Truck Platooning Market Size 2021 | Growth Analysis by Development Trends, Business Demand Status and Global Share Forecast to 2027

 

Global Truck platooning Market is expected to exceed the market valuation of more than US$ X million by 2027 expanding at a reasonable CAGR of around X% during the forecast period (2021-2027). Rise in government regulations for emission reduction, Increasing government funding and grants and Reduction in fuel consumption.

Increasing preference and adoption rate of truck platooning device among the automobile, logistics, and other sector manufacturers in the order to reduce fuel cost are the major driver for truck platooning market globally. Further, the shortage of skilled drivers is also driving the demand for truck platooning technology majorly in the developed nations. For instance: The total inland freight transport within the European Union (EU) travels by road accounts for 75%, with around 1,750 billion tonne-kilometers (tkm) of freight. In some of the European Union countries, the total freight amount traveling by road exceeds 90%.

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Furthermore, Increasing government funding and grants for truck platooning is the key contributing factor for the market growth. For instance: Federal Highway Administration (FHWA) has provided awards for a Phase 1 Truck Platooning Early Deployment Assessment under the Broad Agency Announcement (BAA). This project aims to conduct a study to comprehend truck platoon operation in a realistic, operational environment. The Phase 1 awards are Center for Automotive Research, Pennsylvania State University, SAE International, Saia LTL Freight, Volvo Group, University of Michigan Transportation Research Institute with a US$499,878 contract amount for Michigan; Ohio; Pennsylvania platooning location. Caltrans, California Highway Patrol, Cambridge Systematics, I-10 Corridor Coalition, Volvo Group, Westat with US$499,290 contract amount for California; Arizona platooning location. Anheuser-Busch, BGM Consulting, Columbus Region Logistics Council, Ohio Department of Transportation/Drive Ohio, Ohio State University, Ohio Turnpike Commission, Robert Bosch, Sutra Research and Analytics with US$497,379 contract amount for Indiana; Ohio platooning location.

Based on Platooning Type, the global truck platooning market is fragmented into Driver-Assistive Tuck Platooning (DATP) and Autonomous Truck Platooning. The Driver-Assistive Tuck Platooning (DATP) segment generated revenue of USD X million in 2020. The market is expected to grow at a CAGR of X% during the forecast period to reach a market valuation of USD X million by 2027F. However, the Autonomous Truck Platooning segment would witness the fastest CAGR during the forecast period owing to the benefits shortage of drivers.

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Based on the Services, the global truck platooning market is fragmented into Telematics-Based Services and Platooning-Based Services. The Telematics-Based Services is further segmented into Automatic Crash Notification, Emergency Calling, Navigation & Infotainment, On-road Assistance, Remote Diagnostics, Vehicle Tracking, and Others. The Telematics-Based Services segment generated revenue of USD X million in 2020. The Telematics-Based Services segment dominated the market with a share of x% in 2020 and is expected to maintain its dominance during the forecast period. However, the Platooning-Based Services segment would witness the highest CAGR during the forecast period owing to the rapid increase in truck platooning adoption in developed nations.

Based on the Systems, the global truck platooning market is fragmented into Adaptive Cruise Control (ACC), Blind Spot Warning (BSW), Global Positioning System (GPS), Forward Collision Warning (FCW), Lane Keep Assist (LKA), Autonomous Emergency Braking (AEB), Human Machine Interface (HMI), and Others. The Adaptive Cruise Control (ACC) segment generated revenue of USD X million in 2020. The Adaptive Cruise Control (ACC) segment dominated the market with a share of X% in 2020 and is expected to maintain its dominance during the forecast period. As per WHO statistics, Road traffic accidents claim the lives of about 1.35 million people per year. The majority of countries lose 3% of their GDP due to traffic accidents

Based on the Sensor Type, the global truck platooning market is fragmented into Image, Radar, and LiDAR. The Radar segment generated revenue of USD X million in 2020. The Radar segment is expected to grow at a CAGR of X% during the forecast period to reach a market valuation of USD X million by 2027F. The Image segment dominated the market with a share of x% in 2020 and is expected to maintain its dominance during the forecast period. Based on the Communication Technology, the market is fragmented into Vehicle-to-infrastructure (V2I), and Vehicle-to-vehicle (V2V). The  Vehicle-to-vehicle (V2V) segment generated revenue of USD X million in 2020.

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Additionally, the report provides detailed initiatives that are being taken in the field of Truck Platooning, globally. The report provide a detailed analysis of regions including North America (the U.S, Canada, and Rest of North America), Europe (Germany, France, Spain, Italy, UK, and Rest of Europe), Asia-Pacific (China, Japan, Singapore, Australia, and Rest of Asia-Pacific), and the Rest of the World. North America dominated the market in 2020, with X% share. Peloton Technology, Bendix Commercial Vehicle Systems LLC, AB Volvo, Continental AG, Daimler AG, BorgWarner Inc., Wabco, DAF Trucks, Scania AB, and Aptiv, are some of the prominent players operating in the global truck platooning market. Several M&As along with partnerships have been undertaken by these players to develop a new juice category in the market.

Global Truck Platooning Market Segmentation

Market Insight, by Platooning Type

• Driver-Assistive Tuck Platooning (DATP)
• Autonomous Truck Platooning

Market Insight, by Services

• Telematics-Based Services
• Automatic Crash Notification
• Emergency Calling
• Navigation & Infotainment
• On-road Assistance
• Remote Diagnostics
• Vehicle Tracking
• Others
• Platooning-Based Services

Market Insight, by Systems

• Adaptive Cruise Control (ACC)
• Blind Spot Warning (BSW)
• Global Positioning System (GPS)
• Forward Collision Warning (FCW)
• Lane Keep Assist (LKA)
• Autonomous Emergency Braking (AEB)
• Human Machine Interface (HMI)
• Others

Market Insight, by Sensor Type

• Image
• Radar
• LiDAR

Market Insight, by Communication Technology

• Vehicle-to-infrastructure (V2I)
• Vehicle-to-vehicle (V2V)

Market Insight, by Region

• North America Truck Platooning Market
• United States
• Canada
• Rest of North America
• Europe Truck Platooning Market
• France
• Germany
• Italy
• Spain
• United Kingdom
• Rest of Europe
• Asia-Pacific Truck Platooning Market
• China
• Japan
• India
• Australia
• Rest of Asia-Pacific
• Rest of World Truck Platooning Market

Top Company Profiles

• Peloton Technology
• Bendix Commercial Vehicle Systems LLC
• AB Volvo
• Continental AG
• Daimler AG
• BorgWarner Inc.
• Wabco
• DAF Trucks
• Scania AB
• Aptiv