Global Truck Platooning Market Projected to Grow at 30.1% CAGR, Reaching $10.2 Billion by 2029

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What Will the Truck Platooning Industry Market Size Be by 2025?
The truck platooning market size has grown exponentially in recent years. It will grow from $2.72 billion in 2024 to $3.56 billion in 2025 at a compound annual growth rate (CAGR) of 31.3%. 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.

What's the Long-Term Growth Forecast for the Truck Platooning Market Size Through 2029?
The truck platooning market size is expected to see exponential growth in the next few years. It will grow to $10.2 billion in 2029 at a compound annual growth rate (CAGR) of 30.1%. 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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What Are the Key Growth Drivers Fueling the Truck Platooning Market Expansion?
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.

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What Are the Key Trends Driving Truck Platooning Market Growth?
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.

How Is the Truck Platooning Market Segmented?
The truck platooning market covered in this report is segmented -

1) By Services: Telematic Based Services, Automatic Crash Notification, Emergency Calling, 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

Subsegments:
1) By Telematic Based Services: Fleet Management, Data Analytics
2) By Automatic Crash Notification: Accident Detection, Emergency Response Coordination
3) By Emergency Calling: SOS Services, Driver Assistance
4) By Navigation And Infotainment: GPS Navigation, Entertainment Systems
5) By On Road Assistance: Towing Services, Mechanical Assistance
6) By Remote Diagnostics: Engine Diagnostics, Performance Monitoring
7) By Vehicle Tracking: Real-Time Location Tracking, Route Optimization
8) By Other Services: Driver Training Programs, Compliance Management

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Which Companies Are Leading the Charge in Truck Platooning Market Innovation?
Major companies 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.

Which Regions Are Leading the Global Truck Platooning Market in Revenue?
Asia-Pacific was the largest region in the truck platooning market in 2024. North America is expected to be the truck platooning market report fastest-growing region in the forecast period. The regions covered in the truck platooning market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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