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Truck Platooning Market Size
Truck Platooning Market size exceeded USD 1.3 billion in 2021 and is projected to expand at over 29% CAGR of from 2022 to 2030. Truck platooning systems leverage a variety of next-generation technologies such as collision avoidance systems and adaptive cruise control to ensure improved safety & security.
With the growing need for enhancing driver capabilities and a rise in commercial vehicles, these systems have gained significant popularity. They enable more predictive driving of trucks on the road and improves safety for other road users. New trends in the road freight sector such as vehicle customization are allowing truck fleets to get equipped with advanced security and navigation tools.
Many original equipment manufacturers (OEMs) are scaling up investments in research and development of innovative vehicle designs. Such initiatives will generate a substantial scope for the adoption of truck platooning systems and services in the coming years.
The high cost of autonomous technologies will be a major factor restraining the industry growth. To offer superior driving experience, truck platooning solution providers are equipping fleets with live diagnostics, for real-time assistance along with all necessary software updates, and data collection process. Installation of advanced technologies such as blind spot warning (BSW), lane keep assist (LKA), forward collision warning (FCW), and adaptive cruise control (ACC) will further increase the overall costs of an autonomous truck.
| Report Attributes | Details |
|---|---|
| Base Year: | 2021 |
| Market Size in 2021: | USD 1.3 billion |
| Forecast Period: | 2022 to 2030 |
| Forecast Period 2022 to 2030 CAGR: | 29% |
| 2030 Value Projection: | USD 13 billion |
| Historical Data for: | 2018 to 2021 |
| No. of Pages: | 400 |
| Tables, Charts & Figures: | 722 |
| Segments covered: | Vehicle Type, Autonomous Level, Communication Technology, Component, System |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Truck Platooning Market Analysis
The heavy commercial vehicles held more than 75% of the global truck platooning market share in 2021. Heavy-duty trucks (HDVs) are increasingly integrated with truck platooning systems to enhance road efficiency and ensure faster delivery of goods. Several benefits such as positive economic impact, improved comfort for drivers, and potential savings in driver workload are propelling large-scale deployment of the technology.
The vehicle-to-infrastructure (V2I) technology segment in the truck platooning market accounted for nearly 17% of revenue share in 2021. V2I technology assists automated and connected truck drivers by sharing data associated with traffic congestion, accidents, road conditions, and suggested speed limits. It enables efficient truck platooning by instantly changing speed recommendations depending on the different road conditions. With advancements in communication technologies and increasing collaborations between automobile manufacturers and ICT giants, the industry is expected to witness substantial developments in V2I over the coming years.
The truck platooning market from the software components segment is predicted to observe 32% growth rate till 2030. There are rapid technological developments and the introduction of advanced software solutions observed, designed to optimize the management of complex, and autonomous transportation infrastructures. Software solutions are easier to integrate and increase truck capabilities. When connected in the platoon, the software can improve a truck’s ability to operate efficiently via improved technical performance, including moderate braking and smooth acceleration.
The global positioning system (GPS) segment in the truck platooning market is anticipated to reach USD 1.8 billion by 2030. These navigation modules use GSM (global system for mobile communication) technology for tracking vehicles efficiently. Typically, each vehicle in the platoon is installed with radar, camera, and GPS system for quick response to situations that may help prevent accidents.
According to research, nearly 90% of all motor vehicle accidents are caused fully or partially by human error. GPS fleet tracking solutions enable informed decisions and help fleet operators reduce the downtime of their vehicles. The technology can provide real-time data associated with fuel consumption, engine idling, and drive behavior, thereby facilitating vehicle monitoring in an advanced manner.
Asia Pacific truck platooning market size is poised to register 29% gains through 2030, owing to extensive R&D in the field of autonomous vehicles. Rising sales of electric vehicles (EVs) across countries like China and Japan showcases lucrative business opportunities for truck platooning solution providers.
There is a growing need for advanced driver-assistance systems (ADAS) for improving the performance of autonomous vehicles using different alarm systems, sensors, and intelligence infrastructure. Key automotive manufacturers in the region are also integrating new smart technologies to bolster the future portfolio of connected commercial vehicles.
Truck Platooning Market Share
Top participants operating in the truck platooning market are
- AB Volvo
- Bendix Commercial Vehicle Systems LLC
- Continental AG
- Daimler AG
- Hino Motors, Ltd.
- IVECO S.p.A
- NVIDIA Corporation
- Omnitracs
- Peloton Technology
- Robert Bosch GmbH
- Scania
- TomTom International BV.
- TuSimple
- ZF Friedrichshafen AG
These leaders are adopting multiple strategies including new product development initiatives, portfolio diversification, and acquisitions to strengthen their competitive position in this landscape. For example, in August 2021, ZF Friedrichshafen AG launched next-generation technologies for clean and energy-efficient commercial vehicles. The company designed an electric power steering that helps achieve fully electric vehicle architectures.
Impact of COVID-19 Pandemic
The COVID-19 pandemic impacted truck platooning activities worldwide with the deployment of stringent lockdowns. The outbreak rendered a slightly negative impact on the sourcing and integration of different autonomous solutions. Despite supply chain disruptions and relentless shortages of semiconductor chips, many companies are investing heavily in the production of electric and hydrogen-powered trucks. For instance, in 2022, Bosch Group said it will invest over $200 million to produce fuel cell stacks in the U.S. to drive hydrogen-powered, heavy-duty trucks in the next few years.
This truck platooning market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2018 to 2030, for the following segments:
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Market, By Vehicle type
- Light commercial vehicle
- Heavy commercial vehicle
Market, By Autonomous level
- Partially-autonomous
- Fully autonomous
Market, By Communication technology
- Vehicle to Vehicle (V to V)
- Vehicle to Everything (V to X)
- Vehicle to Infrastructure (V to I)
Market, By Component
- Hardware
- Sensors
- Detection Systems (Radar & LiDAR)
- Camera
- Others
- Software
- Services
Market, By System
- Global Positioning System (GPS)
- Cooperative Adaptive Cruise Control (CACC)
- Human Machine Interface (HMI)
- Blind Spot Warning (BSW)
- Automatic Emergency Braking
- Lane-Keep Assist (LKA)
- Forward Collision Warning (FCW)
The above information has been provided for the following regions and countries:
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Russia
- Nordics
- Benelux
- Asia Pacific
- China
- India
- Japan
- South Korea
- Australia & New Zealand (ANZ)
- Singapore
- Latin America
- Brazil
- Mexico
- Argentina
- MEA
- GCC
- South Africa
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