According to the report by Expert Market Research (EMR), the Global Truck Platooning Market Share is projected to grow at a CAGR of 60.50% between 2023 and 2028. Aided by the rising need for fuel efficiency and the growing adoption of advanced technologies in the transportation industry, the market is expected to grow significantly by 2028.
Truck platooning involves the deployment of multiple trucks in a convoy, utilising connectivity technology and automated driving support systems. This innovative approach to freight transport is known to significantly increase fuel efficiency, improve road safety, and reduce carbon emissions, making it a valuable solution in the current climate of environmental concern and escalating fuel costs.
The intensifying demand for fuel-efficient transportation is driving the global truck platooning market growth. With escalating fuel prices and growing environmental concerns, there has been a pronounced shift towards solutions that can optimise fuel consumption. Truck platooning, with its proven ability to enhance fuel efficiency by reducing air drag, has emerged as a viable solution, leading to a surge in its adoption.
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Moreover, the increasing utilisation of advanced technologies in the transport sector contributes significantly to the truck platooning market expansion. The adoption of technologies such as vehicle-to-vehicle (V2V) communication, adaptive cruise control (ACC), and collision detection systems allows for safe and efficient platooning, making it an attractive option for freight transportation.
The applications of truck platooning extend to industries such as logistics and supply chain, where the potential for fuel and cost savings is substantial. With the rise of e-commerce and the corresponding surge in logistics operations, truck platooning can play a crucial role in streamlining operations and boosting profitability, thereby stimulating the truck platooning market growth.
Further, truck platooning’s ability to improve road safety and reduce traffic congestion bolsters its adoption in the transportation sector. The technology helps maintain a consistent speed among all trucks in the platoon, minimising speed variations and reducing the chances of accidents. Moreover, platooning allows trucks to drive closely together, reducing the space they take up on the road and mitigating traffic congestion.
Lastly, the increasing focus on reducing carbon emissions in the transport sector has amplified the importance of truck platooning as an environmentally friendly solution. Truck platooning’s ability to lower carbon emissions significantly aligns with global efforts to mitigate climate change, making it a pivotal development in sustainable transportation, thereby propelling the truck platooning market development.
Market Segmentation
The market can be divided based on technology, platooning type, communication technology, and region.
Market Breakup by Technology
- Adaptive Cruise Control
- Forward Collision Avoidance
- Lane Departure Warning
- Active Braking Assist
- Blind Spot Warning
- Global Positioning System
- Autonomous Emergency Braking
- Others
Market Breakup by Platooning Type
- Driver Assistive Truck Platooning (DATP)
- Autonomous Truck Platooning
Market Breakup by Communication Technology
- Vehicle-to-Infrastructure (V2I)
- Vehicle-to-Vehicle (V2V)
- Vehicle-to-Everything (V2X)
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global truck platooning companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- Scania CV AB
- Continental AG
- Daimler AG
- Peloton Technology, Inc.
- Knorr-Bremse AG
- Others
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