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Truck Platooning Market Size, Trends & Growth Analysis 2024-2033
Truck Platooning Market Size
According to The Business Research Company's, The truck platooning market size has grown exponentially in recent years. It will grow from $2.08 billion in 2023 to $2.75 billion in 2024 at a compound annual growth rate (CAGR) of 31.9%. The growth in the historic period can be attributed to fuel efficiency and cost savings, regulatory initiatives and emission standards,supply chain optimization and logistics efficiency, road safety and accident prevention..
The truck platooning market will grow to $7.94 billion in 2028 at a compound annual growth rate (CAGR) of 30.4%. The growth in the forecast period can be attributed to continued emphasis on sustainability, advancements in connected vehicle technologies, expansion of automated driving capabilities, global trade and freight movement, infrastructure investments and smart transportation.. Major trends in the forecast period include testing and pilot programs, development of cybersecurity measures, integration with connected infrastructure, focus on driver training and education, market entry of new players..
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Market Drivers and Trends:
The growing sales of commercial vehicles are expected to propel the growth of truck platooning going forward. A commercial vehicle is referred to as a vehicle that moves people or goods for business purposes. Increasing commercial vehicles will create demand for platooning technologies due to which they gain benefits such as increased efficiency, reduced loss, and improved fuel economy. Truck is part of commercial vehicles and as the trucks increase, their need for improving operations or road safety also increases which also creates demand for platooning. For instance, in September 2022, according to Rushlane, an India-based automotive company, sales of commercial vehicles increased from 54,107 units in August 2021 to 67,158 units in August 2022. Therefore, the growing sales of commercial vehicles are driving the growth of truck platooning market.
Major companies operating in the truck platooning market are adopting new technologies to sustain their position in the market. Adopting new technologies refers to the process by which companies or organizations incorporate or integrate innovative tools, systems, or methodologies into their operations to enhance efficiency, improve performance, or gain a competitive edge. For instance, in September 2023, Resolute Forest Products, formerly known as AbitibiBowater Inc., a Canada-based pulp and paper company, is helping advance an exciting off-highway automated vehicle (AV) technology known as truck platooning. The test utilized a pickup truck prototype in summer and winter conditions. Upcoming phases will examine performance in more challenging scenarios using loaded freight in cold, icy and low-light conditions with full scale Class 8 Trucks, equipped with RRAI's (Telecom Regulatory Authority of India) AutoDrive autonomous platform.
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Major Key Players of the Market:
Daimler AG; Peloton Technology Ltd.; Aktiebolaget Volvo; Continental AG; Navistar Inc.; Scania AB; IVECO SpA; Hino Motors Ltd.; Nvidia Corporation; Bendix Corporation; MAN Truck & Bus SE; DAF Trucks NV; Omnitracs LLC; Robert Bosch GmbH; ZF Friedrichshafen AG; PACCAR Inc.; WABCO Holdings Inc.; Stoneridge Inc.; Denso Corporation; Magna International Inc.; Aptiv plc; Autoliv Inc.; Valeo SA; Mobileye Global Inc.; TomTom NV; Trimble Inc.; Transdev plc; Waymo LLC; Aurora Innovation Inc.; TuSimple Holdings Inc.; Embark Trucks Inc.; Plus.ai; Starsky Robotics Inc.; Ike Robotics Inc.; Kodiak Robotics Inc.; Locomation Inc.
Truck Platooning Market 2024 Key Insights:
• The truck platooning market will grow to $7.94 billion in 2028 at a compound annual growth rate (CAGR) of 30.4%.
• Rising Commercial Vehicle Sales Fuel Expansion Of Truck Platooning Market
• Pioneering Technology Integration Drives Truck Platooning Market Leaders
• Asia-Pacific was the largest region in the truck platooning market in 2023
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