The global truck platooning market size was estimated at USD 60 billion in 2022 and it is expected to hit over USD 3448.32 billion by 2032 with a registered CAGR of 50% from 2023 to 2032.
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The Europe truck platooning market size was valued at USD 28.8 billion in 2022 and it is predicted to be worth over USD 1677.40 billion by 2032 with a CAGR of 50.20% between 2023 to 2032.
Europe dominated the truck platooning market in 2022. This is attributed to the availability of a well established technologically advanced infrastructure that fuels the market demand in this region. Another factor driving the market demand in this region is raising environmental concerns, safety requirements, and technology advances.
North America, on the other hand, is expected to develop at the fastest rate during the forecast period. This is due to the existence of countries such as the U.S., Canada, and Mexico, the market demand in this region is driven. Furthermore, expanding government activities in this region present a variety of growth chances.
The truck platooning is described as the use of automated driving assistance systems and networking solutions to join two or more trucks in a convoy. When trucks in truck platooning are connected for a portion of the travel on highways, they keep a close distance between them. The platoon’s leader is the vehicle at the front of the platoon, and the vehicle behind its response and adapts to the movement of the leading vehicle. The following trucks’ drivers are constantly in command and can leave or drive independently at any time. The truck platooning has a lot of potential to make road transportation cleaner, efficient, and safer in the future.
The automobile manufacturers are aggressively investing in the latest automotive technologies in response to rising demand for more fuel efficient and safer automobiles. Some of the modern technologies utilized in truck platooning include adaptive cruise control, front collision avoidance and mitigation system, active braking systems, and lane departure warning.
The growth of the truck platooning market is fueled by factors such as increased government regulations for emissions from the transportation sector and lower fuel usage. Furthermore, the truck platooning business is growing as a result of favorable government platooning rules. The high cost of platooning technology as well as an increase in security and privacy issues is expected to stymie the expansion of the truck platooning business. In addition, the manufacture of fully automated vehicles for platooning and the expansion of the size of the truck platooning fleet are likely to represent a significant growth potential for the truck platooning market’s players. Due to the growing need for automation in the transportation industry to minimize dangerous circumstances and improve transportation efficiency, worldwide truck platooning market is predicted to rise.
|Market Size by 2032||USD 3448.32 Billion|
|Growth Rate from 2023 to 2032||
CAGR of 50%
|Fastest Growing Makret||North America|
|Forecast Period||2023 to 2032|
|Segments Covered||Services, Platooning Type, Communication Technology, Technology, Component, Autonomous Level, Geography|
|Companies Mentioned||Peloton Technology, AB Volvo, Scania, Daimler AG, Navistar Inc., PACCAR Inc., MAN, IVECO, Hino Motors Ltd., Continental AG|
Various governments have enacted regulations to limit hazardous gas emissions from vehicles. The transportation industry contributes significantly to global pollution, with trucks accounting for the majority greenhouse gas emissions. The adoption of truck platooning technology in the transportation sector can help to minimize hazardous gas emissions. The platooning of vehicles travels in close formation, which decreases air drag by roughly 40% for the following truck and results in a 10% reduction in carbon dioxide emissions per kilometer driven. The use of truck charting technology is a surprising reaction to the government’s strict pollution control regulations. As a result, the truck platooning market is expected to develop as government regulations for pollution reduction in the transportation sector become more stringent.
The market for truck platooning is predicted to grow in response to an increase in the number of road accidents caused by driver mistake and a growing focus on lowering transportation operational costs. Due to the increased demand for automated technologies, the truck platooning is predicted to enhance demand in industries such as transportation, logistics, road development, and information technology. Another aspect that will aid the truck platooning market’s expansion over the forecast period is the growing popularity of the internet of things.
Various components such as LIDAR, RADAR, and other sensors are necessary to collect data in order for truck platooning technology to function. The adaptive cruise control is a truck platooning technology that utilizes RADAR to determine the distance between the vehicle in front and adjusts the vehicle’s speed to maintain a safe distance. The adaptive cruise control and forward collision warning systems are quite expensive and they require costly sensors like LIDAR and RADAR, making truck platooning technology too expensive for clients. As a result, the truck platooning market’s expansion to be hampered by the high cost of truck platooning technology.
The truck platooning is also propelling smart transportation, which necessitates the integration of internet of things technology and infrastructure into transportation networks. The current road infrastructure limits the development of potential long haul truck platoon routes.
In 2022, the adaptive cruise control segment dominated the truck platooning market. For truck platooning operations, adaptive cruise control is a must have solution. With the use of vehicle-to-vehicle communication, adaptive cruise control helps to automate truck speed.
The DSRS V2V communication segment, on the other hand, is predicted to develop at the quickest rate in the future years. The vehicle-to-vehicle communication enables one truck to communicate with other. This also able to track and navigate the location of truck.
The RADAR base collision mitigation segment dominated the truck platooning market in 2022. The requirement for RADAR based collision mitigation has surged as enhanced driver assistance systems are used in truck platooning on a large scale.
The forward-looking camera segment is fastest growing segment of the truck platooning market in 2022. The forward-looking camera in truck platooning is used to click accurate and precision pictures.
Segments Covered in the Report
By Platooning Type
By Communication Technology
By Autonomous Level
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