Truck Platooning Market Forecasts to 2028 – Global Analysis By Vehicle Type (Light Commercial Vehicle and Heavy Commercial vehicle), Platooning Type (Autonomous Truck Platooning and Driver-Assistive Tuck Platooning (DATP)), Infrastructure Type (Vehicle-to

Truck Platooning Market Forecasts to 2028 – Global Analysis By Vehicle Type (Light Commercial Vehicle and Heavy Commercial vehicle), Platooning Type (Autonomous Truck Platooning and Driver-Assistive Tuck Platooning (DATP)), Infrastructure Type (Vehicle-to-Vehicle (V2V), Vehicle-to-Infrastructure (V2I) and Vehicle-to-Everything(V2X)), Sensor Type, Technology, Autonomous Level, Component, Service and By Geography

According to Stratistics MRC, the Global Truck Platooning Market is accounted for $1888.59 million in 2022 and is expected to reach $9285.48 million by 2028 growing at a CAGR of 30.4% during the forecast period. Truck platooning is the linking of two or more trucks in a convoy using connectivity solutions and automated driving assistance systems. When connected for a portion of the journey on a road, the trucks in a truck platoon maintain a close distance between them. Truck platooning has a lot of potential to improve the effectiveness, safety, and cleanliness of future road transportation. Truck platooning technology can lower fuel consumption and harmful gas emissions if the trucks are driven closer to one another, which lowers air resistance between them.

According to Eurostat, over 75% of inland cargo transport within the European Union, i.e., about 1,750 billion ton-kilometers (t-km), travel by road. In some European countries this percentage reached to 90% or more.

Market Dynamics

Driver

Reducing CO2 emissions

Heavy-duty vehicle OEMs and Tier-1 manufacturers have been compelled to adopt new technologies as emission standards become more stringent. Similar to this, new policies and programs have been put in place by government organizations like the US Department of Transportation (US DOT) to lower vehicle emissions. The European Union estimates that 25% of freight ton kilometers and 30% of on-road CO2 emissions in Europe are moved by heavy-duty vehicles.

Restraint

High cost of technologies and hardware

The global Truck Platooning market expected to hinder growth during the forecast period, due to the incorporation of commercially available technological systems, platoon trucks are expected to be very expensive. Advanced features like adaptive cruise control (ACC), blind spot warning (BSW), lane keep assist (LKA), and forward collision warning (FCW) ultimately raise the price of the car as they are installed. Though the majority of these technologies are already in place to support truck platooning, ongoing development is required to make them more reliable. This is due to the fact that technologies embedded in truck platooning must support communications between vehicles (V2V) and infrastructure (V2I).

Opportunity

Reduction of fuel consumption

The global Truck Platooning market expected to drive growth during the forecast period. Over 30% of the operations' cost is related to fuel. The transportation sector, which operates with thin profit margins, would see a significant reduction in freight costs even if fuel consumption were only slightly reduced. Vehicle manufacturers and transportation service providers may experience a decrease in fuel costs as a result of the use of platooning in the trucking industry. Peloton asserts that two-truck platoons lower aerodynamic drag results in previously unheard-of fuel savings for both the leading and trailing trucks. Truck platooning can thus assist in boosting revenue, and ultimately, the advantages may be passed on to the clients in the form of low travel or merchandise costs.

Threat

Inadequate infrastructure

Another factor in smart transportation is truck platooning, which necessitates the application of internet of things (IoT) technologies and surrounding infrastructure throughout transportation systems. The development of potential routes for long-haul truck platoons is limited by the state of the current road system. Platoons may not be routed effectively, for example, if lane markings and bridges are inappropriate. As a result, it is anticipated that it will cost more money to build the infrastructure necessary to support and adapt to the advancements in vehicle technology.

Covid-19 Impact

The COVID-19 pandemic had an effect on truck platooning operations by deploying strict lockdowns. On the sourcing and integration of various autonomous solutions, the outbreak had a marginally negative effect. Many businesses are investing heavily in the creation of electric and hydrogen-powered trucks, despite supply chain disruptions and persistent shortages of semiconductor chips. For instance, the Bosch Group announced in 2022 that it would spend over $200 million to manufacture fuel cell stacks in the United States for use in the coming years in the propulsion of heavy-duty trucks powered by hydrogen.

The adaptive cruise control (ACC) segment is expected to be the largest during the forecast period

Adaptive Cruise Control (ACC) segment is expected to have the largest share during the forecast period due to the growing demand for the truck platooning technology. Truck platooning utilizes adaptive cruise control technology to automatically slow down and accelerate in order to keep a safe distance from the vehicle in front. With this technology, a small radar system is used to calculate the relative distance from the car in front.

