Truck Platooning Systems Market Segmentation by Component (Forward Looking Camera, System Display with Rear Time Camera, Driver-Centric Design, and RADAR Base Collision Mitigation); by Technology (Acceleration & Braking Controller, GPS, Cellular & Wi-Fi Communication, and DSRS Vehicle to Vehicle Communication); and by Vehicle (Light Commercial, and Heavy Commercial) – Global Demand Analysis & Opportunity Outlook 2031

Global Truck Platooning Systems Market Highlights Over 2022 - 2031

The global truck platooning systems market is estimated to garner a large amount of revenue by growing at a CAGR of ~32% over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed primarily to the rising concerns for road safety and security resulting from upsurge in the number of accidents due to driving errors. According to the World Health Organization, as of June 2021, about 1.3 million people die every year as a result of road traffic crashes. Also, about 20-50 million people suffer non-fatal injuries, with many incurring a disability from these accidents. Along with this, growing focus on reducing transportation operating costs, and increasing usage of truck platooning in road development and logistics sectors are also expected to drive market growth in the near future. Furthermore, escalating adoption of internet of things, and rise in research and development activities in the field of autonomous and semi-autonomous vehicles are projected to offer ample growth opportunities to the market in the forthcoming years. 

The market is segmented by component into forward looking camera, system display with rear time camera, driver-centric design, and RADAR base collision mitigation. Out of these, the RADAR base collision mitigation segment is anticipated to hold the largest share in the global truck platooning systems market. This can be accounted to the growing adoption of advanced driver assistance systems as they involve the utilization of collision mitigation techniques. Apart from this, RADAR base collision mitigation assists significantly in lane change assistance, pedestrian protection systems, and blind spot monitoring, which is also predicted to fuel the market segment growth in the future. Additionally, on the basis of technology, the DSRS vehicle to vehicle communication segment is assessed to occupy the largest share during the forecast period. This can be credited to the high effectiveness of the technology to counteract unstable or difficult steering that can be caused by external forces such as strong crosswinds or uneven roads. CLICK TO DOWNLOAD SAMPLE REPORT

Global Truck Platooning Systems Market Regional Synopsis

Regionally, the global truck platooning systems market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in Asia Pacific is estimated to witness noteworthy growth over the forecast period on the back of the growing investments to launch full-scale truck platooning operations in the region.  Moreover, the market in North America is expected to acquire the largest share during the forecast period owing to the strong inclination towards adoption of new technologies in the region. More than 35 percent of the respondents of a survey conducted in the United States and Canada 2019, stated that they usually used new technologies at the same time as other people. In addition, development of favorable regulatory policies in the United States, and increasing investments in truck platooning systems by market players are also projected to fuel market growth in the region in the coming years.

The global truck platooning systems market is further classified on the basis of region as follows:

• North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
• Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
• Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
• Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
• Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

Market Segmentation

Our in-depth analysis of the global truck platooning systems market includes the following segments:

By Component

• Forward Looking Camera
• System Display with Rear Time Camera
• Driver-Centric Design
• RADAR Base Collision Mitigation

By Technology

• Acceleration & Braking Controller
• GPS
• Cellular & Wi-Fi Communication
• DSRS Vehicle to Vehicle Communication

By Vehicle

• Light Commercial
• Heavy Commercial

Growth Drivers

• Rising Concerns for Road Safety and Security
• Growing Focus on Reducing Transportation Operating Costs

Challenges

• High Cost of Truck Platooning Systems

Top Featured Companies Dominating the Market

• Daimler AG
  • Company Overview
  • Business Strategy
  • Key Product Offerings
  • Financial Performance
  • Key Performance Indicators
  • Risk Analysis
  • Recent Development
  • Regional Presence
  • SWOT Analysis 
• Volvo Group
• Scania AB
• Paccar Company
• Peleton Technology
• Bendix Commercial Vehicles Systems LLC
• Clearpath Robotics, Inc.
• Continental AG
• WABCO Vehicle Control Systems LLC
• TRATON SE