truck platooning market

Truck Platooning Technology is the largest segment driving the growth of Truck Platooning Market

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The global Truck Platooning Market is estimated to be valued at US$ 2.52 Bn or Billion in 2023 and is expected to exhibit a CAGR of 30.1% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Truck platooning system allows commercial trucks to automatically follow a leading truck to reduce air resistance and fuel consumption. It uses vehicle-to-vehicle communication and adaptive cruise control technology to automatically control acceleration, braking and steering of member vehicles in a manner that minimizes air resistance and fuel consumption.

Market key trends: One of the key trends in the truck platooning market is the growing demand for reducing operational costs. Truck platooning can help fleet operators reduce fuel costs significantly, up to 10% per vehicle, by driving in close proximity. As fuel is one of the major operational costs for fleets, demand for technologies enabling fuel efficiency is growing. This is expected to drive the adoption of truck platooning systems globally during the forecast period.

Market key trends:

One of the key trends in the truck platooning market is the adoption of advanced driver assistance systems and vehicle-to-vehicle communication technologies. The use of technologies like adaptive cruise control, automated driving, collision warning and prevention systems allows trucks to automatically follow each other in platoons with very short inter-vehicle gaps for improved fuel efficiency and safety. These technologies help trucks maintain safe driving distances and speeds during platooning.

SWOT Analysis

Strength: Increased fuel efficiency of up to 10% for the following trucks due to aerodynamic drag reduction.
Weakness: High dependence on connectivity infrastructure and lack of standardization.
Opportunity: Growth in long-haul freight transportation and focus on reducing fuel consumption and emissions.
Threats: Hesitation among truck drivers to adopt highly automated driving systems and data security & privacy concerns.

Key Takeaways

The Global Truck Platooning Market Size is expected to witness high growth, exhibiting CAGR of 30.1% over the forecast period 2023-2030, due to increasing focus on reducing fuel consumption and emissions from freight transportation.

Regional analysis: North America is expected to dominate the truck platooning market during the forecast period. This is attributed to large scale pilots and presence of major truck manufacturers in the region. States like California and Michigan are emerging as hotspots for autonomous truck testing.

Key players: Key players operating in the truck platooning market are AB Volvo, Scania AB, Continental AG, Peloton Technology, and Daimler AG among others. AB Volvo and Daimler AG are pioneering the development of autonomous highway piloting for trucks. Peloton Technology has deployed its platooning system with several fleet operators in North America.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it