Press release
Truck Platooning Market Booming by Top Players Volvo (Sweden), Daimler (Germany), Scania (Sweden), Continental AG (Germany), Bosch (Germany), Intel (US), NVIDIA (US), Peloton (US), Omnitracs (US)
The Truck Platooning Market is projected to grow to USD 2,728.7 million by 2030 from USD 37.6 million in 2021, at a CAGR of 60.96% during the forecast period. Reduction in operating cost, driver shortage, and developments in V2X technologies are the key factors driving the market for truck platooning. Additionally, the growing environmental concerns, efforts to increase fuel efficiency, stringent government regulations for emission, and increasing concerns of traffic congestion have accelerated the growth of the truck platooning market.Driver-assistive truck platooning (DATP) is projected to dominate the truck platooning market during the forecast period. However, developments in fully autonomous truck platooning will create new opportunities for OEMs, Tier 1 suppliers, and service providers. For example, Scania (Sweden) is working towards developing a fleet of fully autonomous trucks with an aim to organize a platoon of 4 trucks, where 3 trucks will follow the lead truck autonomously driven.
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Europe is projected to be the fastest growing regional market for truck platooning. The European region is a hub for automotive giants and premium truck manufacturers such as Daimler (Germany), MAN (Germany), Scania (Sweden), and Volvo (Sweden). All these OEMs are working towards the development of truck platooning technology. Stringent vehicle safety norms have led to a drift from the conventional driver assistance systems to advanced connected systems such as adaptive cruise control, lane departure warning system, and blind spot detection. This drift would positively affect the demand for commercial vehicles equipped with driving assistance system in the near future. Additionally, the increasing R&D investments made by European OEMs and the development of road infrastructure would further drive the growth of the European market for truck platooning. The market growth in the region will provide a huge opportunity for Tier 1 manufacturers and services & solution providers to collaborate with OEMs to develop technologies and platforms better suited for the region.
Platooning-based services are projected to be the fastest growing service segment in the truck platooning market. The trucks in a platoon are connected to a cloud-based Network Operation Center.
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To form the platoon, it is necessary to provide a matching platform through position tracking. Platooning-based services help to match the routes of trucks using a match making platform. They also help in settling payments between platoon participants and providing leasing, financing, and insurance solutions for platoon trucks. These services are very important for truck platoons (fleet operators) as they ensure smooth operations of the truck platoon. Service providers can develop tailor-made solutions for different OEMs and fleet operators in various regions, as the early adopters will be few and then, as the demand grows, the service providers can switch to more standard product offerings.
AI or artificial intelligence is an immense opportunity in the truck platooning market. Companies working towards developing systems for truck platooning can use machine learning and deep learning technologies to integrate the truck platoons with the infrastructure. Such integration can help with predictive analysis, which can reduce accidents, avoid traffic situations, vehicle breakdowns, and help reduce human errors. Companies developing truck platooning systems can collaborate with AI companies to integrate AI technologies into their truck platooning systems.
The ecosystem of the truck platooning market consists of Tier I suppliers and software/service providers such as Continental (Germany), Bosch (Germany), NVIDIA (US), and PELOTON (US). Platooning systems and technologies are supplied to automotive OEMs such as Volvo (Sweden), Daimler (Germany), and others.
Target Audience
• Automotive electronic component suppliers
• Automotive OEMs
• Autonomous platform providers
• Autonomous vehicle manufacturers
• Technology providers
• The automobile industry as an end-user industry and regional automobile associations
• Traders, distributors, and suppliers of materials used for truck platooning systems
• Truck platooning service providers
• Truck platooning component manufacturers
• Truck platooning system suppliers
• Research institutes and government organizations
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