As per the research report, Global Truck platooning Market is expected to exceed the market valuation of more than US$ XX million by 2027 expanding at a reasonable CAGR of around XX% during the forecast period (2021-2027). Rise in government regulations for emission reduction, Increasing government funding and grants and Reduction in fuel consumption.
The main driver for the truck platooning market globally is the increasing preference and adoption rate of truck platooning devices among vehicle, logistics, and other industry manufacturers in order to minimise fuel costs. Furthermore, in developing countries, a lack of qualified drivers is driving demand for truck platooning technologies. For example, road transport accounts for 75% of overall inland freight transport in the European Union (EU), with about 1,750 billion tonne-kilometers (tkm) of freight. In certain European Union countries, road freight accounts for more than 90% of overall freight.
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Furthermore, increasing government support and grants for truck platooning is a major force driving business expansion. For example, under the Broad Agency Announcement, the Federal Highway Administration (FHWA) has given awards for a Phase 1 Truck Platooning Early Deployment Assessment (BAA). The aim of this project is to undertake research into truck platoon operations in a practical, operational environment. The Center for Automotive Research, Pennsylvania State University, SAE International, Saia LTL Freight, Volvo Group, and the University of Michigan Transportation Research Institute were awarded Phase 1 contracts worth $499,878 for platooning in Michigan, Ohio, and Pennsylvania. Caltrans, California Highway Patrol, Cambridge Systematics, I-10 Corridor Coalition, Volvo Group, and Westat have a contract worth $499,290 for California platooning. Robert Bosch, Sutra Research and Analytics, 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 a contract sum of US$497,379 for Indiana platooning.
The global truck platooning market is divided into two types of platooning: Driver-Assistive Tuck Platooning (DATP) and Autonomous Truck Platooning. In 2020, the Driver-Assistive Tuck Platooning (DATP) division brought in USD XX million in sales. During the forecast period, the market is projected to expand at a CAGR of XX percent, reaching a market value of USD XX million by 2027F. However, due to the benefits scarcity of drivers, the Autonomous Truck Platooning segment will develop at the fastest rate during the forecast period.
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The global truck platooning market is divided into two types of services: Telematics-Based Services and Platooning-Based Services. Automatic Crash Notification, Emergency Calling, Navigation & Infotainment, On-road Assistance, Remote Diagnostics, Vehicle Tracking, and Others are the different types of Telematics-Based Services. In 2020, the Telematics-Based Services division brought in USD XX million in sales. With a market share of xx percent in 2020, the Telematics-Based Services segment led the market and is projected to continue to do so during the forecast era. However, due to the rapid adoption of truck platooning in developing countries, the Platooning-Based Services segment will grow at the fastest rate during the forecast era.
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 are the systems that make up the global truck platooning sector. In 2020, the Adaptive Cruise Control (ACC) division brought in USD XX million in sales. With a market share of XX percent in 2020, the Adaptive Cruise Control (ACC) division led the market and is projected to continue to do so during the forecast era. Road traffic collisions take the lives of almost 1.35 million people per year, according to WHO estimates. The majority of countries lose 3% of their GDP due to traffic accidents
Browse - Advanced Driver Assistance Systems (ADAS) Market — Industry Analysis, Size, Share, Growth, Trends, and Forecast 2020–2026
The global truck platooning market is segmented into Image, Radar, and LiDAR based on sensor type. In 2020, the Radar division brought in USD XX million in sales. During the forecast period, the Radar segment is expected to grow at a CAGR of XX percent, reaching a market valuation of USD XX million by 2027. In 2020, the Image segment led the industry with a share of xx percent, and this domination is predicted to continue over the forecast period. The industry is divided into two segments based on communication technology: vehicle-to-infrastructure (V2I) and vehicle-to-vehicle (V2V) (V2V). In 2020, the Vehicle-to-Vehicle (V2V) segment produced USD XX million in revenue.
In addition, the study details multinational efforts in the area of truck platooning. North America (the United States, Canada, and the Rest of North America), Europe (Germany, France, Spain, Italy, the United Kingdom, and the Rest of Europe), Asia-Pacific (China, Japan, Singapore, Australia, and the Rest of Asia-Pacific), and the Rest of the World are all covered in depth in the article. In 2020, North America led the industry with a XX percent share. Any of the major players in the global truck platooning market are Peloton Technology, Bendix Commercial Vehicle Systems LLC, AB Volvo, Continental AG, Daimler AG, BorgWarner Inc., Wabco, DAF Trucks, Scania AB, and Aptiv. 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
Market Insight, by Services
Market Insight, by Systems
Market Insight, by Sensor Type
Market Insight, by Communication Technology
Market Insight, by Region
Top Company Profiles
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- The report has been aggregated by collecting informative data from various dynamics such as market drivers, restraints, and opportunities.