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Base Year
Historical Year
Forecast Year
The global truck platooning market reached a value of about USD 99.46 million in 2023. The market is further expected to grow at a CAGR of 60.5% in the forecast period of 2024-2032 to reach a value of approximately USD 7,029.20 million by 2032.
Global Truck Platooning Market Report Summary | Description | Value |
Base Year | USD Million | 2023 |
Historical Period | USD Million | 2018-2023 |
Forecast Period | USD Million | 2024-2032 |
Market Size 2023 | USD Million | 99.46 |
Market Size 2032 | USD Million | 7,029.20 |
CAGR 2018-2023 | Percentage | XX% |
CAGR 2024-2032 | Percentage | 60.5% |
CAGR 2024-2032 - Market by Region | Asia Pacific | 69.7% |
CAGR 2024-2032 - Market by Country | India | 72.4% |
CAGR 2024-2032 - Market by Country | China | 66.8% |
CAGR 2024-2032 - Market by Platooning Type | Autonomous Truck Platooning | 68.3% |
CAGR 2024-2032 - Market by Communication Technology | Vehicle-to-Vehicle (V2V) | 67.8% |
Market Share by Country 2023 | France | 3.4% |
Europe and North America are substantially investing in truck platooning technology to cater to various needs of people. The market growth can be associated with major technological advancements in truck platooning technology such as the integration of Internet of Things (IoT) technology. In addition to this, the implementation of strict government regulations pertaining to vehicle safety such as the European Automobile Manufacturers Association's (ACEA) General Safety Regulation is another factor providing impetus to the market growth in Europe.
North America is also investing in truck platoon activities, which began with initiatives by automotive giants like Daimler AG, Volvo, and others. The National Highway Traffic Safety Administration (NHTSA) and the National Transportation Safety Board (NTSB) in the United States are developing favourable regulatory rules that emphasise accountability, safety, and compliance, which are assisting the growth of the market. Furthermore, North American transportation vehicles play an important role in assisting logistics and contribute significantly to the transportation business, hence positively influencing the growth of the market.
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Truck platooning refers to the use of connectivity technology and an automated driving support system to join two or more vehicles in a group. Assisted by the platooning technology, vehicles can accelerate and brake simultaneously, in addition to keeping a predefined distance between them. The platoon's leader is the truck at the front, and the remaining trucks adjust to changes in the platoon's movement. The drivers can also opt out of the platoon and drive on manual mode.
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By technology, the market is divided into:
Based on platooning type, the market includes:
On the basis of communication technology, the market can be classified into:
The EMR report looks into the regional markets for the truck platooning like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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The primary cause of most traffic accidents is driver distraction and loss of focus due to tiredness. As a result, rising concerns about road safety and security are playing a significant role in the implementation of truck platooning, hence driving the market growth. In addition, the focus on lowering operational costs is another factor propelling the growth of the market. With rising fuel costs, the reduction in profit margins is a key factor augmenting the demand for truck platooning technology.
The demand for truck platoons is expected to grow with the rising research and development in the area of autonomous and semi-autonomous vehicles, which provide safety features such as Forward Collision Warning (FCW), Lane Keep Assist (LKA), Adaptive Cruise Control (ACC), and other Advanced Driver Assistance System (ADAS). Furthermore, the expanding adoption of the Internet of Things (IoT) technology and related infrastructure in transportation systems, such as smart vehicle applications, transportation logistics applications, and guidance and control systems, among others, is complementing the expansion of truck platooning.
CAGR 2024-2032 - Market by | Country |
India | 72.4% |
China | 66.8% |
UK | 55.3% |
USA | 53.9% |
Germany | 49.8% |
Canada | XX% |
France | XX% |
Italy | XX% |
Japan | 41.7% |
Australia | XX% |
Saudi Arabia | XX% |
Brazil | XX% |
Mexico | XX% |
The report gives a detailed analysis of the following key players in the global truck platooning market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Technology |
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Breakup by Platooning Type |
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Breakup by Communication Technology |
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Breakup by Region |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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In 2023, the global truck platooning market attained a value of nearly USD 99.46 million.
The market is projected to grow at a CAGR of 60.5% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach about USD 7,029.20 million by 2032.
The market is being driven by the rising adoption of truck platooning technology to reduce operational costs, comply with vehicle safety regulations, and advancements in IoT technology.
The market growth is projected to be determined by the advancements in autonomous and semi-autonomous truck technologies in the coming years.
The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The major technologies of truck platooning are 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 various platooning types of truck platooning are driver assistive truck platooning (DATP), and autonomous truck platooning.
The different communication technologies of truck platooning are vehicle-to-infrastructure (V2I), vehicle-to-vehicle (V2V), and vehicle-to-everything (V2X).
The major players in the industry are Scania CV AB, Continental AG, Daimler AG, Peloton Technology, Inc., and Knorr-Bremse AG, among others.
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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61 448 06 17 27
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63 287899028, +63 967 048 3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84865399124
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