Truck Platooning Systems Global Market Report 2024 by The Business Research Company | Daimler Trucks; ZF Friedrichshafen AG; AB Volvo; Continental AG; Magna International Inc.; Uber Technologies Inc.; PACCAR Inc.; Cummins Inc.; Eaton Corporation plc

The truck platooning systems market size has grown rapidly in recent years. It will grow from $0.95 billion in 2023 to $1.13 billion in 2024 at a compound annual growth rate (CAGR) of 18.2%. The growth in the historic period can be attributed to regulatory pressures, expansion of cooperative and automated mobility, supply chain efficiency, and safety considerations.

The truck platooning systems market size is expected to see rapid growth in the next few years. It will grow to $2.21 billion in 2028 at a compound annual growth rate (CAGR) of 18.3%. The growth in the forecast period can be attributed to traffic congestion and road capacity, increased adoption in freight industry improved safety, increasing freight demand, growing emphasis on automation. Major trends in the forecast period include development of multi-brand platooning solutions, regulatory harmonization and standardization, and emergence of hybrid platooning models.

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Truck Platooning Systems Market Major Segments
The truck platooning systems market covered in this report is segmented -

1) By Component: Forward-Looking Camera, System Display With Rear Time Camera, Driver-Centric Design
2) By Vehicle: Light Commercial, Heavy Commercial
3) By Technology: Acceleration And Braking Controller, Global Positioning System, Cellular And Wi-Fi Communication, DSRS Vehicle-To-Vehicle Communication

Key Driver - Commercial Vehicle Expansion Fuels The Growth Of The Truck Platooning Systems Market

A growing number of commercial vehicles is expected to propel the growth of the truck platooning systems market going forward. Commercial vehicles are a broad category primarily designed for commercial use rather than personal transportation. The rise in number of commercial vehicles is due to economic growth, changes in consumer behavior, and the evolving dynamics of global trade and transportation. Truck platooning systems improve commercial vehicles' efficiency, safety, and cost savings, making them an attractive option for fleet operators looking to optimize their operations. For instance, in January 2024, according to the European Automobile Manufacturers Association, a Belgium-based group of the automobile industry, European Union bus registrations in 2023 soared by 19.4% to 32,593 units, while new truck registrations rose by 16.3% to 346,986 units compared to 2022. Therefore, the growing number of commercial vehicles is driving the growth of the truck platooning systems market.

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Prominent Trend - Integrated Connected Truck Platforms For Seamless Fleet Communication And Management.

Major companies operating the truck platooning systems market are focusing on developing advanced solutions, such as the connected truck platform, to enable seamless communication and coordination between trucks in a platoon. A connected truck platform is a technology solution that integrates various components of a truck's operations, including telematics, software applications, real-time vehicle data, and third-party applications, to provide a unified and customizable platform for fleet management. For instance, in October 2021, PACCAR Inc., a US-based manufacturer of large commercial trucks, launched a new connected truck platform to integrate virtual vehicle technology with the PACCAR Connect telematics system. The integrated product will offer Kenworth and Peterbilt customers a standardized telematics operating system and application store, enabling customers to access software solutions, real-time vehicle data, and third-party applications directly from their vehicles. The platform also supports existing fleet management systems and enables customers to access various software solutions and applications directly from their vehicles.

Truck Platooning Systems Market Players
Major companies operating in the truck platooning systems market report are Daimler Trucks; ZF Friedrichshafen AG; AB Volvo; Continental AG; Magna International Inc.; Uber Technologies Inc.; PACCAR Inc.; Cummins Inc.; Eaton Corporation plc; Scania AB; Iveco; MAN Truck & Bus; Navistar International Corporation; Knorr-Bremse AG; Bosch Rexroth AG; Meritor Inc.; WABCO Holdings Inc.; Allison Transmission Holdings Inc.; DAF Trucks NV; Bendix Commercial Vehicle Systems LLC; Waymo LLC; Embark Trucks Inc.; Einride AB; TuSimple Holdings Inc.

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Largest And Fastest Growing Region In The Market
North America was the largest region in the truck platooning systems market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the truck platooning systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Truck Platooning Systems Market Report Structure
3. Truck Platooning Systems Market Trends And Strategies
4. Truck Platooning Systems Market - Macro Economic Scenario
5. Truck Platooning Systems Market Size And Growth
…..
27. Truck Platooning Systems Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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