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Automotive Platooning System Market Industry Growth Factors, Trends, Demand Status And Forecast To 2033
Automotive Platooning System Market Growth
As per the report, the automotive platooning system market size has grown exponentially in recent years. It will grow from $3.30 billion in 2023 to $4.46 billion in 2024 at a compound annual growth rate (CAGR) of 35.0%. The automotive platooning system market size is expected to see exponential growth in the next few years. It will grow to $27.98 billion in 2028 at a compound annual growth rate (CAGR) of 35.1%.
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Rising Automotive Manufacturing Fuels Growth In The Automotive Platooning System Market
Rising automotive manufacturing is expected to propel the growth of the automotive platooning system market going forward. Rising automotive manufacturing is driven by increasing global demand for vehicles, advancements in technology, and expanding markets, leading to higher production to meet consumer needs and regulatory requirements. The use of automotive platooning systems in automotive manufacturing enhances efficiency by optimizing vehicle movement and reducing logistics costs through coordinated convoy operations. For instance, in May 2023, according to the European Automobile Manufacturers Association, a Belgium-based association, in 2021, North America produced 13,596 thousand units of motor vehicles, while in 2022, production increased to 14,901 thousand units. This represents a growth of approximately 9.6% in vehicle production from 2021 to 2022 in the North American region. Therefore, rising automotive manufacturing is driving the growth of the automotive platooning system market.
Innovative Vehicle Safety Platforms Driving Advances In Automotive Platooning Systems
Major companies operating in the automotive platooning system market are focused on developing innovative technological solutions, such as a vehicle safety platform, that will make driving vehicles in a convoy much safer. A vehicle safety platform is a comprehensive system of technologies and features designed to enhance the safety of a vehicle and its occupants by preventing accidents and reducing the severity of collisions. For instance, in September 2023, Vodafone Group Plc, a UK-based telecommunications company, launched the Safer Transport for Europe Platform (STEP). This cloud-based platform, built on open industry standards, facilitates the efficient sharing of safety information and hazard warnings among road users, transport authorities, and third-party apps and in-vehicle navigation systems. The upgraded STEP now has the capability to support cooperative platooning, even with driverless vehicles, allowing vehicles to regulate the space and speed between them. This technology helps reduce collisions, traffic jams, and fuel consumption.
The automotive platooning system market covered in this report is segmented -
1) By Type: Vehicle-To-Vehicle (V2V), Vehicle-To-Infrastructure (V2I), Vehicle-To-Everything (V2X)
2) By Components: Hardware, Software
3) By Functionality: Adaptive Cruise Control (ACC), Cooperative Adaptive Cruise Control (CACC)
4) By Application: Passenger Vehicles, Light-Duty Commercial Vehicles, Heavy-Duty Commercial Vehicles
5) By End-Use: Original Equipment Manufacturer (OEM), Aftermarket
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Major companies operating in the automotive platooning system market are The Bosch Group, Hitachi Ltd., Zhejiang Geely Holding Group Co Ltd., Daimler Truck AG, The Volvo Group, TRATON GROUP, ZF Friedrichshafen AG, Continental AG, Paccar Inc., Cummins Inc., Texas Instruments Inc., Aptiv PLC, Iveco Group, NXP Semiconductors N.V., Renesas Electronics Corporation, Navistar Inc., Peloton Technology Inc., Omnitracs LLC, DANLAW INC., Aeris Communications, Yazaki Corporation, Commsignia Ltd., WABCO Holdings Inc.
Contents of the report:
1. Executive Summary
2. Automotive Platooning System Market Report Structure
3. Automotive Platooning System Market Trends And Strategies
4. Automotive Platooning System Market - Macro Economic Scenario
5. Automotive Platooning System Market Size And Growth
…..
27. Automotive Platooning System Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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