Home > Automotive > Automotive Logistics > Logistics Technology > Truck Platooning Market

Truck Platooning Market Size

Report ID: GMI5329
Published Date: Aug 2022
Report Format: PDF

Download Free Sample

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.

To get key market trends

Download Free Sample

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.

Truck Platooning Market Report Attributes
Report Attribute	Details
Base Year:	2021
Truck Platooning 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:	Growing sales of commercial vehicles Increase in demand to reduce operating cost and fuel consumption by fleet Rising demand for connected vehicles Stringent environment regulations and rising demand for road safety Shortage of skilled drivers
Pitfalls & Challenges:	High cost of technology and hardware Lack of infrastructure

Learn more about the key segments shaping this market

Download Free Sample

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of truck platooning crossed USD 1.3 billion in 2021 and is anticipated to witness over 29% CAGR between 2022-2030.

The software components segment is expected to witness a CAGR of over 32% between 2022-2030, with the need for boosting truck capabilities and enhance efficiency.

The Asia Pacific market is estimated to exhibit over 29% CAGR through 2022-2030, with the rapid growth in commercial activities as well as development of electric vehicles in the region.

AB Volvo, Bendix Commercial Vehicle Systems LLC, Continental AG, Daimler AG, Hino Motors, Ltd., NVIDIA Corporation, Omnitracs, Peloton Technology, Robert Bosch GmbH, Scania, and TomTom International BV are some of the key companies in the industry.