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2019
Truck Platooning Market

Truck Platooning Market

by Technology (Adaptive Cruise Control (ACC), Blind Spot Warning (BSW), Global Positioning System (GPS), Forward Collision Warning (FCW), Lane Keep Assist (LKA), and Others), Platooning type (Driver-Assistive Tuck Platooning (DATP) and Autonomous Truck Platooning), and Communication Technology (Vehicle-to-infrastructure (V2I), Vehicle-to-vehicle (V2V), and Vehicle-to-everything (V2X)): Global Opportunity Analysis and Industry Forecast, 2018 - 2025
Update Available On-Demand

Report Code: A04882
Pages: 263
Apr 2019 | 9220 Views
Author(s) : Lalit Katare & Anvay Sonpimple
Tables: 97
Charts: 71
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Truck Platooning Market Outlook - 2025

The global truck platooning market size was valued at $500.9 million in 2017 and is projected to reach $4590.3 million by 2025, registering a CAGR of 32.4% from 2018 to 2025. In 2017, North America accounted for the highest share and is anticipated to maintain its lead throughout the global truck platooning market forecast.

Truck platooning can be defined as linking of two or more trucks in convoy using automated driving assistance systems and connectivity solutions between the vehicles. The vehicles in truck platooning maintain a close distance between them when they are connected for certain part of the journey on roadways. The vehicle at the head of the platoon acts as the leader, and the vehicle behind the leader reacts and adapts to the movement of the leading vehicle. The driver in the following trucks are always in control and can leave or drive independently at any point of time. The concept of truck platooning holds a great potential to make the road transport efficient, cleaner, and safer in the coming future. Truck platooning technology can reduce the consumption of fuel and the emission of harmful gases, provided the trucks are operating closer, which in turn reduces the air drag between them.

Global Truck Platooning Market

Factors such as rise in government rules for emission from transport sector and reduction in fuel consumption drive the truck platooning market growth. In addition, the truck platooning market experiences growth owing to supportive government rules for platooning. However, high cost of platooning technology and rise in security and privacy concerns are the factors anticipated to hinder the growth of the truck platooning market. Furthermore, production of fully autonomous trucks for platooning and extension in size of truck platooning fleet are the factors expected to provide a remarkable growth opportunity for the players operating in the truck platooning industry. The global truck platooning market trends is expected to increase owing to rising need of automation in transport industry to avoid hazardous situations and increase the transportation efficiency.

The global truck platooning market is segmented based on technology, platooning type, communication technology, and region. Based on technology, the market is classified into adaptive cruise control (ACC), blind spot warning (BSW), global positioning system (GPS), forward collision warning (FCW), lane keep assist (LKA), and others. Based on platooning type, the market is bifurcated into driver-assistive tuck platooning (DATP), and autonomous truck platooning. Communication technology is further segmented as vehicle-to-infrastructure (V2I), vehicle-to-vehicle (V2V), and vehicle-to-everything (V2X). Based on region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Global Truck Platooning Market By Region

Key players including AB Volvo, Bendix Commercial Vehicles Systems LLC, Continental AG, Daimler AG, Delphi Automotive PLC, Meritor Wabco, Navistar International Corporation, OTTO Technologies, PelotonTechnology, Scania AB, and others holds major truck platooning market share.

Global Truck Platooning Market Top Impacting Factors

Rise in government rules for emission reduction from transport sector

Government of various countries has set rules to reduce the emission of harmful gases from the vehicle. Transport sector contributes a major part to the global pollution out of which, most of the greenhouse gas emission is from the trucks used for transportation. These emissions of harmful gases can be reduced by adoption of truck platooning technology in the transportation sector. Platooning vehicles operate very closely, which in turn reduces the air drag by around 40% for the following truck and results in around 10% reduction in CO2 per kilometer driven. Adoption of truck plotting technology is a remarkable response to the stringent government for emission control. Thus, rise in government rules for emission reduction from transportation sector is anticipated to drive the growth of the truck platooning industry.

