New York, United States, Feb. 08, 2024 (GLOBE NEWSWIRE) -- The Global Truck Platooning Market Size is to Grow from USD 79.2 Billion in 2023 to USD 2887.80 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 43.28% during the projected period.
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Truck platooning is the process of connecting two or more trucks in a group via connectivity technology and an automated driving support system. Vehicles can accelerate and brake at the same time thanks to connectivity technology, which keeps them at a predetermined close distance. The truck at the front of the platoon acts as a leader, while the other trucks adjust to changes in their movement. Drivers may also opt to leave the platoon and drive independently. Truck platooning improves transportation by making roads more efficient, reducing traffic congestion, and delivering goods faster. The market is divided into two platooning categories: autonomous truck platooning and driver-assistive truck platooning (DATP). Truck platooning saves essential fuel, which is a major motivator for its adoption. Lower fuel consumption translates to lower operational costs for fleet operators, and the need to reduce greenhouse gas emissions and meet sustainability targets encourages the use of environmentally friendly transportation solutions such as truck platooning. Continuous advancements in vehicle-to-vehicle communication, sensor technologies, and automated driving systems boost the truck platooning market. Governments around the world are encouraging truck platooning through supportive regulations, incentives, and funding programs, leading to increased market growth. However, Truck platooning necessitates adequate infrastructure, including dedicated lanes, intelligent transportation systems, and supportive policies. The lack of infrastructure is an obstacle to market growth. Truck platooning systems require a significant initial investment, which could hamper small and medium-sized fleet operators. Furthermore, truck platooning technology may face opposition from truck drivers who are concerned about job displacement or that controversy the dependability and safety of automated systems.
Browse key industry insights spread across 200 pages with 110 market data tables and figures & charts from the report on the "Global Truck Platooning Market Size, Share, and COVID-19 Impact Analysis, By Technology Type (Vehicle-to-Vehicle Communication, Autonomous Control System, Human Intervention System), By Platooning Type (Supported Platooning, Autonomous Platooning), By Level of Autonomy (Semi-autonomous, Fully Autonomous), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The vehicle-to-vehicle communication segment is expected to grow fastest in the global truck platooning market during the forecast period.
The global truck platooning market is categorized by product into vehicle-to-vehicle communication, autonomous control system, and human intervention system. Among these, the vehicle-to-vehicle communication segment is expected to grow fastest in the global truck platooning market during the forecast period. The global truck platooning market is comprised of three segments: vehicle-to-vehicle communication (V2V), autonomous control system (ACS), and human intervention system (HIS). Trucks can communicate with one another using V2V technology, allowing them to maintain a safe distance and speed while reducing fuel consumption, pollution, and traffic congestion. The demand for advanced driver assistance systems (ADAS) is growing, as is the need to reduce Fleet Management's carbon footprint and operating costs.
The supported platooning segment is expected to grow at the highest pace in the global truck platooning market during the anticipated period.
Based on the platooning type, the global truck platooning market is divided into supported platooning, and autonomous platooning. Among these, the supported platooning segment is expected to grow at the highest pace in the global truck platooning market during the forecast period. Supported platooning is a type of platooning in which the driver keeps control of the vehicle while the platooning system keeps the cars in the platoon separated and moving at a safe speed. This type of platooning is gaining popularity due to its improved fuel efficiency and lower carbon emissions. Supported platooning is more user-friendly than autonomous platooning because it requires less technological development and allows the driver to keep in control of the vehicle.
The semi-autonomous dominates in the global truck platooning market during the forecast period.
Based on the level of autonomy, the global truck platooning market is divided into semi-autonomous, fully autonomous. Among these, the semi-autonomous segment is expected to hold the largest share of the global truck platooning market during the forecast period. It is an electrical device that protects against lightning and other power surges. These arresters are installed on substations to protect equipment from voltage surges caused by lightning strikes, system faults, and switching surges, as well as the rising demand for electric power transmission services across a wide range of industries. The growing demand for energy infrastructure development in emerging markets such as India and China are expected to drive growth in this market segment.
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Europe dominates the market with the largest market share over the forecast period.
Europe is expected to hold the largest share of the global truck platooning market in the forecast period. The presence of major trucking companies such as Daimler, MAN, and others has accelerated market growth in the region. For instance, most truck platooning technology providers, such as Volvo, Daimler, Scania, MAN, and others, are based in Europe. Furthermore, the ENSEMBLE project plans to implement multi-brand truck platooning in Europe to improve fuel efficiency and traffic safety, which is expected to boost truck platooning market growth.
Asia-Pacific is expected to grow the fastest in the global truck platooning market during the anticipated time frame. The rapidly expanding trucking industry, combined with the strong manufacturing and logistics sectors in emerging economies such as India, China, and others, is expected to have a strain on regional commercial vehicle platooning adoption.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global truck platooning market are AB Volvo, Daimler, Scania, Peloton Technology, Continental AG, Volkswagen AG, Wabco, Navistar, Inc., MAN, ZF Friedrichshafen AG, Bendix Commercial Vehicles Systems LLC, Eaton & Others.
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Recent Developments
- In June 2023, TuSimple, a global autonomous driving technology company, has started testing its level 4 autonomous vehicles. The test run began in Japan's critical freight corridor. The freight corridor connects major Japanese cities like Nagoya, Osaka, and Tokyo.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Truck Platooning market based on the below-mentioned segments:
Global Truck Platooning Market, Technology Type Analysis
- Vehicle-to-Vehicle Communication
- Autonomous Control System
- Human Intervention System
Global Truck Platooning Market, Platooning Type Analysis
- Supported Platooning
- Autonomous Platooning
Global Truck Platooning Market, Level of Autonomy Analysis
- Semi-autonomous
- Fully Autonomous
Global Truck Platooning Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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Global Truck Platooning Market Size, Share, and COVID-19 Impact Analysis, By Technology Type (Vehicle-to-Vehicle Communication, Autonomous Control System, Human Intervention System), By Platooning Type (Supported Platooning, Autonomous Platooning), By Level of Autonomy (Semi-autonomous, Fully Autonomous), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033
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