What Has Been the Progress and Growth of the Truck Platooning Market in Recent Years?
The truck platooning market has seen considerable growth due to a variety of factors.
• The market size of truck platooning has seen significant growth in the past few years. There is an expected rise from $2.72 billion in 2024 to $3.56 billion in 2025, showing a compound annual growth rate (CAGR) of 31.3%. Factors attributing to this growth during the historic period include improvements in fuel efficiency and cost savings, implementation of regulatory initiatives and emission standards, enhanced supply chain management and logistics efficiency, as well as improved road safety and accident prevention measures.
What Can Be Expected from the Truck Platooning Template Market?
The Truck Platooning market is expected to maintain its strong growth trajectory in upcoming years.
• Over the coming years, the truck platooning market is set to witness a massive expansion in its size. A leap to a size of $10.2 billion by 2029 is predicted, representing a compound annual growth rate (CAGR) of 30.1%.
The projected growth over this forecast period can be linked to persistent focus on sustainability, innovations in connected vehicle technology, enlargement of autonomous driving features, global commerce and freight transport, infrastructural investments, and intelligent transportation systems. Testing and pilot programs, cybersecurity measure developments, integrations with connected infrastructure, increased attention on driver education and training, and the emergence of new players in the market are expected to be major trends during the forecast period.
What Are the Critical Driver Fuelling The Truck Platooning Market's Growth?
The upward trend in commercial vehicle sales is predicted to boost the expansion of the truck platooning industry. Commercial vehicles, those used for the transportation of goods or people for business activities, are increasing in number. This rise leads to a higher demand for platooning technologies, offering benefits such as heightened efficiency, minimized losses, and better fuel economy. As trucks form a significant portion of commercial vehicles, their increase brings about a need to enhance operations and road safety, thereby creating a demand for platooning. A case in point is an India-based automotive company, Rushlane's report in September 2022, stating a surge in commercial vehicle sales from 54,107 units in August 2021 to 67,158 units in August 2022. Consequently, the burgeoning sales of commercial vehicles catalyze the truck platooning market's growth.
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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What New Trends Are Influencing The Truck Platooning Market?
Leading businesses in the truck platooning market are embracing innovation to maintain their market authority. This uptake of new technologies involves the incorporation of state-of-the-art tools, systems, or strategies into their operations to boost efficiency, optimize performance, or secure a competitive advantage. For example, in September 2023, Resolute Forest Products, formerly recognized as AbitibiBowater Inc, a pulp and paper firm from Canada, is forwarding the implementation of a fascinating off-highway automated vehicle (AV) technology denoted as truck platooning. The experiment involved a pickup truck prototype during both summer and winter conditions. Future stages will probe into the system's functionality under more demanding situations using loaded goods in frosty, icy, and poorly-lit conditions with fully equipped Class 8 Trucks, fitted with the Autonomous platform from India's Telecom Regulatory Authority (RRAI).
Who Are the Key Players In The Truck Platooning Market?
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.
What Is The Most Dominant Region In The Truck Platooning Market?
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
