Dublin, Oct. 12, 2023 (GLOBE NEWSWIRE) -- The "Truck Platooning Market 2022-2028" report has been added to ResearchAndMarkets.com's offering.
The global truck platooning market is on the cusp of remarkable growth, projected to experience an exponential Compound Annual Growth Rate (CAGR) of 28.9% during the forecast period.
Safety Takes the Wheel: Addressing Road Security and Driver Fatigue
Road safety is a paramount concern for transport service providers and authorities, with most road accidents attributed to driver distraction or drowsiness. The European Truck Platooning Challenge reports that human errors are responsible for over 90% of traffic accidents.
Shockingly, the World Health Organization's (WHO) Third Global Status Report on Road Safety 2018 estimates that more than 1.35 million road traffic deaths occur globally each year. Fatigue-induced driver lapses are often a consequence of exceeding prescribed driving hours, which can lead to accidents.
In accordance with European Union regulations, daily driving should not exceed nine hours, with an eleven-hour daily rest period. To mitigate such incidents, adopting a platooning system that allows drivers ample rest for focused driving is essential.
Market Segmentation and Autonomous Levels
The global truck platooning market is segmented based on technology type, autonomous level, and communication technology. Technology types include adaptive cruise control (ACC), blind-spot warning (BSW), global positioning system (GPS), forward collision warning (FCW), lane-keep assist (LKA), and others. Autonomous levels comprise semi-autonomous and full-autonomous systems. Communication technology encompasses vehicle-to-vehicle (V2V), vehicle-to-infrastructure (V2I), and global positioning system (GPS). These segments are customizable to meet specific requirements. Semi-autonomous systems are expected to hold a prominent share in the market due to their flexibility, allowing drivers to intervene as needed, while fully-autonomous systems involve more complex operations and can be costlier.
Regional Outlook
Geographically, the market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. North America is anticipated to lead the market, driven by significant investments in truck platooning, initiated by automotive giants like Volvo and Daimler AG. Favorable regulatory policies in the US from the National Transportation Safety Board (NTSB) and National Highway Traffic Safety Administration (NHTSA) have further boosted the region's involvement in such technologies. For instance, in April 2022, the U.S. Department of Transportation published research on using CACC (Cooperative Adaptive Cruise Control) to enhance truck platooning.
Key Players
Major companies serving the global truck platooning market include Mercedes-Benz Group AG, PACCAR Holding B.V. (DAF), Peloton Technology, Scania CV AB, Volvo Group, among others. Market players are driving growth through various strategies, including mergers & acquisitions, collaborations, funding, and new product launches.
For example, in October 2020, TRATON SE acquired the remaining 83.2% stake in Navistar International Corp., investing a total of $3.7 billion to expand its product portfolio. This acquisition likely focuses on bolstering the presence of trucks in the commercial applications market.
Market Segmentation
- Global Truck Platooning Market Research and Analysis by Technology Type
- Global Truck Platooning Market Research and Analysis by Autonomous Level
- Global Truck Platooning Market Research and Analysis by Communication Technology
The Report Covers
- Comprehensive research methodology of the global truck platooning market.
- Detailed market overview with key analyst insights.
- Analysis of macro and micro factors influencing the market, guided by key recommendations.
- Examination of regional regulations and government policies affecting the global truck platooning market.
- Insights into market determinants propelling global truck platooning market growth.
- Detailed market segments with regional distribution of forecasted revenues.
- Extensive profiles and recent developments of market players.
For more information about this report visit https://www.researchandmarkets.com/r/tvgk8a
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