Truck Platooning Market Size, Share, Growth, Trends, Production, Consumption, Revenue and Forecast 2020 to 2027

The truck platooning market is projected to reach US$ 4.59 billion by 2025 from USD 37.6 million in 2021, at a CAGR of 60.73% during the forecast period 2020 to 2027.

Advancements in ADAS and the shortage of drivers in many countries are expected to drive the market for truck platooning. Additionally, improvements in V2X infrastructure and developments of multi-brand truck platooning will be critical for the growth of this market in coming years.

ACC to be the largest market, by system, in the Truck Platooning Market

Adaptive cruise control (ACC) is an ADAS feature that uses radar to sense the vehicles in front and adjusts the speed of the vehicle according to the distance between the trucks in platooning. ACC is also called active cruise control, autonomous cruise control, intelligent cruise control, or radar-based cruise control. ACC is an essential system for enabling truck platooning. The cost of this system is on the higher side as it requires expensive sensors such as Radar and LiDAR. As a result, ACC is projected to be the largest market, by system, in the global Truck Platooning Market.

Image sensor to be the fastest growing market for truck platooning, by sensor type

The image sensor can detect a vehicle's surrounding environment and provide detailed information. It is mostly used for object and traffic light detection. Currently, both 2D and 3D image sensors are used. The number of image sensors used in truck platooning depends on the level of autonomy and the number of trucks involved in the platoon. Due to the increasing accuracy of object detection, the number of image sensors installed in a truck (for platooning) is expected to increase in the future. In truck platooning, image sensors are used in several applications/systems such as driver drowsiness, blind spot warning, road sign recognition, front monitoring, and lane keep assist. As these applications/systems are key for effective implementatiuon of truck platooning, the image sensor market is projected to be the fastest growing market, by sensor type.

The global truck platooning market is projected to grow a substantial CAGR over the forecast period owing to key benefits offered such as reduced operational cost and enhanced vehicle safety. Truck Platooning refers to a convoy of two or more trucks linked to each other using automated and connected technology. The connected vehicle technology helps the lead truck to communicate and coordinate with trailing trucks, enabling them to move in contiguity. With the use of radar, cameras, reflective light scanning, the fleet of trucks can travel at a subsequent distance of 30 to 50 feet. Thus, the truck platooning system supports the driver by providing a quick reaction and enhanced capabilities to maintain road safety.

Driver’s distraction and lost focus owing to drowsiness is the primary reason behind most of the road accidents. Thus, increasing concerns for road safety and security is anticipated to be a key driver in the adoption of the truck platooning. Moreover, the company’s focus towards reducing the operational cost is expected to be a potential driver to propel the truck platooning market growth. The research and development efforts in the field of autonomous and semi-autonomous vehicles that provide safety features such as Adaptive Cruise Control (ACC), Forward Collision Warning (FCW), Lane Keep Assist (LKA), and other Advanced Driver Assistance System (ADAS) is expected to boost demand for truck platooning. ACC helps to adjust vehicle speed while maintaining a safe distance between the vehicles, whereas FCW warns the driver in the event of a frontal collision, LKA provides warning while exiting the lane, and other ADAS features contribute towards automating and enhancing the driving experience for the user.

The fuel cost is considered as a significant operational component within logistics and fleet operations. With rising fuel cost, the profit margins are significantly affected. However, truck platooning market is anticipated to improve the bottom line of the companies by reducing the overall transportation cost. As per estimations from the European Union’s International Council of Clean Transportation (ICCT) 75% cargo per kilometer is transported with the help of heavy-duty vehicles, which compound for 30% of C02 emission. Thus, stringent emission regulations such as Euro 7 Emission Norms have compelled the original equipment manufacturer (OEM) to integrate newer technologies in the heavy-duty vehicle segment.

Truck platooning is a complex process and requires integration of advanced technologies such as collision avoidance system, sensors for transmission of data, ACC, and FCW systems, among others. Moreover, growing adoption of the internet of things (IoT) and surrounding infrastructure such as smart vehicle applications, transport logistics applications, and guidance and control systems, among others in transportation system is complimenting the growth for truck platooning.

The truck platooning market faces tough hurdles such as lack of security and encryption of data to protect the platooning communication system from infringement or hacks. Furthermore, factors such as return on investment of the platooning system, acceptance from the drivers, system security, and the amount of viable platoon time are anticipated to be key challenges in the market growth.

The European region is considered as a pioneer in a successful demonstration of the truck platooning system. The primary factors responsible for driving the growth in the European markets are the technological advancements such as the integrated application of the IoT along with the implementation of strict regulations such as ACEA’s EU General Safety Regulation norms pertaining to vehicle safety.

