Truck Platooning Market Size
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
CAGR | > 32.00 % |
Fastest Growing Market | Europe |
Largest Market | North America |
Market Concentration | High |
Major Players*Disclaimer: Major Players sorted in no particular order |
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Truck Platooning Market Analysis
The truck platooning market was valued at USD 1856.01 million in 2021, and it is expected to reach USD 9862.71 million by 2027, registering a CAGR of about 32.1% during the forecast period (2022-2027).
The COVID-19 pandemic has hindered the growth of the truck platooning market due to travel restrictions and lockdowns imposed by various governments across the world to contain the spread of the virus. In addition, high costs associated with the adoption and implementation of the currently available technology are another factor affecting the market growth. However, the market is expected to witness steady growth due to supportive government policies for truck platooning.
The rise in the number of road accidents due to driver errors and increasing focus on reducing transportation operating costs are expected to fuel the demand in the truck platooning market. Truck platooning is expected to increase the demand in sectors such as road development, transportation, logistics, and information technology because of the rise in demand for automated technologies. The rising adoption of the Internet of Things (IoT) is another factor that will help the growth of the market over the forecast period.
However, the market faces challenges from restraint factors such as high hardware and technology costs, which may hamper market growth.
North America is expected to lead the truck platooning market globally, owing to the rapidly evolving autonomous vehicle technology and the growing concerns over safety in road transportation in the region. The European market is also projected to account for significant revenue share in the truck platooning market. The Asia-Pacific truck platooning market is expected to register a significant growth rate in terms of CAGR over the forecast period.
Truck Platooning Market Trends
This section covers the major market trends shaping the Truck Platooning Market according to our research experts:
Growing Technological Advancements in Truck Platooning are Driving the Market
There is an increase in demand for more fuel-efficient and safer vehicles, owing to which automobile manufacturers are heavily investing in the latest vehicle technologies. Truck platooning is one of the advanced technologies that automobile manufacturers are using to make trucks more efficient and safer. Some of the advanced features deployed in truck platooning include adaptive cruise control, forward collision avoidance and mitigation system, lane departure warning, and active braking systems.
All these features, if availed in the trucks, are expected to enable them to enter into the semi-autonomous level of driving and reduce the probability of human error accidents during their transit. Other developed infrastructure systems involved in truck platooning, including vehicle-to-vehicle communications (V2V), vehicle-to-infrastructure (V2I), and satellite communications (GPS), have ensured secure connectivity between vehicles and other information networks, where freight fleet operators can smoothly monitor the transportation administrations.
Adaptive cruise control (ACC) is projected to be the fastest-growing segment of the truck platooning market. ACC is an essential system for truck platooning operations. ACC helps to automate the speed of the trucks with the help of V2V communication. A few projects, such as SARTRE, PATH, GCDC (Grand Cooperative Driving Challenge), SCANIA, and ENERGY-ITS (Intelligent Transport Systems), have been initiated and implemented across various regions to test and verify automotive (majorly truck) platooning systems.
Europe is Expected to Hold The High Market Share During The Forecast Period
The developed regions, like Europe, are heavily investing in truck platooning technology to cater to various needs of people. According to Eurostat, over 75% of inland cargo transport within the European Union, i.e., about 1,750 billion ton-kilometers (tkm), travel by road. Whereas, in some European countries, this percentage reached 90% or more.
The major factors driving the growth of the market include pioneering efforts in truck platooning, technological advancements, and stringent vehicle safety norms in the region. The primary factors responsible for driving the growth in the European markets are the technological advancements such as the integrated application of IoT and the implementation of strict regulations such as ACEA's EU General Safety Regulation norms pertaining to vehicle safety.
North America is also investing in activities toward truck platoons, which primarily began with efforts from automotive giants, such as Daimler AG, Volvo, and other firms. The development of favorable regulatory policies in the United States from the National Highway Traffic Safety Administration (NHTSA) and National Transportation Safety Board (NTSB) that feature accountability, safety, and compliance are the potential factors contributing to the market growth. Moreover, North American transportation trucks play a vital role in logistical operations and have a significant contribution to the transportation industry.
Truck Platooning Industry Overview
The truck platooning market is majorly dominated by Peloton Technology, Daimler AG, Volvo Group, Scania AB, Continental AG, and DAF Trucks, among others. The truck platooning market includes truck OEMs and technology providers and is primarily characterized by a growing number of mergers and acquisitions, in addition to increasing investments. For instance-
- Horiba MIRA has confirmed that its partnership with GNSS specialist GMV NSL to develop new and improved passenger car platooning solutions for the European Space Agency (ESA) will enter a live trials phase in Q1 2022, encompassing both simulated and physical testing.
- Daimler AG is focusing on enhancing road safety and is continuously involved in technological innovations to boost truck platooning adoption. Such developments are anticipated to help the company emerge as one of the prominent players in the truck platooning market.
