Press release
Truck Platooning Market : Adaptive Cruise Control (ACC), Blind Spot Warning (BSW) Industry Forecast, 2018 - 2025
The global truck platooning market size was valued at $500.9 million in 2017 and is projected to reach $4590.3 million by 2025, registering a CAGR of 32.4% from 2018 to 2025.According to the research by National Renewable Energy Laboratory affiliated with U.S. Department of Energy, trailing vehicles in the platoon benefits from fuel saving around 9.7%, while the leading vehicle benefits on fuel consumption by consuming 5.3% less fuel due to the resulting vacuum effect. In the coming years, the trucks will be fully autonomous, and the leading truck will also take control of the driving. Driver in the tailing trucks in the platoon will no longer be needed. In addition, development of autonomous technology is accelerating, and the new range of trucks are coming equipped with certain level of automation technology such as micro-video camera, radars and advanced communication technology.
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Adaptive cruise control (ACC) technology to maintain the highest share by 2025
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.
Driver-assistive tuck platooning (DATP) segment to dominate throughout the forecast period
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.
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North America to maintain its dominant position by 2025
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.
Key market players
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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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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