Press release
Truck Platooning Systems Industry Outlook 2025-2029: Market Set to Cross $2.61 Billion Milestone
Truck Platooning Systems
How Large Will the Truck Platooning Systems Market Size By 2025?
Recent years have witnessed a swift expansion in the market size of truck platooning systems. Projected rise in the market from $1.13 billion in 2024 to $1.33 billion in 2025 depicts a compound annual growth rate (CAGR) of 18.5%. Factors like regulatory demands, proliferation in cooperative and automated mobility, enhancements in supply chain efficiency, and safety measures inform the growth in the historical period.
How Big Is the Truck Platooning Systems Market Size Expected to Grow by 2029?
In the coming years, the truck platooning systems market is predicted to experience swift expansion. By 2029, it is projected to reach $2.61 billion, with a compound annual growth rate (CAGR) of 18.3%. Factors driving this growth during the forecast period include traffic congestion and road capacity issues, heightened utilization in the freight industry, enhanced safety measures, surging freight demand, and an increased focus on automation. Noteworthy trends within this period consist of the creation of multi-brand platooning solutions, harmonization and standardization of regulations, and the rise of hybrid platooning models.
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Which Key Market Drivers Powering Truck Platooning Systems Market Expansion and Growth?
The truck platooning systems market's expansion is projected to be fueled by an increasing amount of commercial vehicles. Commercial vehicles, intended mainly for commercial utilization instead of personal transport, are a diverse group. This uptick in commercial vehicles is attributed to economic development, alterations in consumer tendencies, and the transforming dynamics of international trade and transport. Truck platooning systems enhance the efficiency, safety, and cost-effectiveness of commercial vehicles, making them a viable solution for fleet operators aiming to streamline their operations. As per the European Automobile Manufacturers Association, a Belgium-based automobile industry collective, in January 2024, the European Union saw a 19.4% surge in bus registrations in 2023 to 32,593 units. Simultaneously, new truck registrations jumped by 16.3% to 346 986 units compared to 2022. Consequently, the escalating number of commercial vehicles is bolstering the growth of the truck platooning systems market.
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Which Fast-Growing Trends Are Poised to Disrupt the Truck Platooning Systems Market?
Leading corporations within the truck platooning systems market are prioritizing the creation of advanced solutions like the connected truck platform. This is designed to facilitate efficient communication and coordination between trucks in a platoon with an interactive and customizable platform for fleet administration, courtesy of a technology solution that amalgamates various elements of truck operations. DAF Trucks, a company positioned in the Netherlands specializing in manufacturing trucks, exemplified this in April 2024 when they introduced the PACCAR Connect fleet management platform. The distinction of PACCAR Connect stems from its extensive system, characterized by integrated hardware and software in the truck, an optional tablet that can be detached in the cab, and a user-friendly online portal aligning well with virtually any stationary or mobile device. It provides real-time data on individual vehicle and overall fleet performance as well as consequential processes and driver proficiency, enabling operators to capitalize on their returns. Through the "Report Scheduler" feature, users can keep track of truck and fleet performance around the clock online or opt for emailed reports, which also showcase customizable route and fuel reports on the dashboard. PACCAR Connect also employs geofencing technology designed to alert the home base when a truck is nearing a delivery point or once it is ready for operation post maintenance, aiming to boost overall efficiency.
What Are the Emerging Segments in 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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Who Are the Global Leaders in the Truck Platooning Systems Market?
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.
Which are the Top Profitable Regional Markets for the Truck Platooning Systems Industry?
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.
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