Strong Growth Ahead: Truck Platooning Systems Market Size To Grow At Arecord 18.3% Cagr By 2029

The Truck Platooning Systems Market Report by The Business Research Company delivers a detailed market assessment, covering size projections from 2025 to 2034. This report explores crucial market trends, major drivers and market segmentation by [key segment categories].

How Big Is the Truck Platooning Systems Market Size Expected to Be by 2034?
The truck platooning systems market has experienced substantial growth in the past few years. The market is projected to increase from $1.13 billion in 2024 to $1.33 billion in 2025, with a compound annual growth rate (CAGR) of 18.5%. This escalation during the historic period is linked to regulatory demands, growth in cooperative and automated mobility, improvements in supply chain efficiency, and a focus on safety measures.

In the coming years, the market size of truck platooning systems is anticipated to undergo swift expansion. It is projected to escalate to $2.61 billion by 2029, with a compound annual growth rate (CAGR) of 18.3%. This surge in growth during the predicted period can be credited to several factors such as traffic congestion and road capacity, a rise in the freight industry's adoption, enhanced safety, growing freight demand, and greater focus on automation. Noteworthy trends during this forecast period include the crafting of multi-brand platooning solutions, the harmonization and standardization of regulations, and the advent of hybrid platooning models.

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What Are the Emerging Segments Within the Truck Platooning Systems Market?
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

Subsegments:
1) By Forward-looking Camera: Stereoscopic Cameras, Monocular Cameras, 360-degree Cameras
2) By System Display With Rear-Time Camera: Real-Time Video Feed Display Systems, Multi-View Display Systems, Rearview And Side-view Camera Systems
3) By Driver-centric Design: Driver Assistance Systems, Ergonomic Control Interfaces, Driver Monitoring And Safety Systems

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What Long-Term Drivers Are Shaping Truck Platooning Systems Market Trends?
The truck platooning systems market is anticipated to flourish due to the increasing number of commercial vehicles. These vehicles are majorly allocated for commercial purposes rather than for individual use. The escalation in the number of such vehicles can be attributed to economic advancement, shifts in consumer behavior, and the complex nature of global commerce and transportation. Truck platooning systems enhance the efficiency, safety, and cost-effectiveness of these commercial vehicles, making them a favorable choice for fleet operators aiming to streamline their procedures. To illustrate, data from the European Automobile Manufacturers Association, a Belgium-based auto industry organization, showed that in January 2024, there was a 19.4% surge in European Union bus registrations to 32,593 units in 2023. Similarly, new truck registrations increased by 16.3% reaching 346,986 units compared to 2022. Hence, the proliferation of commercial vehicles propels the expansion of the truck platooning systems market.

Who Are the Top Competitors in Key Truck Platooning Systems Market Segments?
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.

What Truck Platooning Systems Market Trends Are Gaining Traction Across Different Segments?
Major businesses that specialize in truck platooning system markets are making strides in pioneering cutting-edge solutions like a networked truck platform, to deliver smooth interaction and synchronization among trucks within a platoon. A networked truck platform merges numerous aspects of a truck's operation, inclusive of telematics, software applications, live vehicle data, and third-party applications into a cohesive, highly customizable platform for managing fleets. For example, in April 2024, the PACCAR Connect fleet management platform was brought to the market by DAF Trucks, a company based in the Netherlands specializing in truck manufacturing. The PACCAR Connect stands out for its all-inclusive system comprising hardware and software amalgamated into the truck, an optional removable tablet in the driver's cabin, and a user-friendly internet portal accessible with almost any stationary or mobile device. This groundbreaking solution provides instantaneous insights into how each vehicle and the entire fleet is operating, as well as logistics procedures and driver efficiency, empowering operators to maximize their returns. The 'Report Scheduler' feature allows users to keep a close eye on truck and fleet efficiency round-the-clock online or to get reports via email, with tailor-made route and fuel reports presented on the dashboard. Leveraging geofencing technology to boost efficiency, any time a truck approaches a delivery location or becomes fully functional after maintenance, PACCAR Connect sends an alert to the home base.

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Which Regions Are Becoming Hubs for Truck Platooning Systems Market Innovation?
North America was the largest region in the truck platooning systems market in 2024. 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.

Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Truck Platooning Systems Market?
2. What is the CAGR expected in the Truck Platooning Systems Market?
3. What Are the Key Innovations Transforming the Truck Platooning Systems Industry?
4. Which Region Is Leading the Truck Platooning Systems Market?

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