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:
Our in-depth analysis of the global truck platooning systems market includes the following segments:
Top Featured Companies Dominating the Market
FREQUENTLY ASKED QUESTIONS
The major factors driving market growth are rising concerns for road safety and security, and growing focus on reducing transportation operating costs.
The market is anticipated to attain a CAGR of ~32% over the forecast period, i.e., 2022-2031.
Asia Pacific will provide more business opportunities for market growth owing to the growing investments to launch full-scale truck platooning operations in the region.
The major players in the market are Daimler AG, Volvo Group, Scania AB, Paccar Company, Peleton Technology, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by component, technology, vehicle, and by region.
The RADAR based collision mitigation segment is anticipated to hold largest market size and is estimated grow at a notable CAGR over the forecast period and display significant growth opportunities.
High cost of truck platooning systems is estimated to hamper the market growth.
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