“The rising number of road accidents due to driver error and increasing focus on reducing transportation operating cost will fuel the demand for the truck platooning market”
The truck platooning market is projected to grow at a CAGR of 60.96% during the forecast period, and the market size is projected to grow from USD 37.6 million in 2021 to USD 2,728.7 million by 2030. The development of autonomous and semi-autonomous trucks and industry-wide standards to implement safety features such as the adaptive cruise control (ACC), forward collision warning, lane keep assist, and other advanced driver assistance systems (ADAS) features would drive the growth of the truck platooning market. At the same time, the high cost of hardware and technologies and lack of infrastructure development can be major obstacles for the growth of the truck platooning market.
“The market for driver assistive truck platooning (DATP) is projected to hold the largest share in the truck platooning market”
The increasing adoption of advanced driver assistance system (ADAS) features and significant platooning testing are driving the market for DATP. DATP helps drivers detect and make sufficient space for any vehicle that comes in between the platooning trucks with the help of state-of-the-art safety technology. According to industry experts, truck platooning will help to reduce operating cost by 5% to 10% per truck. The reduction in operating cost would encourage fleet management companies to invest in DATP. Additionally, the significant platooning testing and increased funding from the government would play a major role in the development of DATP.
In June 2018, Volvo Trucks North America announced the successful demonstration of on-highway truck platooning in North Carolina. The company has been working closely with FedEx and the North Carolina Turnpike Authority to expand on-highway operations of Volvo’s Cooperative Adaptive Cruise Control. In September 2017, Daimler Trucks North America announced the testing of truck platooning operations on public highways of Oregon and Nevada in the US. The cost of the DATP systems is projected to decrease in the near future owing to advancements and commercialization of this technology. Reduced cost will make DATP more profitable and, hence, would increase the market adoption of the technology.
“Europe: The fastest growing region in the truck platooning market”
Europe is projected to be fastest growing region in the truck platooning market. The major factors driving the growth of the European market include pioneering efforts in truck platooning, technological advancements, and stringent vehicle safety norms in the region. For instance, in July 2017, Germany’s Federal Ministry of Transport and Digital Infrastructure (BMVI) invested approximately USD 2.3 million to support a truck platooning project by DB Schenker (Germany), MAN (Germany), and Hochschule (Germany). With the growing adoption of truck platooning developments in the region, the European truck platooning market is expected to witness considerable growth during the forecast period.
BREAKDOWN OF PRIMARIES
The study contains insights provided by various industry experts, ranging from Tier-I companies to truck platooning service providers.
The breakdown of the primaries is as follows:
- By Company Type: Tier-I-50%, Tier-II-30%, and OEMs-20%
- By Designation: C level-65%, D level-25%, and Others*-10%
- By Region: Europe-55%, North America-30%, Asia Oceania-10%, and MEA-5%,
Note: Tier-I are hardware suppliers, Tier-II are service/solution providers
*Others include researchers, consultants, and sales managers/marketing managers.
Company tiers are based on the value chain; revenue of the company has not been considered.
The report provides detailed profiles of the following companies:
- Volvo (Sweden)
- Daimler (Germany)
- Scania (Sweden)
- Paccar (US)
- MAN (Germany)
- Toyota Tsusho (Japan)
- Hino Motors (Japan)
- Continental (Germany)
- Bosch (Germany)
- ZF (Germany)
- WABCO (Belgium)
- NVIDIA (US)
- Intel (US)
- Peloton (US)
- Omnitracs (US)
- Trimble (US)
- TomTom (Netherlands)
- Telefonica (Spain)
- Otto (US)
- CargoX (Brazil)
The report provides a picture of the truck platooning market across different verticals and regions. It aims at estimating the market size and future growth potential of the truck platooning market, by platooning type, systems, sensor type, services, and region. Furthermore, the report also includes an in-depth competitive analysis of the key players in the market along with their company profiles, competitive landscape, recent developments, and key market strategies.
Reasons To Buy the Report:
The report provides insights into the following points:
- Market Penetration: The report provides comprehensive information on truck platooning technologies offered by the top players in the industry.
- Market Development: The report provides comprehensive information on various truck platooning technology trends. The report analyzes the markets for various truck platooning technologies across the countries.
- Market Diversification: The report provides exhaustive information about emerging technologies, recent developments, and investments in the global truck platooning market.
- Competitive Landscape: The report offers an in-depth assessment of recent developments of the supply chain players which include OEMs, software/solution providers, Tier-1 companies, and startups.