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Global Truck Platooning Market worth over $13 Bn by 2030

  • Published Date: September 5, 2022

Truck Platooning Market size is expected to cross USD 13 billion by 2030, according to a new research report by Global Market Insights Inc.

The market growth is attributed to the rising inclination toward connected & automated vehicles (CAVs) that offer advanced navigation, in-car content & services, improved fuel & cost efficiency, and driver & passenger safety. These vehicles utilize platooning systems for building synergy and ensuring synchronized movements between multiple CAVs as a single unit. It helps make road freight more efficient, safe, and clean. It is also an effective tool used to avoid major accidents and collisions using autonomous driving that maintains an adequate distance between two vehicles.

Increasing focus on boosting operational output will accelerate the adoption of platooning services that are based on automated driving technology, and wireless communication. The shortage of skilled drivers has also triggered the need for automated monitoring and vehicle-to-vehicle (V to V) communication in trucks. Advanced capabilities such as controlling the movement of fleets by accelerating and braking connected vehicles simultaneously are some of the key benefits of the technology.

Growing demand for light commercial vehicles with platooning systems

Truck Platooning Market Trends

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The truck platooning market from the light commercial vehicles segment is predicted to observe a 32% growth rate through 2030. Consumers are preferring LCVs that are integrated with advanced connectivity systems. These vehicles can save fuel and reduce operational costs by reducing the aerodynamic drag in leading as well as trailing operations.

The hardware components segment in the truck platooning market is anticipated to reach USD 5.5 billion by 2030, credited to the wide-ranging use of hardware components to design robust platooning solutions. These components are distributed throughout the vehicle and include an array of sensors that collect data, connect critical systems, and control the vehicle’s speed and braking. Innovations and technological developments in hardware have led to advanced detection accuracy, which is likely to propel the installation of image sensors in truck platooning systems.

Browse key industry insights spread across 400 pages with 698 market data tables & 26 figures & charts from the report, “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” in detail along with the table of contents:

Increasing adoption of lane-keep assist (LKA) to help prevent accidents

The lane-keep assist (LKA) segment in the truck platooning market is estimated to attain 34% CAGR till 2030. Automakers and consumers seeking vehicle customizations are increasingly opting for LKA systems for preventing road accidents by keeping vehicles within their respective lanes. LKA systems can instantly warn a driver to bring the vehicles under control in case of any diversions or unintentional changes in lanes. This improves the overall safety of both the driver as well as other vehicles on roads, ensuring responsible driving and limited risk of accidents.

Rising investments in smart technologies across North America

The North American truck platooning market accounted for USD 570 million in 2021. With the presence of a continuously advancing technology landscape, the region is set to emerge as a major hub for truck platooning brands and service providers. The demand for advanced driver-assistance systems (ADAS) is gaining grip across the U.S., and Canada. Key players across the region also have extensive R&D facilities that are backed by large-scale investments in process automation and smart automotive manufacturing.

Key industry partnerships to advance truck platooning solutions

Major companies operating in the truck platooning market are include 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. The competitive market displays consistent efforts in the field of product development and collaborations for innovation.

Authors: Preeti Wadhwani, Smriti Loomba