Truck Platooning Market Analysis

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.

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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.