Global Truck Platooning Market Report and Forecast 2024-2032

Global Truck Platooning Market Outlook

The global truck platooning market reached a value of about USD 99.46 million in 2023. The market is further expected to grow at a CAGR of 60.5%  in the forecast period of 2024-2032 to reach a value of approximately USD 7029.20 million by 2032.

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Europe and North America Represent a Significant Share in the Market Growth of Truck Platooning

Europe and North America are substantially investing in truck platooning technology to cater to various needs of people. The market growth can be associated with major technological advancements in truck platooning technology such as the integration of Internet of Things (IoT) technology. In addition to this, the implementation of strict government regulations pertaining to vehicle safety such as the European Automobile Manufacturers Association's (ACEA) General Safety Regulation  is another factor providing impetus to the market growth in Europe.

North America is also investing in truck platoon activities, which began with initiatives by automotive giants like Daimler AG, Volvo, and others. The National Highway Traffic Safety Administration (NHTSA) and the National Transportation Safety Board (NTSB) in the United States are developing favourable regulatory rules that emphasise accountability, safety, and compliance, which are assisting the growth of the market. Furthermore, North American transportation vehicles play an important role in assisting logistics and contribute significantly to the transportation business, hence positively influencing the growth of the market.

Truck Platooning Market Segmentation

Truck platooning refers to the use of connectivity technology and an automated driving support system to join two or more vehicles in a group. Assisted by the platooning technology, vehicles can accelerate and brake simultaneously, in addition to keeping a predefined distance between them. The platoon's leader is the truck at the front, and the remaining trucks adjust to changes in the platoon's movement. The drivers can also opt out of the platoon and drive on manual mode.

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By technology, the market is divided into:

• Adaptive Cruise Control
• Forward Collision Avoidance
• Lane Departure Warning
• Active Braking Assist
• Blind Spot Warning
• Global Positioning System
• Autonomous Emergency Braking
• Others

Based on platooning type, the market includes:

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

On the basis of communication technology, the market can be classified into:

• Vehicle-to-Infrastructure (V2I)
• Vehicle-to-Vehicle (V2V)
• Vehicle-to-Everything (V2X)

The EMR report looks into the regional markets for the truck platooning like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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Increasing Focus Toward Reducing the Operating Cost of Transportation Augmenting the Market Growth

The primary cause of most traffic accidents is driver distraction and loss of focus due to tiredness. As a result, rising concerns about road safety and security are playing a significant role in the implementation of truck platooning, hence driving the market growth. In addition, the focus on lowering operational costs is another factor propelling the growth of the market. With rising fuel costs, the reduction in profit margins is a key factor augmenting the demand for truck platooning technology.

The demand for truck platoons is expected to grow with the rising research and development in the area of autonomous and semi-autonomous vehicles, which provide safety features such as Forward Collision Warning (FCW), Lane Keep Assist (LKA), Adaptive Cruise Control (ACC), and other Advanced Driver Assistance System (ADAS). Furthermore, the expanding adoption of the Internet of Things (IoT) technology and related infrastructure in transportation systems, such as smart vehicle applications, transportation logistics applications, and guidance and control systems, among others, is complementing the expansion of truck platooning.

Key Industry Players in the Global Truck Platooning Market

The report gives a detailed analysis of the following key players in the global truck platooning market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• Scania CV AB
• Continental AG
• Daimler AG
• Peloton Technology, Inc.
• Knorr-Bremse AG
• Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

Key Highlights of the Report