The truck platooning market size is expected to grow from USD 2.29 billion in 2022 to USD 22.33 billion in 10 years. The market should show positive growth rate due to increasing demand for fuel efficiency.
NEWARK, April 22, 2024 (Globe Newswire) — Brainy Insights predicts global truck platooning market to grow from USD 2.29 billion in 2022 to USD 22.33 billion by 2032 doing. Safety is a top priority when developing and implementing truck platooning systems. These innovative technologies enable efficient communication between vehicles, allowing them to quickly adapt to changes in their surroundings. Features such as automatic braking and collision avoidance mechanisms increase protection against accidents and further improve road safety. In addition, trucks moving closer together in formation improves visibility while reducing blind spots, significantly reducing the number of collisions on highways and roads.
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Key insights into the truck platooning market
The European region is expected to grow at the highest CAGR during the forecast period.
During the forecast period, Europe is expected to grow at the highest CAGR among the global truck platooning markets. The European region will expand significantly. Europe has taken a proactive approach by developing a comprehensive regulatory framework governing the testing and deployment of autonomous and connected vehicle technologies, including truck platooning. The harmonization of regulations across EU member states creates a consistent market environment. The fuel efficiency and emissions reduction benefits offered by truck platooning are consistent with Europe’s commitment to environmental sustainability. Logistics companies are becoming more environmentally conscious due to government incentives and are considering implementing platooning systems as part of their strategy for greener transport solutions.
The fully autonomous systems segment is expected to grow at the highest CAGR during the forecast period.
The autonomy level segment includes semi-autonomous and fully autonomous. The fully autonomous segment is expected to grow at the highest CAGR during the forecast period. The most advanced form of automation in the world is achieved through fully automated truck platooning. This innovative technology no longer requires human drivers to rely solely on artificial intelligence (AI) and cutting-edge sensors to steer and synchronize convoy operations. Although this is a narrow field, full autonomy has great potential for growth as technology advances and regulatory frameworks evolve. Fully automated truck platooning eliminates external factors such as reaction times and breaks that cause disruption during the operation period, significantly reducing transportation time and improving logistics efficiency.
The vehicular infrastructure (V2I) segment is expected to grow at the highest CAGR during the forecast period.
The communication technology segment is divided into vehicle-to-vehicle (V2I), vehicle-to-vehicle (V2V), and vehicle-to-vehicle (V2X). The vehicular infrastructure (V2I) segment is expected to grow at the highest CAGR during the forecast period. In the global truck platooning market, establishing a direct link between trucks and their surrounding infrastructure is essential. V2I communications technology accomplishes this by enabling seamless coordination between traffic management systems, roadside infrastructure elements such as traffic lights, and convoy operations. V2I, which currently enjoys a large market share, ensures an effective and safe truck platooning process. Using advanced technology applications, we can communicate real-time information about road closures and the best route to take during heavy traffic jams, resulting in streamlined mobility and reduced overall delays on congested roads. Among the multiple benefits brought about by V2I, flow efficiency is dramatically improved. Technology that promotes eco-friendly initiatives as well as economical automotive solutions that pave the way to a better future.
The autonomous truck platooning segment is expected to grow at the highest CAGR during the forecast period.
The platooning type segment is divided into driver-assisted truck platooning (DATP) and automated truck platooning. The autonomous truck platooning segment is expected to grow at the highest CAGR during the forecast period. Automated truck platooning provides optimal operational efficiency by eliminating the need for human drivers. The absence of certain elements such as reaction times and breaks allows autonomous platoons to work seamlessly, reducing transportation time and increasing logistics efficiency. Unconstrained by human limitations, he is able to operate 24/7 without the need for driver rest time, facilitating faster deliveries and increasing operating capacity. This is an attractive boost for logistics companies striving to easily achieve maximum supply chain optimization results through continuous capabilities driven through autonomous systems that offer significant benefits.
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Recent developments:
• November 2020: Scania announced the acquisition of Chinese truck manufacturer Nantong Gaokai for railway construction. This acquisition will enable the company to produce safer and more fuel-efficient vehicles.
• August 2021: ZF Friedrichshafen AG presents cutting-edge solutions for clean and energy-efficient commercial vehicles. The business has developed electric power steering to help enable a fully electric architecture.
Market trend
Driver: Increasing focus on environmental sustainability
The global focus on sustainability and environmental responsibility is having a significant impact on the truck platooning market. Governments and regulatory bodies are promoting environmentally friendly alternative transportation methods while enforcing strict emissions regulations. The increased fuel efficiency and reduced carbon dioxide emissions per ton-mile of truck platooning are perfectly aligned with these goals. As companies strive to comply with such standards and implement sustainable policies, the introduction of this technology has become a strategic means to support greener transport practices and contribute to the growth of a green industry. It leads to This factor is stimulating the market growth and development.
Curb: Poor transportation infrastructure
Infrastructure preparation is a key element in effectively implementing a truck platooning system. Ensuring the smooth running of convoys requires specific lanes for platoon use, along with communications infrastructure and other supporting technologies. However, additional infrastructure is required to meet these requirements to ensure a successful deployment. Integrating platooning systems into existing transportation networks requires significant investments in necessary infrastructure upgrades, posing a major challenge to the growth prospects of the truck platooning market.
Opportunity: Global emphasis on safety
Truck platooning offers a number of safety benefits that are highly valued in the transportation industry, making it an attractive solution for market drivers. The close distance between vehicles in a platoon improves visibility and allows the use of automatic braking systems and collision avoidance technology to create a safer driving environment. Platooning technology also reduces human error while quickly adapting to changing road conditions, significantly minimizing the risk of accidents. As safety remains a top priority for fleet operators and logistics companies, truck platooning is becoming increasingly attractive as a reliable option with superior safety. This factor is expected to provide significant growth opportunities in the coming years.
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The major companies operating in the truck platooning market are:
• AB Volvo
• Aptiv Inc.
• Continental AG
• Daimler Trucks AG
• Goldstone Technologies Co., Ltd.
• Iveco SpA
・Packer Co., Ltd.
• Peloton Technology Co., Ltd.
• Robert Bosch GmbH
・Toyota Tsusho Corporation
• Toraton SE
• ZF Friedrichshafen AG
Main segments covered in the market:
By autonomy level:
• Semi-autonomous
• Fully autonomous
By communication technology:
• From vehicle to infrastructure (V2I)
• Vehicle-to-vehicle distance (V2V)
• Vehicle to everything (V2X)
By platooning type:
• Driver-Assisted Tack Platooning (DATP)
• Autonomous truck platooning
By region
• North America (USA, Canada, Mexico)
• Europe (Germany, France, UK, Italy, Spain, Rest of Europe)
• Asia Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and other South America)
• Middle East and Africa (UAE, South Africa, rest of MEA)
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About the report:
The market is analyzed on the basis of value (USD Billion). All segments are analyzed globally, regionally and by country. The study includes analysis of more than 30 countries in each part. The report analyzes drivers, opportunities, constraints, and challenges to gain key market insights. This research includes Porter’s Five Forces Model, attractiveness analysis, product analysis, supply and demand analysis, competitive position grid analysis, distribution, and marketing channel analysis.
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