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Report Overview

2023

Base Year

2018-2023

Historical Year

2024-2032

Forecast Year

Global Truck Platooning Market Outlook

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 Represent a Significant Share in the Market Growth of Truck Platooning

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.

Global Truck Platooning Market

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Truck Platooning Market Segmentation

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.

Global Truck Platooning Market By Segment

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By technology, the market is divided into:

  • Adaptive Cruise Control
  • Forward Collision Avoidance
  • Lane Departure Warning
  • Active Braking Assist
  • Blind Spot Warning
  • Global Positioning System
  • Autonomous Emergency Braking
  • Others

Based on platooning type, the market includes:

  • Driver Assistive Truck Platooning (DATP)
  • Autonomous Truck Platooning

On the basis of communication technology, the market can be classified into:

  • Vehicle-to-Infrastructure (V2I)
  • Vehicle-to-Vehicle (V2V)
  • Vehicle-to-Everything (V2X)

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.

Global Truck Platooning Market By Region

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Increasing Focus Toward Reducing the Operating Cost of Transportation Augmenting the Market Growth

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%

Key Industry Players in the Global Truck Platooning Market

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:

  • Scania CV AB
  • Continental AG
  • Daimler AG
  • Peloton Technology, Inc.
  • Knorr-Bremse AG
  • Others

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.

Key Highlights of the Report

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:

  • Technology
  • Platooning Type
  • Communication Technology
  • Region
Breakup by Technology
  • Adaptive Cruise Control
  • Forward Collision Avoidance
  • Lane Departure Warning
  • Active Braking Assist
  • Blind Spot Warning
  • Global Positioning System
  • Autonomous Emergency Braking
  • Others
Breakup by Platooning Type
  • Driver Assistive Truck Platooning (DATP)
  • Autonomous Truck Platooning
Breakup by Communication Technology
  • Vehicle-to-Infrastructure (V2I)
  • Vehicle-to-Vehicle (V2V)
  • Vehicle-to-Everything (V2X)
Breakup by Region
  • North America
    • United States of America 
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Australia
    • Others
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • Nigeria
    • South Africa
    • Others
Market Dynamics
  • SWOT Analysis
  • Porter's Five Forces Analysis
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • Scania CV AB
  • Continental AG
  • Daimler AG
  • Peloton Technology, Inc.
  • Knorr-Bremse AG
  • Others
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*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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Key Questions Answered in the Report

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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63 Fiona Drive, Tamworth, NSW

+61 448 06 17 27

C130 Sector 2 Noida, Uttar Pradesh 201301

+91-858-608-1494

40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.

+63 287899028, +63 967 048 3306

6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London

+44-753-713-2163

193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City

+84865399124