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Global Truck Platooning Market to Reach USD 659.98 Million by 2027, Aided by the Increasing Focus on Lowering Operational Costs

According to a new report by EMR titled, ‘Global Truck Platooning Market Report and Forecast 2022-2027’, the industry reached a value of about USD 38.61 million in 2021. The market is further expected to grow at a CAGR of 60.50% in the forecast period of 2022-2027 to reach a value of approximately USD 659.98 million by 2027.

The transportation sector contributes significantly to global pollution, with trucks accounting for the majority of greenhouse gas emissions. The introduction of truck platooning technology in the transportation sector can help to minimise hazardous gas emissions. Thus, the truck platooning industry is expected to increase as government regulations for pollution reduction in the transportation sector become more stringent. The truck platooning market is expected to develop due to lower fuel consumption as a result of the use of truck platooning technology. Government regulation that encourages the testing of truck platooning technology is expected to present a significant growth potential for the truck platooning market. The production of fully autonomous vehicles for platooning and the expansion of the size of the truck platooning fleet are expected to represent a significant growth potential for the truck platooning industry's players. Because of the increased demand for automated technologies, truck platooning is predicted to enhance demand in industries such as road development, transportation, logistics, and information technology. The expanding adoption of the Internet of Things is another factor that is projected to boost the market's growth over the forecast period (IoT).

The dominant players in the global truck platooning industry are driving the market's growth with strategies such as mergers and strategic collaboration between technology providers and OEM manufacturers for the development of advanced fleet management solutions and investments in startups for the research and development of automotive trucks for future generations. For example, In June 2017, Scania (OTC: SVKBF) collaborated on a new 3-year Swedish research truck platooning project. In this project, Sweden4Platooning, Scania would work with DB Schenker, Volvo, the Royal Institute of Technology, RISE, and the Swedish Transport Administration in multi-brand platoons on public roads. The aim of Sweden4Platooning is to explore the full potential of a technology that could reduce carbon emissions and make goods transport more efficient.

Market Analysis by Technology, Platooning Type, Communication Technology, and Regions:

  • Based on technology, the market is categorised into adaptive cruise control, forward collision avoidance, lane departure warning, active braking assist, blind spot warning, global positioning system, and autonomous emergency braking, among others.
  • The platooning types are driver assistive truck platooning (DATP) and autonomous truck platooning.
  • The communication technology involved in the market are vehicle-to-infrastructure (V2I), vehicle-to-vehicle (V2V), and vehicle-to-everything (V2X).
  • The regional markets for truck platooning include North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The increase in funding from government and non-government institutions for the trails is aiding the market growth.
  • The development of novel technologies and the vast presence of the logistics industry is driving the market growth.
  • An increase in demand for the faster movement of goods across the region and the presence of suitable logistics partners is also contributing to the market's growth.
  • The market is expected to reduce shipping costs and overcome the issue of a shortage of truck drivers, thereby boosting the growth of the market.
  • With the growing need for automation in the transportation industry and boosting transportation efficiency, the global truck platooning industry is predicted to grow.

Key Offerings of the report:

  • The EMR report gives an overview of the global truck platooning market for the periods (2017-2021) and (2022-2027).
  • The report also offers the historical (2017-2021) and forecasted (2022-2027) markets for technology, platooning type, communication technology, and major regions of truck platooning.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models. 

The major players in the global truck platooning industry are Scania CV AB, Continental AG, Daimler AG, Peloton Technology, Inc., and Knorr-Bremse AG, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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