The V2V (vehicle-to-vehicle) segment is expected to have the highest CAGR during the forecast period

Due to the increasing demand for this communication technology in truck platooning, the V2V (vehicle-to-vehicle) segment is also anticipated to experience significant growth in the near future. Truck platooning communication technology allows vehicles to share information about their surroundings so they can respond to potential hazards more quickly. As a result, driving is safer, there is less air resistance, and fuel consumption is decreased. As a result, the market for this segment will probably experience rapid growth.

Region with largest share

The North America region market is estimated to witness a largest share of the global Truck Platooning market during the forecast period. The North American transportation industry is primarily supported by trucks. The region's trucking industry is anticipated to grow as a result of legislative changes like the Compliance, Safety, and Accountability (CSA) and Hours of Service Solution (HOS) revisions. Consequently, it is anticipated that the truck platooning market will expand significantly. Additionally, the prosperous state of this region enables these nations to make significant investments in cutting-edge technologies like truck platooning.

Region with highest CAGR

Europe is projected to have the highest CAGR over the forecast period. Innovative truck platooning efforts, technological advancements, and strict regional vehicle safety regulations are the main factors propelling the market's expansion. Pioneering efforts in DATP have been made in nations like Sweden and the Netherlands, which top the autonomous vehicle index. The Netherlands launched the European Truck Platooning Challenge in 2016 while it held the EU Presidency. Therefore, it is anticipated that these developments will spur the expansion of truck platooning in the area in the near future.

Key players in the market

Some of the key players in Truck Platooning market include AB Volvo, Bendix Corporation, Bosch, Continental AG, DAF Trucks NV, Daimler AG, Delphi Technologies, Hino Motors, Ltd., IVECO S.p.A, MAN Truck and Bus, Meritor WABCO, Navistar, Inc., NVIDIA Corporation, Omnitracs LLC, Otto Technologies, Peloton Technology, Robert Bosch GmbH, Scania AB, Wabco, Scania AB and ZF Friedrichshafen AG.

Key Developments

In March 2022, Two Peterbilt trucks have been linked by electronic handshakes to establish tight following distances for platooning trials in Alberta, Canada. Platoons have been seen on Quebec highways and logging roads in other research by Auburn University and FP Innovations. While the platoon's lead truck is in charge of acceleration and braking, the vehicle behind it is controlled semi-autonomously.

In March 2022, IVECO contributed to the development and implementation of a multi-brand platooning technology agreed upon by all major European truck manufacturers. The EU-funded 46-month project demonstrated that platooning could play a critical role in achieving sustainable transportation. Platooning improves fuel economy, CO2 emissions, road safety, and traffic efficiency.

In October 2020, TRATON SE planned to acquire the remaining 83.2% stake in Navistar International Corp. for a total cash consideration of USD 3.7 billion to expand its product portfolio. The acquisition is likely to focus on the development and establishment of trucks in the market for commercial applications.

Vehicle Types Covered
• Light Commercial Vehicle
• Heavy Commercial vehicle
• Other Vehicle Types

Platooning Types Covered
• Autonomous Truck Platooning
•Driver-Assistive Tuck Platooning (DATP)
• Other Platooning Types

Infrastructure Types Covered
• Vehicle-to-Vehicle (V2V)
• Vehicle-to-Infrastructure (V2I)
• Vehicle-to-Everything(V2X)
• Global Positioning System (GPS)
• Other Infrastructure Types

Sensor Types Covered
• Image
• Radar
• LiDAR
• Camera
• Other Sensor Types

Autonomous Levels Covered
• Semi-Autonomous
• Partially-Autonomous
• Full-Autonomous
• Other Autonomous Levels

Components Covered
• Forward Looking Camera
• System Display with Rear Time Camera
•Driver-Centric Design
• RADAR Base Collision Mitigation
• Other Components

Services Covered
• Telematics Based Services
• Platooning-Based Services
• Other Services

Technologies Covered
• Adaptive Cruise Control (ACC)
• Automated Emergency Braking (AEB)
• Blind Spot Warning (BSW)
• Acceleration & Braking Controller
• Cellular & Wi-Fi Communication
• DSRS Vehicle to Vehicle Communication
• Cooperative Adaptive Cruise Control (CACC)
• Forward Collision Warning (FCW)
• Global Positioning System (GPS)
• Human Machine Interface (HMI)
• Lane Keep Assist (LKA)
• Active Brake Assist
• Other Technologies

Regions Covered
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities,Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements