Truck Platooning Market: Current Analysis and Forecast (2021-2027)

Truck platooning is the connecting of two or more trucks in a convoy, with the usage of connecting technology and automated driving support systems. These vehicles automatically preserve a set, close space between each other when they are connected during common or journey, for instance on roads. The first truck at the front of the platoon acts as the leader, with the vehicles behind reacting and adapting to variations in its drive, requires less action from traveling vehicle drivers. In the first case, traveling vehicle drivers will endure in control, so they can also decide to leave the platoon and drive independently.

Reduction in fuel consumption and greenhouse gas emissions is driving the demand for truck platooning systems around the globe. The decrease in fuel consumption is accomplished due to the proximity amid the vehicles that make their ?ow more ef?cient declining the aerodynamic drag of the set of trucks. Trucks platooning systems have shown a significant improvement in fuel savings with the leading truck achieving 4-5% fuel efficiency, while the trailing trucks achieved about 7-10% of fuel efficiency in testing trials on the public motorways. Owing to this, many automobile manufactures, and logistics service providers are opting for truck platooning to lowers fuel consumption and to improve safety. Moreover, platooning optimizes transport by using roads more effectively, delivering goods faster, and reducing traffic jams. The driving range of trucks can also be extended in certain situations which also boosts the growth of the market.

However, some of the restraints in the market include the high cost of the device and risks involving communication failures which are limiting the adoption rate among the manufactures and service providers.

Based on Platooning Type, the market is fragmented into Driver-Assistive Tuck Platooning (DATP) and Autonomous Truck Platooning. The Driver-Assistive Tuck Platooning (DATP) segment generated revenue of USD XX million in 2020. The market is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of USD XX million by 2027F.

Based on the Services, the 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 XX million in 2020

Based on the Systems, the 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 XX million in 2020

Based on the Sensor Type, the market is fragmented into Image, Radar, and LiDAR. The Radar segment generated revenue of USD XX million in 2020. The market is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of USD XX million by 2027F.

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 XX million in 2020. The market is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of USD XX million by 2027F.

For a better understanding of the market adoption of the truck platooning, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, and Rest of North America), Europe (Germany, France, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, Singapore, Australia and Rest of APAC), and Rest of World. North America and Europe constitutes a major market for the truck platooning industry and generated revenue of USD XX million in 2020 owing to high crashes and increasing road safety concern, among others. However, the Europe region would grow at the highest CAGR during the forecast period.

Some of the major players operating in the market include Peloton Technology, Bendix Commercial Vehicle Systems LLC, AB Volvo, Continental AG, Daimler AG, BorgWarner Inc., Wabco, DAF Trucks, Scania AB, Aptiv, and among others. Several M&A's along with partnerships have been undertaken by these players which have contributed towards market growth in different regions

The global truck platooning market was valued at USD XX million in 2020 and is projected to expand significantly with a CAGR of XX% from 2021-2027F owing to increasing demand of truck platooning device and services, along with increasing road safety concerns, and acceptance of truck platooning in developing and developed nations.