Truck Platooning Market Size, Share & Trends Analysis Report Forecast Period 2024-2031.
Truck Platooning Market Size, Share & Trends Analysis Report Forecast Period 2024-2031.
Blog Article
Truck platooning market is anticipated to grow at an exponential CAGR of 28.9% during the forecast period. One of the key factors that are fueling the market is the reduction in operating costs. As per Scania, in 2022, the fuel cost books for more than 30% of the operational cost in normal transport operations in Europe. It indicates that a small drop in fuel consumption can show a significant impact on the total freight cost in the industry of transportation, which functions on small margins of profit. The application of platooning in the trucking industry can support decreasing fuel costs experienced by transportation service providers and vehicle manufacturers. As per Peloton, the decline in aerodynamic drag of two-truck platooning offers unprecedented fuel savings for both the leading truck and the trailing. As per the 2022 report of the European commission “Analysis of market needs, business models and life-cycle environmental impacts of multi-brand platooning”, the average fuel consumption of the test trucks was 31L/100km. It was assumed that the trucks were driven at an inter-vehicle distance of 4 to10 meters with a fuel savings potential of 5 and 10% in the lead and trailing trucks, respectively (Zhang et al., 2020).
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Segmental Outlook
The global truck platooning market is segmented based on the technology type, autonomous level, and communication technology. Based on the technology type, the market is segmented into adaptive cruise control (ACC), blind-spot warning (BSW), a global positioning system (GPS), forward collision warning (FCW), lane-keep assist (LKA), and others. Based on the autonomous level, the market is sub-segmented into the semi-autonomous, and full-autonomous. Based on the communication technology, the market is sub-segmented into the vehicle-to-vehicle (V2V), vehicle-to-infrastructure (V2I), and global positioning system (GPS). The above-mentioned segments can be customized as per the requirements. Based on technology type, adaptive cruise control (ACC) is anticipated to grow at the fastest rate in the market owing to its crucial system for truck platooning operations while based on the autonomous level, the semi-autonomous segment is anticipated to hold the prominent share during the forecast period owing to the flexibility of the semi-autonomous system.
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Based on technology type, adaptive cruise control (ACC) is anticipated to grow at the fastest rate in the market during the forecast period. ACC has been a crucial system for truck platooning operations. ACC support in automating the speed of the trucks with the support of V2V communication. A few projects, such as PATH, GCDC (Grand Cooperative Driving Challenge), SARTRE, SCANIA, and ENERGY-ITS (Intelligent Transport Systems), had been introduced and implied across various regions for testing and verifying automotive (majorly truck) platooning systems. For instance, in April 2022, the Federal Highway Administration's (FHWA) Exploratory Advanced Research (EAR) Program sponsored the research on strategies and technology for allowing 2 and 3 long-distance trucks for travelling close together in platoons using cooperative adaptive cruise control (CACC).
Market Players Outlook
The major companies serving the global truck platooning market include Mercedes-Benz Group AG, PACCAR Holding B.V. (DAF), Peloton Technology, Scania CV AB, Volvo Group, and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers & acquisitions, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in November 2020, Scania acquired Nantong Gaokai, a Chinese truck company, to start manufacturing trucks for the first time in the global’s biggest auto market. The emphasis of acquisition is to carry safer and more fuel-efficient vehicles by encouraging technologies such as truck platooning in the market.
The Report Covers
Annualized market revenues ($ million) for each market segment.
Country-wise analysis of major geographical regions.
Key companies operating in the global truck platooning market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
Analysis of market entry and market expansion strategies.
Competitive strategies by identifying ‘who-stands-where’ in the market.
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