a reduction in employee sloth, attention deficit disorder, and general job seriousness. As a result of the lack of work, the market has suffered enormous losses and functional problems, which prevents them from making the best use of technological advancements. In the meantime, governments are stepping in to enforce their own regulations. Market operations investments are intended to combine existing data with the improved features brought in by IoT sensors, maintenance logs, and external sources to improve the market and lead the way to growth during the forecast period that ends in 2028.
The global market has been divided into Driver-assistive Truck Platooning (DATP), and Autonomous Truck Platooning Based on the platooning type segment. Market share is predicted to be dominated by the DATP (Driver-Assistive Truck Platooning) category Cooperative adaptive cruise control for large vehicles is known as DATP (two-truck platoons). The peak fuel savings of two truck platoons can be increased by 7-10% using its applications.
Market, By System Type:
The global market has been divided into Adaptive Cruise Control (ACC), Blind Spot Warning (BSW), Global Positioning System (GPS), Forward Collision Warning (FCW), and Lane Keep Assist (LKA), and Others Based on the system type segment. It is anticipated that Adaptive Cruise Control would have the most significant CAGR in the period that is prophesied since this technology helps to automate the speed at which trucks travel with the assistance of V2V communication.
Market, By Components:
The global market has been divided into Sensors, RADAR, LIDAR, Cameras, and GPS based on the components segment. Truck platooning makes extensive use of these sensors. Truck platooning relies heavily on object recognition, which is why image sensors are becoming increasingly prevalent.
By Platooning Type:
Driver-assistive Truck Platooning (DATP)
Autonomous Truck Platooning
By System Type:
Adaptive Cruise Control (ACC)
Blind Spot Warning (BSW)
Global Positioning System (GPS)
Forward Collision Warning (FCW)
Lane Keep Assist (LKA)
Others
By Components:
Sensors
RADAR
LIDAR
Camera
GPS
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The truck platooning technology market has been segmented by geography, with North America, Asia-Pacific, Europe, Latin America, the Middle East, and Africa making up the majority of the total global market. As a result of nations like China and India, which have enormous populations and drive-up demand for goods, the Asia-Pacific region has the highest proportion of the worldwide market. The European area holds the second-largest market share in the global market. As a result of countries including the United States, Canada, and Mexico, the North American region holds the third-largest market share in the global market. Low infrastructure in these regions has resulted in a lower market share for the Latin American and Middle Eastern and African regions.
REGIONAL COVERAGE:
North America
The USA
Canada
Mexico
Europe
Germany
The UK
France
Italy
Spain
The Netherlands
Rest of Europe
Asia-Pacific
Japan
south Korea
China
India
Australia
Rest of Asia-Pacific
The Middle East & Africa
Israel
UAE
South Africa
Rest of Middle East & Africa
Latin America
Brazil
Argentina
Rest of Latin America
Continental AG, AB Volvo, Bendix Commercial Vehicles Systems LLC, Meritor Wabco, Daimler AG, Delphi Automotive PLC, Navistar International Corporation, OTTO Technologies, Peloton Technology, and Scania AB are some of the affluent competitors with significant market share in the Truck Platooning Market.
| Report Attributes | Details |
|---|---|
| Market Size in 2022 | US$ 63.49 Million |
| Market Size by 2030 | US$ 2566 Million |
| CAGR | CAGR of 61% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2021 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • by Platooning Type (Driver-assistive Truck Platooning (DATP), Autonomous Truck Platooning) • by System Type (Adaptive Cruise Control (ACC), Blind Spot Warning (BSW), Global Positioning System (GPS), Forward Collision Warning (FCW), Lane Keep Assist (LKA), Others) • by Components (Sensors, RADAR, LIDAR, Camera, GPS) |
| Regional Analysis/Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
| Company Profiles | Continental AG, AB Volvo, Bendix Commercial Vehicles Systems LLC, Meritor Wabco, Daimler AG, Delphi Automotive PLC, Navistar International Corporation, OTTO Technologies, Peloton Technology, and Scania AB |
| Key Drivers | •A further driver of this region's demand is the rapid growth of technology. •A rise in environmental concerns and safety standards. |
| RESTRAINTS | •Another factor limiting market expansion in these locations is the low per capita income. •Low infrastructure has resulted in a lower market share. |
Truck Platooning Market Expected to reach USD 2866 million by 2030.
Truck Platooning Market grow at a CAGR of 61% over the forecast period 2023-2030.
Truck platooning is when two or more trucks are linked together in a convoy using automated driving assistance systems and ways for the trucks to talk to each other.
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
4.3.1 Introduction
4.3.2 Impact on major economies
4.3.2.1 US
4.3.2.2 Canada
4.3.2.3 Germany
4.3.2.4 France
4.3.2.5 United Kingdom
4.3.2.6 China
4.3.2.7 Japan
4.3.2.8 South Korea
4.3.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Global Truck Platooning Market Segmentation, By Platooning Type
8.1 Driver-assistive Truck Platooning (DATP)
8.2 Autonomous Truck Platooning
9. Global Truck Platooning Market Segmentation, By System Type
9.1 Adaptive Cruise Control (ACC)
9.2 Blind Spot Warning (BSW)
9.3 Global Positioning System (GPS)
9.4 Forward Collision Warning (FCW)
9.5 Lane Keep Assist (LKA)
9.6 Others
10. Global Truck Platooning Market Segmentation, By Components
10.1 Sensors
10.2 RADAR
10.3 LIDAR
10.4 Camera
10.5 GPS
11. Regional Analysis
11.1 Introduction
11.2 North America
11.2.1 the USA
11.2.2 Canada
11.2.3 Mexico
11.3 Europe
11.3.1 Germany
11.3.2 the UK
11.3.3 France
11.3.4 Italy
11.3.5 Spain
11.3.6 The Netherlands
11.3.7 Rest of Europe
11.4 Asia-Pacific
11.4.1 Japan
11.4.2 South Korea
11.4.3 China
11.4.4 India
11.4.5 Australia
11.4.6 Rest of Asia-Pacific
11.5 The Middle East & Africa
11.5.1 Israel
11.5.2 UAE
11.5.3 South Africa
11.5.4 Rest
11.6 Latin America
11.6.1 Brazil
11.6.2 Argentina
11.6.3 Rest of Latin America
12. Company Profiles
12.1 AB Volvo
12.1.1 Financial
12.1.2 Products/ Services Offered
12.1.3 SWOT Analysis
12.1.4 The SNS view
12.2 Continental AG
12.3 Bendix Commercial Vehicles Systems LLC
12.4 Meritor Wabco
12.5 Daimler AG
12.6 Delphi Automotive PLC
12.7 Navistar International Corporation
12.8 OTTO Technologies
12.9 Peloton Technology
12.10 Scania AB
13. Competitive Landscape
13.1 Competitive Benchmarking
13.2 Market Share analysis
13.3 Recent Developments
14. Conclusion
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