A comprehensive overview of the Truck Platooning Market is recently added by UnivDatos Market Insights to its humongous database. The truck Platooning market report has been aggregated by collecting informative data of various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the truck platooning market. The truck platooning market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the truck platooning market at the global and regional levels. Global Truck Platooning Market is expected to grow at a CAGR of 45% from 2021-2027 to exceed US$ 500 million by 2027.
Market Overview
Road freight transportation accounts for approximately 60% of all surface freight transportation, making it critical to society and the economy. In the coming years, demand for road freight transportation is expected to rise. Truck platooning has a lot of potentials to make road transport more efficient, cleaner, and safer in the future. Truck platooning technology can reduce fuel consumption and emissions of harmful gases by allowing trucks to operate closer together, lowering air drag between them. It is estimated that platooning improved fuel economy at all speeds, the best overall miles per gallon was achieved at 55 mph. The leading truck saved up to 5.3% of its diesel, while the trailing truck saved up to 9.7%. Further, truck platooning has the potential to reduce CO2 emissions by around 10%
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COVID-19 Impact
The COVID-19 pandemic adversely impacted the growth of the global truck platooning market owing to the disruption and economic hardship in the automobile industry. A major impact was witnessed on the discrete manufacturing and logistics service providers due to disruption in the vital element of value chains. According to the study “Estimated impact of the coronavirus (COVID-19) epidemic on the global logistics industry's growth of gross value added in 2020, by scenario” - the global logistics industry shrinks by 6.1% in 2020. The shrinkage in discrete manufacturing and Logistics service providers caused the slowdown in the adoption of truck platooning systems around the globe resulted in lower adoption of the truck platooning device.
Truck Platooning Market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
By Platooning Type, the market is primarily bifurcated into
• Driver-Assistive Truck Platooning (DATP)
• Autonomous Truck Platooning
The Driver-Assistive Truck Platooning (DATP) segment is dominating the truck platooning market-based on platooning type and more than X% market share in 2020. However, the Autonomous Truck Platooning segment would witness the fastest CAGR during the forecast period.
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By Services, the market is primarily segmented into
• Telematics-Based Services
• Platooning-Based Services
Amongst Services, the Telematics-Based Services segment accounted for the largest share and is expected to maintain the same trend of dominance in the forecast period. However, the Platooning-Based Services segment would witness the highest CAGR during the forecast period.
By Systems, the market is primarily segmented into
• Adaptive Cruise Control (ACC)
• Blind Spot Warning (BSW)
• Global Positioning System (GPS)
• Forward Collision Warning (FCW)
• Lane Keep Assist (LKA)
• Autonomous Emergency Braking (AEB)
• Human Machine Interface (HMI)
• Others
In 2020, the Image segment dominated the global truck platooning market with more than X% of the market share and it is anticipated by 2027 and would witness significant growth in the forecast period.
By Sensor Type, the market is primarily segmented into
• Image
• Radar
• LiDAR
In 2020, the Image segment dominated the global truck platooning market with more than X% of the market share and it is anticipated by 2027 and would witness remarkable growth in the forecast period.
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By Communication Technology, the market is primarily segmented into
• Vehicle-to-infrastructure (V2I)
• Vehicle-to-vehicle (V2V)
In 2020, the Vehicle-to-infrastructure (V2I) segment dominated the global truck platooning market with more than X% of the market share and it is anticipated by 2027 and would witness considerable growth in the forecast period.
Truck Platooning Market Geographical Segmentation Includes:
· North America
· Europe
· Asia-Pacific
· Rest of the World
Based on the estimation, the North America region dominated the truck platooning market with almost 50% revenue share in 2020. At the same time, the Europe region is expected to grow with the highest CAGR over the forecast period owing to the expected regulatory approvals for Phase 1 Truck Platooning and for further Phase’s coupled with the launch of new innovative offerings by the players.
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The major players targeting the market includes
• Peloton Technology
• Bendix Commercial Vehicle Systems LLC
• AB Volvo
• Continental AG
• Daimler AG
• BorgWarner Inc.
• Wabco
• DAF Trucks
• Scania AB
• Aptiv
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Truck Platooning market. The leading players have been analyzed by using research methodologies for getting insight views on global competition.
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Key questions resolved through this analytical market research report include:
· What are the latest trends, new patterns, and technological advancements in the Truck Platooning market?
· Which factors are influencing the Truck Platooning market over the forecast period?
· What are the global challenges, threats, and risks in the Truck Platooning market?
· Which factors are propelling and restraining the Truck Platooning market?
· What are the demanding global regions of the Truck Platooning market?
· What will be the global market size in the upcoming years?
· What are the crucial market acquisition strategies and policies applied by global companies?
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