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Truck Platooning Systems Market Size & Share, by Component (Forward Looking Camera, System Display with Rear Time Camera, Driver-Centric Design, RADAR Base Collision Mitigation); Technology (Acceleration & Braking Controller, GPS, Cellular & Wi-Fi Communication, DSRS Vehicle to Vehicle Communication); Vehicle (Light Commercial, Heavy Commercial) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2035

  • Report ID: 3874
  • Published Date: Jun 21, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023 - 2035

Truck Platooning Systems Market size is anticipated to surpass USD 10 Billion by the end of 2035, growing at a CAGR of 30% during the forecast period, i.e., 2023 – 2035. In the year 2022, the industry size of truck platooning systems was around USD 1 Billion. The market is primarily driven by the growth in car accidents due to driver errors and growing intent on lowering the transportation operational cost. As per the statistics, the highest number of road accidents were reported on highways which was 35% followed by state highways in India. Due to the wide demand for automated technologies in these sectors, the truck platooning system demand is anticipated to grow in various industries such as transportation, logistics, road development, and the IT sector.

Moreover, with the increasing production of commercial vehicles and rising demand for enhanced driver systems in vehicles, these technologies are gaining huge recognition. As per the data, approximately 24 million units of heavy buses, light commercial vehicles, and trucks were produced globally in 2021.  These systems allow more predictive driving of trucks at the same time it also enhances the safety & security of other people on the road. New trends in the road freight sectors are enabling truck fleets to get equipped with the latest and advanced technologies.

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Truck Platooning Systems Market: Key Insights

Base Year

2022

Forecast Year

2023 – 2035

CAGR

~30%

Base Year Market Size (2022)

~ USD 1 billion

Forecast Year Market Size (2035)

~ USD 10 billion

Regional Scope
  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)

Truck Platooning Systems Sector: Growth Drivers and Challenges

Market-Growth-Drivers

Growth Drivers

  • Rising Concerns for Road Safety and Security – As the number of road accidents is increasing day by day the concerns regarding road safety and security are also increasing. The truck platooning system allows predictive driving in trucks and also allows road safety and security for both drivers as well people on the road. Young people are especially susceptible on the roads, and traffic accidents are the leading cause of death among children and adolescents (ages 5 to 29). 73% of all fatalities in traffic accidents include young males under the age of 25, who are more prone than females to be involved in crashes globally.
  • Growing Focus on Reducing Transportation Operating Costs – Increasing demand for road safety among consumers and growing focus on reducing transportation operational costs is expected to drive the growth of this market in the forecast period.
  • Growing Demand for Reduced CO2 Emission – The growing regulation on emission norms has pushed OEM and Tier 1 manufacturers to implement new technologies in heavy-duty vehicles. Additionally, various government authorities from various regions have implemented multiple regulations on CO2 emissions.

Challenges

  • High Cost of Truck Platooning Systems – The truck platooning system is a high-cost technology that few people can afford. Therefore, this factor is projected to arise a limitation on the market growth in the forecast period.
  • Lack of Infrastructure
  • Environment Pollution

Truck Platooning Systems Segmentation

Technology (Acceleration & Braking Controller, GPS, Cellular & Wi-Fi Communication, DSRS Vehicle to Vehicle Communication)

In terms of technology, the GPS segment in the truck platooning systems market is poised to witness substantial growth by the end of 2035. These modules utilize GSM technology to locate vehicles efficiently. Similarly, each platoon of vehicles has installed GPS, RADAR, and cameras for quick response in circumstances that may prevent sudden accidents. A significant study conducted by Indiana University discovered that around 90% of accidents take place owing to human error. However, this technology can help in reducing the chances of accidents by helping the driver to take the correct decision at the correct time while driving.

Vehicle (Light Commercial, Heavy Commercial)

The heavy commercial segment is estimated to observe the highest share in the truck platooning systems market between 2023 – 2035 on the basis of vehicle segmentation in the truck platooning system landscape. Truck platooning systems are widely installed in heavy commercial vehicles to improve road efficiency, prevent drivers from road accidents, and make sure there’s faster delivery of goods. 

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

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

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

   Vehicle
  • Light Commercial
  • Heavy Commercial

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Truck Platooning Systems Industry - Regional Synopsis

North American Market Forecast

The truck platooning systems market in North America is expected to observe the largest market value during the estimated period owing to the strong inclination towards the adoption of new technologies in the region.  In addition, the 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 expansion. Besides, the transportation landscape plays a crucial role in operational logistics and trucks are one of a significant part of this sector in this region. In June 2018, FedEx, Volvo, and Carolina Turnpike Authority all together declared to test the platooning of Volvo trucks on the highway of North Carolina.

APAC Market Statistics

It is anticipated that the Asia Pacific truck platooning systems market would experience significant expansion during the forecast period. The growth of the regional industry can be attributed to the growing investments to launch full-scale truck platooning operations in the region. Moreover, increasing demand for efficient and safer transportation, the requirement to reduce fuel consumption and emissions, and advancement in technology are factors driving the expansion of the market in the region.

Research Nester
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Top Featured Companies Dominating the Truck Platooning System Landscape

top-features-companies
    • 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
In-the-news

In The News

  • TRATON SE announced the acquisition of its remaining stake in Navistar International Corp. for a total cash consideration of USD 3.7 billion for expanding its product portfolio. 
  • Volvo Group and FedEx began the testing of connected truck platooning technology in North Carolina to reduce fuel usage in autonomous and connected trucks by driving in convoys.

Author Credits:  Harshita Srivastava, Saima Khursheed


  • Report ID: 3874
  • Published Date: Jun 21, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

The major factors driving the market growth are rising concerns for road safety and security and a growing focus on reducing transportation operating costs.

The market is anticipated to attain a CAGR of ~30% over the forecast period, i.e., 2023 – 2035.

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, the geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.

The market is segmented by technology, component, vehicle, and by region.

The RADAR-based collision mitigation segment is anticipated to hold the largest market size and is estimated to grow at a notable CAGR over the forecast period and display significant growth opportunities.

The high cost of truck platooning systems is estimated to hamper the market growth.

The market in North America is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.
Truck Platooning Systems Market Report Scope
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