Newark, April 22, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the global truck platooning market will grow from USD 2.29 Billion in 2022 to USD 22.33 Billion by 2032. Safety is a top priority in developing and implementing truck platooning systems. These innovative technologies allow for efficient communication between vehicles, which enables prompt adaptation to changes in their surroundings. Features like automated braking and collision avoidance mechanisms further improve road safety by providing additional protection against accidents. Moreover, the proximity among trucks in formation enhances visibility while reducing blind spots, thus significantly decreasing occurrences of collisions on highways or roads.
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Key Insight of the Truck Platooning Market
Europe region is expected to grow at the highest CAGR during the forecast period.
During the forecast period, Europe is expected to grow at the highest CAGR within the global truck platooning market. The Europe region will significantly expand. Europe has taken a proactive approach by developing comprehensive regulatory frameworks governing the testing and deployment of autonomous and connected vehicle technologies, including truck platooning. Harmonized regulations across EU member states have created a cohesive market environment. The fuel efficiency and emission reduction benefits offered by truck platooning align with Europe's commitment to environmental sustainability. As logistics companies become increasingly environmentally conscious in conjunction with government incentives, they view adopting platooning systems as part of their strategy for greener transportation solutions.
The full-autonomous system segment is expected to grow at the highest CAGR during the forecast period.
The autonomous level segment includes semi-autonomous and full-autonomous. The full-autonomous segment is expected to grow at the highest CAGR during the forecast period. The most advanced form of automation worldwide is achievable through full-autonomous truck platooning. This innovative technology removes the necessity for human drivers to depend solely on artificial intelligence (AI) and cutting-edge sensors to maneuver and synchronize convoy operations. Although this sector is narrow, full autonomy holds great growth potential as regulatory frameworks develop alongside technological advancements. The complete autonomous truck platooning eliminates external factors such as reaction time, or rest breaks that cause disruption during operation periods, resulting in enhanced logistic efficacy with plummeting transit times.
The Vehicle-to-infrastructure (V2I) segment is expected to grow at the highest CAGR during the forecast period.
The communication technology segment is bifurcated into Vehicle-to-infrastructure (V2I), Vehicle-to-vehicle (V2V) and Vehicle-to-everything (V2X). The Vehicle-to-infrastructure (V2I) segment is expected to grow at the highest CAGR during the forecast period. Establishing a direct link between trucks and their surrounding infrastructure is vital in the global truck platooning market. V2I communication technology accomplishes this by allowing seamless coordination between traffic management systems, roadside infrastructure elements such as traffic lights, and convoy operations. With its significant market share today, V2I ensures effective and safe truck platooning processes. Real-time information regarding road closures and optimal routes to take during heavy congestion situations can be communicated through the use of advanced technological applications, resulting in streamlined mobility that reduces overall delays on busy roads, improving flow efficiencies exponentially counted among multiple benefits offered via V2I technology promoting not only eco-friendly environment initiatives but also economical automobile solutions paving paths towards better future.
The autonomous truck platooning segment is expected to grow at the highest CAGR during the forecast period.
The platooning type segment is bifurcated into driver-assistive truck platooning (DATP) and autonomous truck platooning. The autonomous truck platooning segment is expected to grow at the highest CAGR during the forecast period. Autonomous truck platooning provides optimal operational efficiency by eliminating the need for human drivers. The absence of certain factors, such as reaction time and rest breaks, enables autonomous platoons to function seamlessly, reducing transit times and improving logistics effectiveness. With no constraints on account of humans' limitations, 24/7 operations can be undertaken without any requirement for drivers' resting intervals, which facilitates faster deliveries, leading towards more operation capacity. This becomes an attractive encouragement for logistics companies striving to achieve maximized supply chain optimization results easily through continuous functionality driven via autonomous systems that benefit greatly.
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Recent Developments:
• In November 2020: Scania declared the acquisition of Nantong Gaokai, a Chinese truck manufacturer, to build the tracks. The company will be able to produce safer and more fuel-efficient vehicles owing to this acquisition.
• In August 2021: ZF Friedrichshafen AG presented cutting-edge solutions for clean, energy-efficient commercial automobiles. The business developed electric power steering to assist in achieving fully electric architectures.
Market Dynamics
Driver: Rising Focus Towards Environmental Sustainability
The worldwide emphasis on sustainability and environmental accountability significantly influences the truck platooning market. Governments and regulatory organizations enforce strict emission regulations while promoting eco-friendly transportation alternatives. The enhanced fuel efficiency of truck platooning coupled with reduced carbon emissions per ton-mile coincides perfectly with these goals. As corporations strive to abide by such standards and implement sustainable policies, adopting this technology becomes a strategic measure that supports greener transportation practices, leading towards environmentally conscious industry growth. This factor is stimulating the market growth and development.
Restraint: Poor Transportation Infrastructure
Infrastructure readiness is a crucial factor in effectively implementing truck platooning systems. To ensure the smooth performance of convoys, specific lanes for platoon use are necessary, along with communication infrastructure and other supportive technologies. However, more infrastructure to meet these requirements is needed to ensure successful deployment. Integrating platooning systems into existing transportation networks necessitates significant investments towards upgrading required infrastructure, posing a considerable challenge for the truck platooning market's growth prospects.
Opportunity: Global Emphasis on Safety
Truck platooning provides numerous safety benefits highly valued in the transportation industry, making it an attractive solution for market drivers. The close distance between vehicles within a platoon enables improved visibility and utilization of automated braking systems and collision avoidance technologies to create a safer driving environment. Platooning technology also reduces human errors while quickly adapting to changing road conditions, significantly minimizing accident risks. As safety remains a top priority amongst fleet operators and logistics companies, truck platooning is increasingly becoming more appealing as a reliable option with superior safety. This factor is anticipated to provide lucrative growth opportunities in the upcoming years.
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Some of the major players operating in the truck platooning market are:
• AB Volvo
• Aptiv Plc
• Continental AG
• Daimler Truck AG
• Goldstone Technologies Ltd.
• Iveco SpA
• PACCAR Inc.
• Peloton Technology Inc.
• Robert Bosch GmbH
• Toyota Tsusho Corp.
• Traton SE
• ZF Friedrichshafen AG
Key Segments Cover in the Market:
By Autonomous Level:
• Semi-autonomous
• Full-autonomous
By Communication Technology:
• Vehicle-to-infrastructure (V2I)
• Vehicle-to-vehicle (V2V)
• Vehicle-to-everything (V2X)
By Platooning Type:
• Driver-assistive Tuck Platooning (DATP)
• Autonomous Truck Platooning
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes porter's five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channel analysis.
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