Truck Platooning Market Assessment Covering Growth Factors and Upcoming Trends & Forecast

Research report presented by UnivDatos, Emphasis on Platooning Type (Driver-Assistive Tuck Platooning (DATP), Autonomous Truck Platooning); Services (Automatic Crash Notification, Emergency Calling, Navigation & Infotainment, On-road Assistance, Remote Diagnostics, Vehicle Tracking, Others); Systems (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); Sensor Type (Image, Radar, LiDAR), Communication Technology (Vehicle-to-infrastructure (V2I), Vehicle-to-vehicle (V2V)), and Geographical analysis (key regions and countries).

As per the research report, Global Truck Platooning Market is expected to exceed the market valuation of more than US$ 500 million in 2027 and is expected to grow at a significant CAGR of ~45% during the forecast period (2021-2027). The market of truck platooning has evolved significantly in recent years and is witnessing an uptick owing to the surging demand from the stakeholders as this technology reduced fuel consumption and greenhouse gas emissions. Various governments have enacted regulations to reduce greenhouse gas emissions from vehicles. The transportation industry contributes significantly to global pollution, with trucks accounting for the majority of greenhouse gas emissions. The adoption of truck platooning technology in the transportation sector will help to minimize greenhouse gas emissions. Platooning can reduce CO2 emissions by up to 16% from the trailing vehicles and by up to 8% from the lead vehicle (according to the recent ITS4CV study by Ertico).

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Trucks are the most common vehicle that uses the platooning system, as in the research trials on public highways, they have shown substantial fuel savings, with the leading truck achieving 4-5% fuel efficiency and the trailing trucks achieving around 7-10%. Truck platooning can make road transportation safer, cleaner, and more effective, allowing goods to be delivered faster and reducing traffic congestion. Recent research from transport data company INRIX into the state of congestion in 200 cities in 38 countries highlights the impact of traffic congestion. It found the total cost of lost productivity caused by congestion to be US$ 87 billion in the United States.

Further, with conventional trucks, critical risk factors are driver reaction time and concentration. Indeed, human error is to blame for 90% of all traffic incidents. As per WHO statistics, Road traffic accidents claim the lives of about 1.35 million people per year. The majority of countries lose 3% of their GDP due to traffic accidents. Truck platooning helps improve safety. When opposed to human braking, connected driving allows for automatic braking with virtually no reaction time. Platooning increases the safety of other road users by allowing trucks to drive more predictably on the road.

Peloton Technology, Bendix Commercial Vehicle Systems LLC, AB Volvo, Continental AG, Daimler AG, BorgWarner Inc., Wabco, DAF Trucks, Scania AB, and Aptiv are some of the prominent players operating in the global truck platooning market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst Platooning Type, Driver-Assistive Tuck Platooning (DATP) segment holds the major share”

Based on Platooning Type, the market is fragmented into Driver-Assistive Tuck Platooning (DATP) and Autonomous Truck Platooning. The Driver-Assistive Tuck Platooning (DATP) segment dominated the market with a share of XX% in 2020 and is expected to maintain its dominance during the forecast period. However, the Autonomous Truck Platooning segment would witness the highest CAGR during the forecast period owing to the benefits shortage of drivers.

“Amongst Services, Driver-Assistive Tuck Platooning (DATP) segment holds the major share”

Based on the Services, the market is fragmented into Telematics-Based Services and Platooning-Based Services. The Telematics-Based Services is further segmented into Automatic Crash Notification, Emergency Calling, Navigation & Infotainment, On-road Assistance, Remote Diagnostics, Vehicle Tracking, and Others. The Telematics-Based Services segment generated revenue of USD XX million in 2020. The Telematics-Based Services segment dominated the market with a share of XX% in 2020 and is expected to maintain its dominance during the forecast period. However, the Platooning-Based Services segment would witness the highest CAGR during the forecast period owing to the rapid increase in truck platooning adoption in developed nations.

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“Amongst Systems, Adaptive Cruise Control (ACC) segment holds the major share”

Based on the Systems, the market is fragmented 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), and Others. The Adaptive Cruise Control (ACC) segment generated revenue of USD XX million in 2020. The Adaptive Cruise Control (ACC) segment dominated the market with a share of XX% in 2020 and is expected to maintain its dominance during the forecast period and would witness the highest CAGR during the forecast period.

“Amongst Sensor Type, Image segment holds the major share”

Based on the Sensor Type, the market is fragmented into Image, Radar, and LiDAR. The Radar segment generated revenue of USD XX million in 2020. The Radar segment is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of USD XX million by 2027F. The Image segment dominated the market with a share of XX% in 2020 and is expected to maintain its dominance during the forecast period and would witness the highest CAGR during the forecast period.

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“Amongst Communication Technology, Vehicle-to-infrastructure (V2I) segment holds the major share”

Based on Communication Technology, the market is fragmented into Vehicle-to-infrastructure (V2I), and Vehicle-to-vehicle (V2V). The Vehicle-to-vehicle (V2V) segment generated revenue of USD XX million in 2020. The market is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of USD XX million by 2027F.

“North America represents one of the largest markets of Truck Platooning market”

For a better understanding of the market dynamics of the Truck Platooning market, a detailed analysis was conducted for different regions across the globe including North America (the U.S, Canada, and the Rest of North America), Europe (Germany, France, Italy, United Kingdom, Spain, and Rest of Europe), Asia-Pacific (China, Japan, Singapore, Australia, and Rest of APAC) and Rest of the World. North America dominated the market and grabbed around XX% market share owing to the advanced automobile industry and highly developed road & logistics infrastructure and transport industry in the region.

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