The truck platooning market is projected to grow at a CAGR of 60.96% from 2021 to 2030, and the market size is projected to grow from USD 37.6 million in 2021 to USD 2,728.7 million by 2030.
The increasing government regulations for vehicle safety, growing adoption of advanced driver assistance systems (ADAS), and significant testing of on-highway platooning are expected to play a significant role in the growth of the truck platooning market.
The driver-assistive truck platooning (DATP) segment is projected to hold the largest share in the truck platooning market, by platooning type. Developed countries such as the US, Netherlands, Sweden, and the UK are likely to deploy DATP on roads in the near future. In June 2018, Volvo Trucks North America joined hands with FedEx and the North Carolina Turnpike Authority to demonstrate on-highway truck platooning in North Carolina.
Adaptive cruise control (ACC) is projected to be the fastest growing segment of the truck platooning market, by systems. ACC is an essential system for truck platooning operations. ACC helps to automate the speed of the trucks with the help of V2V communication.
Image sensor is projected to be the largest segment of the truck platooning market, by sensor type. In truck platooning, image sensors are used in several applications such as driver drowsiness, blind spot warning, road sign recognition, front monitoring, and lane keep assist. Due to the increasing accuracy of object detection, the number of image sensors used in truck platooning is expected to increase in the future.
The telematics-based services segment is projected to be the largest segment in the truck platooning market, by services. The adoption rate of telematics-based services is projected to grow in truck platooning owing to the rising concerns regarding maintenance notifications, duration of maintenance services, and reduced operational costs.
The Americas region is estimated to be the largest market for truck platooning. Trucks are the major contributor to the transportation sector of the Americas. The regulatory developments such as Compliance, Safety, and Accountability (CSA) and Hours of Service Solution (HOS) revisions are expected to drive the growth of the trucking industry in the region. Hence, the truck platooning market is expected to see substantial growth. Also, the strong financial position of this region allows these countries to invest heavily in leading technologies such as truck platooning.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights 4.1 Truck Platooning - Global Market Trends 4.2 Truck Platooning Market, By Platooning Type 4.3 Truck Platooning Market, By Systems 4.4 Truck Platooning Market, By Sensor Type 4.5 Truck Platooning Market, By Services 4.6 Truck Platooning Market, By Country 4.7 Truck Platooning Market, By Region
5 Market Overview 5.1 Introduction 5.2 Market Dynamics 5.2.1 Drivers 188.8.131.52 Reduction in Operating Cost 184.108.40.206.1 Reduction in Fuel Consumption 220.127.116.11.2 Lowering the Co2 Emission 18.104.22.168 Road Safety 22.214.171.124 Shortage of Skilled Drivers 5.2.2 Restraints 126.96.36.199 High Cost of Hardware and Technologies 188.8.131.52 Lack of Infrastructure 184.108.40.206 Ambiguity Over Regulations and Legislative Environment 5.2.3 Opportunities 220.127.116.11 Self-Driving Trucks 5.2.4 Challenges 18.104.22.168 Gaining User/Public Acceptance 22.214.171.124 Concern Over Data Privacy and Cyber Security Regulations
6 Truck Platooning Market, By Platooning Type 6.1 Introduction 6.2 Driver-Assistive Tuck Platooning (DATP) 6.3 Autonomous Truck Platooning
7 Truck Platooning Market, By Systems 7.1 Introduction 7.2 Adaptive Cruise Control (ACC) 7.3 Blind Spot Warning (BSW) 7.4 Global Positioning System (GPS) 7.5 Forward Collision Warning (FCW) 7.6 Lane Keep Assist (LKA) 7.7 Autonomous Emergency Braking (AEB) 7.8 Human Machine Interface (HMI) 7.9 Others
8 Truck Platooning Market, By Sensor Type 8.1 Introduction 8.2 Image 8.3 Radar 8.4 LiDAR