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Truck Platooning Market Skyrockets with a Healthy CAGR : Opportunities, Trends, and Key Market Players
Truck Platooning Market Size
What Is The Projected Market Size Of The Global Truck Platooning Market And Its Growth Rate?
The truck platooning market size has exhibited exponential growth and shows no sign of slowing down.
• The market was estimated to be $2.72 billion in 2024 and is expected to grow at a compound annual growth rate (CAGR) of 31.3% to reach $3.56 billion in 2025. Key elements of this growth are fuel efficiency and cost savings, regulatory initiatives and emission standards, supply chain optimization and logistics efficiency, road safety and accident prevention.
• Moreover, the forecast period sees the truck Platooning market skyrocketing to $10.2 billion by 2029, growing at a CAGR of 30.1%. This surge can be attributed to factors such as advancements in connected vehicle technologies, global trade and freight movement, infrastructure investments and smart transportation.
What Is Driving The Growth In The Truck Platooning Market?
Increasing sales of commercial vehicles are expected to surge the truck platooning market forward. As the transport of people and goods for business purposes grows, so does the demand for commercial vehicles. With the rise in commercial vehicles, the need for increased efficiency, reduced loss, and improved fuel economy also escalates, thus increasing the demand for platooning technologies. For instance, Rushlane, an India-based automotive company, reported an increase in commercial vehicles sales from 54,107 units in August 2021 to 67,158 units in August 2022. This growth of commercial vehicles bolsters the growth of the truck platooning market.
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Who Are the Key Players Driving Truck Platooning Market Growth?
The significant players operating in the truck platooning market include:
• Daimler AG
• 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.
• Waymo LLC
• Aurora Innovation Inc.
• TuSimple Holdings Inc.
• Embark Trucks Inc.
• Plus.ai
• Kodiak Robotics Inc.
• Locomation Inc.
What Are The Key Trends In The Truck Platooning Market?
Key trends in the Truck Platooning market include:
• Testing and pilot programs
• Development of cybersecurity measures
• Integration with connected infrastructure
• Focus on driver training and education
• Market entry of new players
What Are The Segments Of The Global Truck Platooning Market?
The Truck Platooning Market is segmented into:
1) By Services: Telematic Based Services, Navigation And Infotainment, On Road Assistance, Remote Diagnostics, Vehicle Tracking, Other Services
2) By Component: Forward Looking Camera, System Display With Rear Time Camera, RADAR Base Collision Mitigation, LiDAR
3) By Platooning Type: Driver-Assistive Tuck Platooning (DATP), Autonomous Truck Platooning
4) By Communication Technology: Vehicle-To-Infrastructure (V2I), Vehicle-To-Vehicle(V2V), Vehicle-To-Everything(V2X)
5) By Autonomous Level: Semi-Autonomous, Full-Autonomous
Which Region Leads The Truck Platooning Market?
Asia-Pacific dominated the truck platooning market in 2024. However, North America is predicted to be the fastest-growing region in the forecast period. The truck Platooning market report covers regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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What Is Covered In The Truck Platooning Market Global Market Report?
- Market Size Analysis: Analyze the Truck Platooning Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Truck Platooning Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Truck Platooning Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Truck Platooning Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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