Press release
Soaring Demand Set to Propel Truck Platooning Systems Market to $2.42 Billion by 2029
Truck Platooning Systems Market
What Will the Truck Platooning Systems Industry Market Size Be by 2025?
In recent times, the truck platooning systems market has seen a significant surge in size. The market is forecasted to expand from $1.13 billion in 2024 to $1.32 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 17.1%. Reasons for the growth observed in the historic period include legislative demands, the development of cooperative and automated mobility, improvements in supply chain logistics, and emphasis on safety measures.
What's the Long-Term Growth Forecast for the Truck Platooning Systems Market Size Through 2029?
The market size for truck platooning systems is anticipated to experience swift expansion in the ensuing years. It's predicted to reach $2.42 billion by 2029 with a compound annual growth rate (CAGR) of 16.4%. The anticipated growth during the forecasted period is due to factors such as traffic congestion alongside road capacity, the growing acceptance in the freight industry, enhanced safety measures, rising demand for freight, and increased focus on automation. Some major trends to watch out for within this period include the creation of multi-brand platooning solutions, the harmonization and standardization of regulations, and the appearance of hybrid platooning models.
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What Are the Key Growth Drivers Fueling the Truck Platooning Systems Market Expansion?
The truck platooning systems market's expansion is predicted to be fueled by an increasing number of commercial vehicles. Designed primarily for business purposes, commercial vehicles are becoming more prevalent due to economic development, shifts in consumer attitudes, and the fluctuating dynamics of worldwide trade and transportation. Truck platooning systems enhance the efficiency, safety, and cost-effectiveness of commercial vehicles, making them a viable choice for fleet managers seeking to increase productivity. As an illustration, the European Automobile Manufacturers Association, based in Belgium, reported in January 2024 that European Union bus registrations had risen by 19.4% year-on-year to 32,593 units in 2023, and new truck registrations had increased by 16.3% to 346,986 units year-on-year from 2022. As a result, the surge in commercial vehicles is propelling the growth of the truck platooning systems market.
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What Are the Key Trends Driving Truck Platooning Systems Market Growth?
Major industry players in the truck platooning systems market are concentrating their efforts on innovating advanced solutions such as the connected truck platform. This platform facilitates effective communication and synchronization among trucks in a convoy. The connected truck platform integrates various operational aspects including telematics, software applications, real-time vehicle data, and third-party applications to create a cohesive, adaptable platform for fleet management. For instance, DAF Trucks, a Nederland-based truck manufacturing company, unveiled the PACCAR Connect fleet management platform in April 2024. This distinctive system comprises integrated hardware and software within the truck, an optional detachable tablet in the cab, and a versatile online portal that's compatible with virtually every mobile or fixed device. This groundbreaking solution provides instantaneous insights into individual vehicle performance, fleet performance, logistical procedures and driver performance, enabling operators to maximize their profits. Through the 'Report Scheduler' feature, where customizable route and fuel reports are presented, users have the ability to monitor the truck and fleet performance round the clock via online or email reports. PACCAR Connect also leverages geofencing technology to inform the main office when a truck is near a delivery location or is back in action after undergoing repairs, thereby maximizing efficiency.
How Is the Truck Platooning Systems Market Segmented?
The truck platooning systemsmarket 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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Which Companies Are Leading the Charge in Truck Platooning Systems Market Innovation?
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 Regions Are Leading the Global Truck Platooning Systems Market in Revenue?
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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