What are the Historical Developments and Current Growth Metrics of the Truck Platooning Systems Market?
The truck platooning systems market has seen considerable growth due to a variety of factors.
• The market size for truck platooning systems has seen a swift expansion in the past few years. The market's size is projected to rise from $1.13 billion in 2024 to $1.33 billion in 2025, indicating a compound annual growth rate (CAGR) of 18.5%.
This significant growth during the historic period can be linked to regulatory pressures, the development of cooperative and automated mobility, improvements in supply chain efficacy, and concerns related to safety.
What Does Future Hold for The Truck Platooning Systems Market By 2029?
The truck platooning systems market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of truck platooning systems is predicted to witness accelerated growth in the forthcoming years, reaching a value of $2.61 billion in 2029, growing at a compounded annual rate of 18.3%.
Factors stimulating this anticipated growth during the forecast period include road capacity and traffic congestion, heightened usage in the freight industry, enhanced safety measures, increasing demand for freight and a growing focus on automation. Noteworthy trends to emerge during this period include the creation of multi-brand platooning solutions, the harmonization and standardization of regulations, as well as the introduction of hybrid platooning models.
What Are The Primary Growth Drivers In The Truck Platooning Systems Market?
The truck platooning systems market is anticipated to witness a surge owing to the increased number of commercial vehicles being operated. Commercial vehicles are mainly intended for business purposes as opposed to personal use. This upward trend in the number of commercial vehicles can be attributed to economic progression, shifts in consumer habits, and the evolving nature of international trade and transportation. Truck platooning systems enhance the effectiveness, safety, and cost-efficiency of these commercial vehicles, making them a desirable choice for fleet managers aiming to streamline their operations. For example, according to January 2024 data from the Belgium-based European Automobile Manufacturers Association, registrations of buses in the European Union jumped by 19.4% to 32,593 units in 2023, while new truck registrations went up by 16.3% to 346,986 units in comparison to 2022. Hence, the escalating number of commercial vehicles is fueling the growth of the truck platooning systems market.
What Is The Segmentation Of The Global 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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What Trends Are Shaping The Truck Platooning Systems Market?
Leading companies in the truck platooning systems market are concentrating their efforts on creating high-tech solutions like the connected truck platform. This platform facilitates fluid interaction and coordination among trucks within a platoon. It's a tech solution that unifies numerous aspects of truck operations, including telematics, software apps, live vehicle data, and third-party apps, into a single, customizable platform for managing fleets. For example, in April 2024, DAF Trucks, a truck manufacturing company based in the Netherlands, revealed its PACCAR Connect fleet management platform. PACCAR Connect stands out for its all-encompassing system that has hardware and software integrated into the truck, an optional detachable tablet in the cab, and a user-friendly online portal that's compatible with almost any stationary or portable device. This unique solution provides real-time data on individual vehicle performance, fleet performance, logistics processes, and driver performance, giving operators the ability to enhance their returns. Its 'Report Scheduler' feature enables users to keep track of truck and fleet performance round the clock online or receive reports via email, including customizable route and fuel reports displayed on the dashboard. To boost efficiency, PACCAR Connect utilizes geofencing technology that notifies the main office when a truck is about to reach a delivery location or when it's ready to be fully operational following maintenance.
Who Are the Key Players 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.
What Are The Regional Insights Into The Truck Platooning Systems Market?
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.
