Truck Platooning: Revolutionizing Freight Transportation with Enhanced Safety, Efficiency, and Sustainability | Market Study by RationalStat

Wilmington, Delaware, Nov. 08, 2023 (GLOBE NEWSWIRE) --

Global Truck Platooning Market size is valued at US$ 2.4 billion in 2023 and is predicted to rise at a substantial CAGR of 31.2% during the forecast period of 2023 and 2030 according to RationalStat analysis.

Market Definition, Market Scope, and Report Overview

There is an increase in demand for more fuel-efficient and safer vehicles, owing to which automobile manufacturers are heavily investing in the latest vehicle technologies. Truck platooning is one of the advanced technologies that automobile manufacturers are using to make trucks more efficient and safer. Some of the advanced features deployed in truck platooning include adaptive cruise control, forward collision avoidance and mitigation system, lane departure warning, and active braking systems. All these features, if availed in the trucks, are expected to enable them to enter into the semi-autonomous level of driving and reduce the probability of human error accidents during their transit.

• According to a deep-dive market assessment by RationalStat, the truck platooning market has been analyzed on the basis of market segments, including type, application, and geography/regions (including North America, Latin America, Western Europe, Eastern Europe, Middle East & Africa, and Asia Pacific). The report also offers global and regional market sizing for the historical period of 2019-2022 and the forecast period of 2023-2030.
• Market intelligence for the truck platooning market covers market sizes based on market value (US$/EUR Million) and volume (Units) by various products/services/equipment, demand assessment across the key regions, customer sentiments, price points, cost structures, margin analysis across the value chain, financial assessments, historical and forecast data, key developments across the industry, import-export data, trade overview, components market by leading companies, etc.
• In addition, the long-term sector and products/services 10-year outlook and its implications on the truck platooning market. It also includes the industry's current state – Production Levels, Capacity Utilization, Tech quotient, etc. Key information will be manufacturing capacity by country, installed base, import volumes, market size, key players, market size, dynamics, market data, insights, etc.

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Global Truck Platooning Market: Segmental and Market Share Analysis

• Based on type, Adaptive cruise control is estimated to be the fastest growing segment as it is an essential system for truck platooning operations and helps in automating the speed of trucks with the help of V2V communication.

Report Synopsis

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Competition Analysis and Market Structure

Some of the prominent players adopt various strategies to reinforce their market share and gain a competitive edge over other competitors in the market. Mergers & acquisitions, and partnerships and collaborations are some of the strategies followed by industry players, some of the key developments in the truck platooning market include,

• In March 2022, Two Peterbilt trucks were linked by electronic handshakes to establish tight following distances for platooning trials in Alberta, Canada. While the platoon's lead truck is in charge of acceleration and braking, the vehicle behind it is controlled semi-autonomously.
• In March 2022, IVECO contributed to the development and implementation of a multi-brand platooning technology agreed upon by all major European truck manufacturers. The EU-funded 46-month project demonstrated that platooning could play a critical role in achieving sustainable transportation.

Some of the prominent players and suppliers operating and contributing significantly to the truck platooning market growth include Peloton Technology, Daimler AG, Volvo Group, DAF Trucks (Paccar Company), Scania AB, Continental AG, WABCO Holdings Inc., Bendix Commercial Vehicles Systems LLC, Delphi Technologies, and Navistar Inc., among others.

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RationalStat has segmented the truck platooning market based on type, application, and region

• Global Truck Platooning Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Type
  • Adaptive Cruise Control
  • Forward Collision Avoidance
  • Lane Departure Warning
  • Active Brake Assist
• Global Truck Platooning Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Application
  • Vehicle-to-Vehicle (V2V)
  • Vehicle-to-Infrastructure (V2I)
  • Global Positioning System (GPS)
• Global Truck Platooning Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Region
  • North America Truck Platooning Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Country
    • US
    • Canada
  • Latin America Truck Platooning Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Country
    • Brazil
    • Mexico
    • Rest of Latin America
  • Western Europe Truck Platooning Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Country
    • Germany
    • UK
    • France
    • Spain
    • Italy
    • Benelux
    • Nordic
    • Rest of Western Europe
  • Eastern Europe Truck Platooning Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Country
    • Russia
    • Poland
    • Hungary
    • Other CIS Countries
    • Rest of Eastern Europe
  • Asia Pacific Truck Platooning Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Country
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • ASEAN
      • Indonesia
      • Thailand
      • Philippines
      • Vietnam
      • Malaysia
      • Rest of ASEAN
    • Rest of Asia Pacific
  • Middle East & Africa Truck Platooning Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Country
    • GCC
      • Saudi Arabia (KSA)
      • United Arab Emirates (UAE)
      • Rest of the GCC
    • South Africa
    • Nigeria
    • Turkey
    • Rest of the Middle East & Africa

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Key Questions Answered in the Truck Platooning Report:

• What will be the market value of the truck platooning market by 2030?
• What is the market size of the truck platooning market?
• What are the market drivers of the truck platooning market?
• What are the key trends in the truck platooning market?
• Which is the leading region in the truck platooning market?
• What are the major companies operating in the truck platooning market?
• What are the market shares by key segments in the truck platooning market?  

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Research Methodology

RationalStat has developed a state-of-the-art research methodology to crunch numbers and provide the best possible real-time insights to clients. We combine a varied range of industry experience, data analytics, and experts’ viewpoints to create a research methodology for market sizing and forecasting.

RationalStat combines a mix of secondary sources as well as primary research to assess the market size and develop a forecast. Key steps involved in accurately deriving the market numbers are:

• Defining the problem by understanding the type of market and data required by the client.
• Data gathering and collection through relevant paid databases, publicly available sources, company reports, annual reports, surveys, and interviews.
• Formulating a hypothesis to create market numbers, forecasts, influencing factors, and their relevance.
• Evaluating and analyzing the data by referring to data sources utilized and leveraged.
• Validating, interpreting, and finalizing the data by combining the details gathered from primary and secondary sources with the help of experienced analysts.

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