Market Size of Truck Platooning Industry
| 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.
