Home > Automotive & Transportation > Truck Platooning Market

Truck Platooning Market Size By Vehicle Type (Light Commercial Vehicle [LCV], Heavy Commercial Vehicle [HCV]), By Autonomous Level (Partially- Autonomous, Fully Autonomous), By Communication Technology (Vehicle to Vehicle [V to V], Vehicle to Everything [V to X], Vehicle to Infrastructure [V to I]), By Component (Hardware [Sensors, Detection Systems {Radar & LiDAR}, Camera], Software, Services), By System (Global Positioning System [GPS], Cooperative Adaptive Cruise Control [CACC], Human Machine Interface [HMI], Blind Spot Warning [BSW], Automatic Emergency Braking, Lane-Keep Assist [LKA], Forward Collision Warning [FCW]), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 – 2030

  • Report ID: GMI5329
  • Published Date: Aug 2022
  • Report Format: PDF

Industry Trends

Truck Platooning Market size exceeded USD 1.3 billion in 2021 and is projected to expand at over 29% CAGR of from 2022 to 2030. Truck platooning systems leverage a variety of next-generation technologies such as collision avoidance systems and adaptive cruise control to ensure improved safety & security.
 

Truck Platooning Market Overview

Get more details on this report - Request Free Sample PDF
 

With the growing need for enhancing driver capabilities and a rise in commercial vehicles, these systems have gained significant popularity. They enable more predictive driving of trucks on the road and improves safety for other road users. New trends in the road freight sector such as vehicle customization are allowing truck fleets to get equipped with advanced security and navigation tools.
 

Many original equipment manufacturers (OEMs) are scaling up investments in research and development of innovative vehicle designs. Such initiatives will generate a substantial scope for the adoption of truck platooning systems and services in the coming years.
 

The high cost of autonomous technologies will be a major factor restraining the industry growth. To offer superior driving experience, truck platooning solution providers are equipping fleets with live diagnostics, for real-time assistance along with all necessary software updates, and data collection process. Installation of advanced technologies such as blind spot warning (BSW), lane keep assist (LKA), forward collision warning (FCW), and adaptive cruise control (ACC) will further increase the overall costs of an autonomous truck.
 

Heavy vehicles boost demand for truck platooning to deliver goods faster

The heavy commercial vehicles held more than 75% of the global truck platooning market share in 2021. Heavy-duty trucks (HDVs) are increasingly integrated with truck platooning systems to enhance road efficiency and ensure faster delivery of goods. Several benefits such as positive economic impact, improved comfort for drivers, and potential savings in driver workload are propelling large-scale deployment of the technology.
 

Growing preference for V2I technology to equip connected trucks

The vehicle-to-infrastructure (V2I) technology segment in the truck platooning market accounted for nearly 17% of revenue share in 2021. V2I technology assists automated and connected truck drivers by sharing data associated with traffic congestion, accidents, road conditions, and suggested speed limits. It enables efficient truck platooning by instantly changing speed recommendations depending on the different road conditions. With advancements in communication technologies and increasing collaborations between automobile manufacturers and ICT giants, the industry is expected to witness substantial developments in V2I over the coming years.
 

Need for fleet optimization to drive truck platooning software demand

Truck Platooning Market Size

Get more details on this report - Request Free Sample PDF
 

The truck platooning market from the software components segment is predicted to observe 32% growth rate till 2030. There are rapid technological developments and the introduction of advanced software solutions observed, designed to optimize the management of complex, and autonomous transportation infrastructures. Software solutions are easier to integrate and increase truck capabilities. When connected in the platoon, the software can improve a truck’s ability to operate efficiently via improved technical performance, including moderate braking and smooth acceleration.
 

Rising adoption of GPS tracking solutions to augment fleet security

Truck Platooning Market Share

Get more details on this report - Request Free Sample PDF
 

The global positioning system (GPS) segment in the truck platooning market is anticipated to reach USD 1.8 billion by 2030. These navigation modules use GSM (global system for mobile communication) technology for tracking vehicles efficiently. Typically, each vehicle in the platoon is installed with radar, camera, and GPS system for quick response to situations that may help prevent accidents.
 

According to research, nearly 90% of all motor vehicle accidents are caused fully or partially by human error. GPS fleet tracking solutions enable informed decisions and help fleet operators reduce the downtime of their vehicles. The technology can provide real-time data associated with fuel consumption, engine idling, and drive behavior, thereby facilitating vehicle monitoring in an advanced manner.
 

