Global Truck Platooning Market By Application, By Region, Competition, Opportunities 2033

Sushmitha

Global Truck Platooning Market By Application, By Region, Competition, Opportunities 2033

The Truck Platooning by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2024-2033).

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In recent years, the truck platooning market, as delineated by The Business Research Company, has experienced exponential growth, escalating from $2.08 billion in 2024 to $2.75 billion in the same year, boasting a remarkable compound annual growth rate (CAGR) of 31.9%. This upward trajectory in the historic period finds its roots in several factors including enhanced fuel efficiency, resultant cost savings, stringent regulatory frameworks, and a heightened emphasis on emission standards. Moreover, the optimization of supply chains, coupled with advancements in logistics efficiency, has contributed significantly to this burgeoning landscape, further bolstering road safety measures and accident prevention protocols.

Projections indicate a continued surge in the truck platooning market size, foreseeing a monumental leap to $7.94 billion by 2028, maintaining an impressive CAGR of 30.4%. The forthcoming period is poised to witness a steadfast commitment to sustainability practices, marked by substantial strides in connected vehicle technologies and the proliferation of automated driving capabilities. Moreover, the surge in global trade and freight movement, alongside strategic infrastructure investments and the advent of smart transportation paradigms, promises to fuel this unprecedented growth trajectory.

Distinguishing trends in the forthcoming period encompass comprehensive testing and pilot programs, the development of robust cybersecurity measures, seamless integration with connected infrastructure, a heightened focus on driver training and education, and the influx of new players into the market.

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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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

Anticipated trends in the forecast period underscore the implementation of rigorous testing and pilot programs, coupled with the development of robust cybersecurity measures and seamless integration with connected infrastructure frameworks. Additionally, there exists a concerted focus on driver training and education initiatives, complemented by the entry of new market players, further enriching the competitive landscape.

In response to these transformative dynamics, major industry players are swiftly embracing novel technologies to fortify their market positioning. The adoption of these cutting-edge innovations epitomizes a strategic imperative aimed at enhancing operational efficiency, augmenting performance metrics, and securing a decisive competitive advantage. Notably, in September 2024, Resolute Forest Products, formerly recognized as AbitibiBowater Inc., a distinguished Canada-based pulp and paper enterprise, embarked on a pioneering endeavor to propel off-highway automated vehicle (AV) technologies, notably truck platooning. This groundbreaking initiative, which entailed rigorous testing of a pickup truck prototype across diverse environmental conditions, heralds a paradigm shift in the realm of autonomous transportation. Subsequent phases of the project are slated to explore the performance efficacy of full-scale Class 8 Trucks, equipped with RRAI’s (Telecom Regulatory Authority of India) AutoDrive autonomous platform, particularly in challenging terrains characterized by cold, icy, and low-light conditions.

The truck platooning market report table of contents includes:

1. Executive Summary

2. Truck Platooning Market Characteristics

3. Truck Platooning Market Trends And Strategies

4. Truck Platooning Market - Macro Economic Scenario

5. Global Truck Platooning Market Size and Growth

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31. Global Truck Platooning Market Competitive Benchmarking

32. Global Truck Platooning Market Competitive Dashboard

33. Key Mergers And Acquisitions In The Truck Platooning Market

34. Truck Platooning Market Future Outlook and Potential Analysis

35. Appendix