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Truck Platooning Market - The Smart & Great Solution for Commercial Transportation, A Future Benefit for Automotive Logistics | AB Volvo, Continental, Daimler, Delphi Automotive, Meritor Wabco, Scania AB

03-12-2020 04:23 PM CET | Logistics & Transport

Press release from: Allied Market Research

Truck Platooning Market

Truck Platooning Market

Truck Platooning Market 2020-2030: The global truck platooning market garnered $500.9 million in 2017 and is expected to garner $4.59 billion by 2025, growing at a CAGR of 32.4% from 2018 to 2025.

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Stringent government policies for reducing emission in the transport sector, lowered fuel consumption, and supportive government initiatives for platooning drive the growth in the market. However, expensive platooning technology and increase in security & privacy concerns hinder the market growth. On the other hand, expanding size of fleet of truck platooning and surge in production of fully autonomous trucks create new pathways in the industry.

Based on technology, the adaptive cruise control (ACC) technology accounted for the highest market share in 2017, contributing nearly one-fourth of the total share. This is due to its advantages such as crash avoidance, less driver fatigue, and others. However, the blind spot warning (BSW) technology is expected to register the highest growth rate, with a CAGR of 38.4% from 2018 to 2025. This is attributed to reliable information provided regarding vehicle's blind spot, safe lane changing, high level of safety, and others.

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Based on platooning type, the driver-assistive tuck platooning (DATP) segment contributed nearly 99% of the total market share in 2017, and is estimated to maintain its dominance throughout the forecast period. This is owing to autonomous trucks being in development phase along with feasibility of trucks with level 1 and level 2 automation for truck platooning. However, the autonomous truck platooning segment is expected to grow at the largest CAGR of 46.6% during the forecast period, 2018-2025. This is due to continuous developments carried out by the leading truck manufacturers producing trucks equipped with autonomous technology.

Leading market players analyzed in the research include AB Volvo, Continental AG, Bendix Commercial Vehicles Systems LLC, Delphi Automotive PLC, Daimler AG, Navistar International Corporation, Meritor Wabco, Peloton Technology, OTTO Technologies, Scania AB, and others.

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North America contributed nearly half of the total share in terms of revenue in 2017, owing to supportive government policies for carrying out tests for platooning trucks on the roads. This region would maintain its dominant position throughout the forecast period. However, LAMEA is estimated to register the highest growth rate with a CAGR of 36.0% from 2018 to 2025, owing to reduction in fuel consumption, lowered carbon emissions, and others.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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