Reduction in Fuel consumption

Many leading companies such as Peloton, Scania, and others are working on truck platooning technology to increase the level of fuel consumption. The platooning trucks follow the leading trucks with very short distance in between which reduces the air resistance for the following trucks and results in less fuel consumption. For instance, Scania AB, a truck manufacturer has been testing truck convoys using truck platooning technology with focus to produce a solution to significantly reduce the fuel consumption for the transportation industry. Thus, reduction in fuel consumption due to adoption of truck platooning technology boosts the growth of the truck platooning market.

Supportive government rules for platooning

Government of various regions are setting rules to support the testing and adoption of truck platooning technology on roadways owing to its advantages such as fuel consumption, reduced emission of harmful gases, less traffic congestion, and others. For instance, a new law Michigan allows the adoption of driver-assistive truck platooning technology, owing to reduced aerodynamics drag, improved highway safety, and others. In addition, Ministry of transportation in Ontario, Canada has incorporated expansion of its pilot project to evaluate and test the automated vehicle and truck platooning technology on Ontario roadways. Such supportive government regulation for testing truck platooning technology is anticipated to provide a remarkable growth opportunity to truck platooning market.

High cost of platooning technology

For working of truck platooning technology, various components such as Lidar, Radar, and other sensors are required to gather the data. For instance, adaptive cruise control, a technology used for truck platooning, which uses radar to sense the distance from the vehicle in front and adjust the vehicles speed accordingly to maintain a safe distance in between. Adaptive cruise control, forward collision warning, and other technologies are expensive and use costly sensors such as Lidar, Radar, and others, which in turn make the truck platooning technology expensive for the customers. Thus, high cost of truck platooning technology is anticipated to hinder the growth of the truck platooning market.

Key Benefits for Truck Platooning Market:

  • This study presents the analytical depiction of the truck platooning market analysis along with the current trends and future estimations to depict the imminent investment pockets.
  • The overall truck platooning market opportunity is determined by understanding the profitable trends to gain a stronger foothold.
  • The report presents information related to the key drivers, restraints, and opportunities of the global truck platooning market with a detailed impact analysis.
  • The current truck platooning market is quantitatively analyzed from 2018 to 2025 to benchmark the financial competency.
  • Porters five forces analysis illustrates the potency of the buyers and suppliers in the industry.

Truck Platooning Market Report Highlights

Aspects Details
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 Communication Technology
  • Vehicle-to-infrastructure (V2I)
  • Vehicle-to-vehicle (V2V)
  • Vehicle-to-everything (V2X)
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)
Key Market Players Bendix, AB Volvo, Continental AG, Daimler AG, Delphi Technologies, Wabco, Navistar, Inc., DAF Trucks, Peloton Technology, Scania AB
 

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Truck platooning can be defined as two or more trucks driving very close and following the platooning leader, with other trucks in platoon following the leader using vehicle-to-vehicle (V2V) communication. Other than vehicle-to-vehicle (V2V) communication, platooning trucks rely on various technologies and sensors such as radar, GPS, and others, which allows them to sense the environment and be a part of platoon safely. Adoption of truck platooning will provide reduction in road freight operational costs due to higher productivity of both truck & driver, and fuel savings. In addition, widespread adoption of truck platooning helps reduce the volume of greenhouse gases originated road freight transport.

Factors such as rise in government rules for emission from transport sector and reduction in fuel consumption drive the growth of the truck platooning market. In addition, the truck platooning industry is experiencing growth owing to supportive government rules for platooning. However, high cost of platooning technology and rise in security and privacy concerns are the factors anticipated to hinder the growth of the truck platooning market. Furthermore, production of fully autonomous trucks for platooning and extension in size of truck platooning fleet are the factors expected to provide a remarkable growth opportunity for the players operating in the truck platooning market.

Among the analyzed geographical regions, currently, North America is the highest revenue contributor, and is expected to maintain the lead during the forecast period, followed by Europe, Asia-Pacific, and LAMEA.

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