Truck Platooning Market Size, Share, Growth And Forecast To 2024-32

(MENAFN- IMARC Group) The latest report by IMARC Group, titled“ Truck Platooning Market Report by Platooning Type (Driver-Assistive Tuck Platooning (DATP), Autonomous Truck Platooning), Communication Technology (Vehicle-To-Infrastructure (V2I), Vehicle-To-Vehicle (V2V), Vehicle-To-Everything (V2X)), Technology (Adaptive Cruise Control (ACC), Blind Spot Warning (BSW), Global Positioning System (GPS), Forward Collision Warning (FCW), Lane Keep Assist (LKA), and Others), Services (Telematics-Based Services, Platooning-Based Services), Sensor Type (Image Sensor, Radar Sensor, LiDAR Sensor), and Region 2024-2032 ”, offers a comprehensive analysis of the industry, which comprises insights on the truck platooning market share . The global market size reached US$ 3.1 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 24.8 Billion by 2032, exhibiting a growth rate (CAGR) of 25.5% during 2024-2032.

Factors Affecting the Growth of Truck Platooning Industry:

  • Fuel Efficiency and Cost Savings:

One of the primary drivers of the global truck platooning market is the significant improvement in fuel efficiency and cost savings it offers. Truck platooning involves a group of trucks traveling closely together in a convoy, with the lead truck dictating the speed and route for the following trucks. This close formation reduces aerodynamic drag, leading to lower fuel consumption. Platooning also allows for reduced fuel consumption by maintaining a consistent speed and minimizing abrupt braking or acceleration. This fuel efficiency benefits the environment by reducing emissions and also leads to substantial cost savings for trucking companies. Lower fuel costs mean higher profit margins, making truck platooning an attractive investment for fleet operators worldwide.

  • Safety Advancements:

Another crucial factor driving the adoption of truck platooning is the enhancement of safety on the road. Platooning technology utilizes advanced sensors, cameras, and communication systems that enable real-time data exchange between the trucks in the convoy. This communication allows for synchronized braking and acceleration, reducing the risk of accidents caused by human error. Furthermore, platooning systems can detect potential hazards or obstacles on the road ahead and provide immediate warnings to the drivers. This technology, combined with the reduced following distances between trucks, enhances overall road safety. As governments and regulatory bodies prioritize road safety, the adoption of truck platooning is seen as a proactive measure to reduce accidents and save lives.

  • Driver Shortage and Labor Costs:

The global trucking industry faces an ongoing challenge of a driver shortage. As older drivers retire and fewer new drivers enter the profession, there is a growing need to find innovative solutions to address this labor gap. Truck platooning offers a partial solution to this issue. With platooning, a single driver can control the lead truck while the following trucks operate autonomously, following the movements of the lead vehicles. This reduces the need for additional drivers in the convoy, which can help trucking companies mitigate labor costs and navigate the driver shortage challenge more effectively. As labor expenses are a significant part of operating costs, the ability to reduce them through platooning becomes a compelling incentive for fleet operators.

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Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

  • AB Volvo
  • Aptiv PLC
  • Continental Aktiengesellschaft
  • DAF Trucks N.V. (PACCAR Inc.)
  • Hino Motors Ltd. (Toyota Motor Corporation)
  • Intel Corporation
  • Iveco Group N.V.
  • Knorr-Bremse Aktiengesellschaft (Kb Holding GmbH)
  • Peloton Technology
  • Robert Bosch GmbH
  • Scania AB (Traton SE)
  • ZF Friedrichshafen AG (Zeppelin-Stiftung)

Truck Platooning Market Report Segmentation:

By Platooning Type:

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

Driver-assistive truck platooning (DATP) dominates the market as it strikes a balance between automation and human control, allowing for greater adoption as it eases the transition to fully autonomous platooning systems while maintaining a level of driver involvement and comfort.

By Communication Technology:

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

Vehicle-to-vehicle (V2V) holds maximum number of shares due to its pivotal role in enabling real-time data exchange and coordination among vehicles, enhancing road safety and traffic management.

By Technology:

  • Adaptive Cruise Control (ACC)
  • Blind Spot Warning (BSW)
  • Global Positioning System (GPS)
  • Forward Collision Warning (FCW)
  • Lane Keep Assist (LKA)
  • Others

Adaptive cruise control (ACC) represents the largest segment due to its widespread adoption by consumers and the automotive industry, offering enhanced safety and convenience features that resonate with a broad range of drivers.

By Services:

  • Telematics-Based Services
    • Automatic Crash Notification
    • Emergency Calling
    • Navigation and Infotainment
    • On-Road Assistance
    • Remote Diagnostics
    • Vehicle Tracking
  • Platooning-Based Services
    • Pricing
    • Financial Transaction
    • Match Making

Telematics-based services dominate the market due to their ability to provide real-time data and insights that enhance fleet management, improve vehicle performance, and optimize operational efficiency, making them indispensable for businesses seeking to streamline their operations and reduce costs.

By Sensor Type:

  • Image Sensor
  • Radar Sensor
  • LiDAR Sensor

Image sensor holds maximum number of shares due to its ubiquitous presence in a wide range of consumer electronics and industrial applications, including smartphones, digital cameras, security systems, and automotive cameras, driving consistent demand and market dominance.

Regional Insights:

  • North America
    • United States
    • Canada
  • Asia-Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Indonesia
    • Others
  • Europe
    • Germany
    • France
    • United Kingdom
    • Italy
    • Spain
    • Russia
    • Others
  • Latin America
    • Brazil
    • Mexico
    • Others
  • Middle East and Africa

North America's dominance in the truck platooning market is attributed to its well-established transportation infrastructure, robust logistics industry, and early adoption of truck platooning technologies, which have collectively driven significant growth and adoption in the region.

Global Truck Platooning Market Trends:

The globalization of supply chains has intensified the need for efficient and cost-effective transportation solutions. Truck platooning offers an opportunity to optimize supply chain operations by reducing lead times and ensuring timely deliveries. This is particularly crucial in industries such as e-commerce, where swift and reliable logistics are paramount. The ability to streamline the movement of goods and enhance supply chain efficiency has contributed to the growing interest in truck platooning. Additionally, truck platooning has the potential to contribute to improved traffic management and reduced congestion on highways and major transport routes. By maintaining a consistent and efficient flow of trucks, platooning can help alleviate traffic bottlenecks and reduce travel times. These benefits trucking companies by optimizing delivery schedules and also benefits society as a whole by minimizing traffic-related disruptions and improving road infrastructure utilization.

Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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