Development of connected technologies across APAC region

APAC Truck Platooning Market

Get more details on this report - Request Free Sample PDF
 

Asia Pacific truck platooning market size is poised to register 29% gains through 2030, owing to extensive R&D in the field of autonomous vehicles. Rising sales of electric vehicles (EVs) across countries like China and Japan showcases lucrative business opportunities for truck platooning solution providers.
 

There is a growing need for advanced driver-assistance systems (ADAS) for improving the performance of autonomous vehicles using different alarm systems, sensors, and intelligence infrastructure. Key automotive manufacturers in the region are also integrating new smart technologies to bolster the future portfolio of connected commercial vehicles.
 

Strategic partnerships and collaborations among prominent players

Top participants operating in the truck platooning market are AB Volvo, Bendix Commercial Vehicle Systems LLC, Continental AG, Daimler AG, Hino Motors, Ltd., IVECO S.p.A, NVIDIA Corporation, Omnitracs, Peloton Technology, Robert Bosch GmbH, Scania, TomTom International BV., TuSimple, and ZF Friedrichshafen AG.
 

These leaders are adopting multiple strategies including new product development initiatives, portfolio diversification, and acquisitions to strengthen their competitive position in this landscape. For example, in August 2021, ZF Friedrichshafen AG launched next-generation technologies for clean and energy-efficient commercial vehicles. The company designed an electric power steering that helps achieve fully electric vehicle architectures.
 

Impact of COVID-19 on the truck platooning market trends

The COVID-19 pandemic impacted truck platooning activities worldwide with the deployment of stringent lockdowns. The outbreak rendered a slightly negative impact on the sourcing and integration of different autonomous solutions. Despite supply chain disruptions and relentless shortages of semiconductor chips, many companies are investing heavily in the production of electric and hydrogen-powered trucks. For instance, in 2022, Bosch Group said it will invest over $200 million to produce fuel cell stacks in the U.S. to drive hydrogen-powered, heavy-duty trucks in the next few years.
 

This truck platooning market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2018 to 2030, for the following segments:

Market, By Vehicle type

  • Light commercial vehicle
  • Heavy commercial vehicle

Market, By Autonomous level

  • Partially-autonomous
  • Fully autonomous

Market, By Communication technology

  • Vehicle to Vehicle (V to V)
  • Vehicle to Everything (V to X)
  • Vehicle to Infrastructure (V to I)

Market, By Component

  • Hardware
    • Sensors
    • Detection Systems (Radar & LiDAR)
    • Camera
    • Others
  • Software
  • Services

Market, By System

  • Global Positioning System (GPS)
  • Cooperative Adaptive Cruise Control (CACC)
  • Human Machine Interface (HMI)
  • Blind Spot Warning (BSW)
  • Automatic Emergency Braking
  • Lane-Keep Assist (LKA)
  • Forward Collision Warning (FCW)

The above information has been provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Spain
    • Russia
    • Nordics
    • Benelux
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Australia & New Zealand (ANZ)
    • Singapore
  • Latin America
    • Brazil
    • Mexico
    • Argentina
  • MEA
    • GCC
    • South Africa

 

Authors: Preeti Wadhwani, Smriti Loomba

Frequently Asked Questions (FAQ) :

The market size of truck platooning crossed USD 1.3 billion in 2021 and is anticipated to witness over 29% CAGR between 2022-2030.

The software components segment is expected to witness a CAGR of over 32% between 2022-2030, with the need for boosting truck capabilities and enhance efficiency.

The Asia Pacific market is estimated to exhibit over 29% CAGR through 2022-2030, with the rapid growth in commercial activities as well as development of electric vehicles in the region.

AB Volvo, Bendix Commercial Vehicle Systems LLC, Continental AG, Daimler AG, Hino Motors, Ltd., NVIDIA Corporation, Omnitracs, Peloton Technology, Robert Bosch GmbH, Scania, and TomTom International BV are some of the key companies in the industry.

Buy Now

Access to only 1 person; cannot be shared; cannot be printed
Access for 2 to 5 users only within same department of one company
Access to a company wide audience; includes subsidiary companies or other companies within a group of companies
Immediate Delivery Available

Premium Report Details

  • Base Year: 2021
  • Companies covered: 14
  • Tables & Figures: 722
  • Countries covered: 21
  • Pages: 400

Get a report that explains COVID-19 impact on this market

 Request Free Sample

Budget constraints? Get in touch with us for special pricing

Request Discount