- In November 2020, Scania acquired Nantong Gaokai, a truck company in China, to start making trucks for the first time in the world's biggest auto market. The focus of acquisition is to bring safer and more fuel-efficient vehicles by promoting technologies like truck platooning in the market.
- In October 2020, TRATON SE planned to acquire the remaining 83.2% stake in Navistar International Corp. for a total cash consideration of USD 3.7 billion to expand its product portfolio. The acquisition is likely to focus on the development and establishment of trucks in the market for commercial applications.
Truck Platooning Market Leaders
Peloton Technology
Daimler AG
Volvo Group
DAF Trucks (Paccar Company)
Scania AB
*Disclaimer: Major Players sorted in no particular order
Truck Platooning Market News
In March 2022, Two Peterbilt trucks have been linked by electronic handshakes to establish tight following distances for platooning trials in Alberta, Canada. Platoons have been seen on Quebec highways and logging roads in other research by Auburn University and FP Innovations. 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 the development and implementation of a multi-brand platooning technology agreed upon by all major European truck manufacturers. The EU-funded 46-month project demonstrated that platooning could play a critical role in achieving sustainable transportation. Platooning improves fuel economy, CO2 emissions, road safety, and traffic efficiency.
Truck Platooning Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Bargaining Power of Suppliers
4.3.2 Bargaining Power of Consumers
4.3.3 Threat of New Entrants
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Technology Type
5.1.1 Adaptive Cruise Control
5.1.2 Forward Collision Avoidance
5.1.3 Lane Departure Warning
5.1.4 Active Brake Assist
5.2 Infrastructure Type
5.2.1 Vehicle-to-Vehicle (V2V)
5.2.2 Vehicle-to-Infrastructure (V2I)
5.2.3 Global Positioning System (GPS)
5.3 Autonomous Level
5.3.1 Semi-autonomous
5.3.2 Full-autonomous
5.4 Geography
5.4.1 North America
5.4.1.1 United States
5.4.1.2 Canada
5.4.1.3 Rest of North America
5.4.2 Europe
5.4.2.1 Germany
5.4.2.2 United Kingdom
5.4.2.3 France
5.4.2.4 Spain
5.4.2.5 Rest of Europe
5.4.3 Asia-Pacific
5.4.3.1 India
5.4.3.2 China
5.4.3.3 Japan
5.4.3.4 South Korea
5.4.3.5 Rest of Asia-Pacific
5.4.4 Rest of the World
5.4.4.1 South America
5.4.4.2 Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles*
6.2.1 Peloton Technology
6.2.2 Daimler AG
6.2.3 Volvo Group
6.2.4 DAF Trucks (Paccar Company)
6.2.5 Scania AB
6.2.6 Continental AG
6.2.7 WABCO Holdings Inc.
6.2.8 Bendix Commercial Vehicles Systems LLC (Knorr-Bremse AG)
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Truck Platooning Industry Segmentation
Truck platooning can be defined as the linking of two or more trucks in a convoy using automated driving assistance systems and connectivity solutions between the vehicles. The vehicles in truck platooning maintain a close distance between them when they are connected for a certain part of the journey on roadways.
The truck platooning market is segmented by technology type, infrastructure type, autonomous level, and geography.
The truck platooning market is segmented by technology type (adaptive cruise control, forward collision avoidance, lane departure warning, and active brake assist), infrastructure type (V2V, V2I, and GPS), autonomous level (semi-autonomous and full-autonomous), and geography (North America, Europe, Asia-Pacific, and Rest of the World). The report offers the market sizes and forecasts in value (USD million) for all the above segments.
Technology Type | |
Adaptive Cruise Control | |
Forward Collision Avoidance | |
Lane Departure Warning | |
Active Brake Assist |
Infrastructure Type | |
Vehicle-to-Vehicle (V2V) | |
Vehicle-to-Infrastructure (V2I) | |
Global Positioning System (GPS) |
Autonomous Level | |
Semi-autonomous | |
Full-autonomous |
Geography | |||||||
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Truck Platooning Market Research FAQs
What is the current Truck Platooning Market size?
The Truck Platooning Market is projected to register a CAGR of greater than 32% during the forecast period (2024-2029)
Who are the key players in Truck Platooning Market?
Peloton Technology, Daimler AG, Volvo Group, DAF Trucks (Paccar Company) and Scania AB are the major companies operating in the Truck Platooning Market.
Which is the fastest growing region in Truck Platooning Market?
Europe is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Truck Platooning Market?
In 2024, the North America accounts for the largest market share in Truck Platooning Market.
What years does this Truck Platooning Market cover?
The report covers the Truck Platooning Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Truck Platooning Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Truck Platooning Industry Report
Statistics for the 2024 Truck Platooning market share, size and revenue growth rate, created by Mordor Intelligenceā¢ Industry Reports. Truck Platooning analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.