The North American region is anticipated to witness healthy growth over the forecast period. The North America transportation industry trucks play a vital role in logistical operations and have a significant contribution to the transportation industry. The development of favorable regulatory policies in the U.S. from National Highway Traffic Safety Administration (NHTSA) and National Transportation Safety Board (NTSB) that features accountability, safety, and compliance are the potential factors that contribute to market growth. Moreover, the North American market has a strong inclination towards adopting new technologies, thereby boosting the adoption of truck platooning in the near future.

The Asia Pacific countries such as Japan and Singapore are anticipated to witness robust market growth as they have initiated to launch truck platoon test trials. In Singapore, Scania is planning to set up a full-scale truck platooning operation. A multi-year project has been organized by the Ministry of Transport and the Port of Singapore Authority (PSA Corporation) and is undertaken by Toyota. The project is divided into two phases, first is the designing and refinement of the truck platooning technology, and the second phase will consist of local trails and development of technology.

The truck platooning value chain encompasses companies such as Peloton Technology, AB Volvo, Scania, Daimler AG, Navistar Inc, WABCO, PACCAR Inc., MAN, IVECO, Hino Motors, Ltd., and Continental AG, among others. These companies are continuously engaged in R&D and have adopted several strategies to remain competitive in the truck platooning market. For instance, Volvo Group venture capital, a subsidiary of the Volvo group invested in Peloton Technologies for the development of platooning technologies and has partnered with other companies to diversify its technology offerings. Also, Scania has collaborated with Swedish National Road and Transport Research Institute and Volkswagen Research for testing of platoons between Sodertalje and Helsingborg in Sweden.

Peloton Technologies is the market leader in the deployment and development of the truck platooning system in the U.S. market. OEMs have invested in the company to promote commercialization of truck platoon system across the North America region. The prominent vendors such as Daimler AG is focusing on enhancing road safety and is continuously involved in technological innovations to boost truck platooning adoption. Such developments are anticipated to help the company to emerge as one of the prominent players in the truck platooning system market.

Truck Platooning Key Market Segments:

By Technology

• Adaptive Cruise Control (ACC)
• Blind Spot Warning (BSW)
• Global Positioning System (GPS)
• Forward Collision Warning (FCW)
• Lane Keep Assist (LKA)
• Others

By Platooning Type

• Driver-assistive Tuck Platooning (DATP)
• Autonomous Truck Platooning

By Services

• Telematics-Based Services
  • Automatic Crash Notification
  • Emergency Calling
  • Navigation & Infotainment
  • On-road Assistance
  • Remote Diagnostics
  • Vehicle Tracking
• Platooning-Based Services
  • Pricing
  • Financial Transaction
  • Match Making

By Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • UK
  • Germany
  • Russia
  • France
  • Rest of Europe
• Asia-Pacific
  • China
  • Japan
  • India
  • Australia
  • Rest of Asia-Pacific
• LAMEA
  • Latin America
  • Middle East
  • Africa

The Truck Platooning market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.

The report provides size (in terms of volume and value) of Truck Platooning market for the base year 2019 and the forecast between 2020 and 2027. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.

This report focuses on the global Truck Platooning market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Truck Platooning market development in United States, Europe and China.

It is pertinent to consider that in a volatile global economy, we haven’t just conducted Truck Platooning market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.

In terms of production side, this report researches the Truck Platooning capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.

In terms of consumption side, this report focuses on the consumption of Truck Platooning by regions (countries) and application.

Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Truck Platooning market. These figures have been provided in terms of both revenue and volume for the period 2016 to 2027. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.

With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Truck Platooning market companies.

Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Truck Platooning market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.

The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.

Overall, this is an in-depth research report specifically for the Truck Platooning industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.

Truck Platooning market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Truck Platooning market.

Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Truck Platooning market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.

Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Truck Platooning market. These factors have benefited the growth of the global market for Truck Platooning. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.

New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Truck Platooning. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).

In this study, the years considered to estimate the market size of Truck Platooning are as follows:

• History Year: 2016-2019
• Base Year: 2019
• Estimated Year: 2020
• Forecast Year 2020 to 2027

Reasons to Purchase this Report:

- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players

Research Methodology:

In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.

This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.

Market Size Estimation

Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).

The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.

Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.

All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.

Market Breakdown and Data Triangulation

After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.

Secondary Sources

Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.

Primary Sources

 In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.

The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.

The study objectives of this report are:

• To analyze and study the global market capacity, production, value, consumption, status (2016-2019) and forecast (2020-2027);
• Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
• Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
• To define, describe and forecast the market by type, application and region.
• To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
• To identify significant trends and factors driving or inhibiting the market growth.
• To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
• To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
• To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
• To strategically profile the key players and comprehensively analyze their growth strategies.