Automotive platooning systems market is valued to be over USD 7,100,874 Billion by 2026
Sarasota, FL -- (SBWIRE) -- 10/18/2017 -- Zion Market Research has published a new report titled "Automotive Platooning Systems Market: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2015 – 2026". Global Automotive platooning systems market saw shipments of 841,354 units in 2015 and the number is expected to reach 7,100,874 units by 2026, growing at a CAGR of 22.64% between 2016 and 2026.
A platoon is a group of vehicles that can run closely together, safely at desired speed. Leading vehicle controls the speed and direction of vehicles, and following vehicles (which have precisely matched braking and acceleration) reacts accordingly to the lead vehicle's movement. More efficient utilization of infrastructure and less road congestion are the benefits make platooning a good way to meet several challenges and simultaneously ensure the safety.
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Extensive use of truck platooning considerably decreases the volume of greenhouse gas that originates from road freight transport. Other important advantages that could stem from automotive platooning are more efficient use of infrastructure, increased road safety, and less road congestion. All these benefits make platooning a good way to address numerous challenges that are presently faced by the road freight transport sector.
Increased traffic and fuel efficiency are the factors expected to drive the growth of the automotive platooning system in the coming years. Escalating traffic worldwide has pushed industry leaders to develop the platooning system which would help in fewer traffic collisions and reduced congestion. However, high investment cost, low consumer awareness, lack of adequate infrastructure, and comparatively low maturity of the autonomous vehicle technology in few economies are some of the challenges affecting the growth of this market.
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Europe accounted for around 20.56% of the market share in 2015. Due to sophisticated ICT infrastructure and implementation of favorable regulatory mandates, Europe is expected to witness promising growth in platooning systems technology over the forecast period. The EU market has already made several strides in connected car technologies. The region is positioned strongly in terms of sophisticated information and communications technology infrastructure and smart mobility.
SARTRE, PATH, GCDC, Energy ITS and SCANIA-platooning are some of the major projects aiming to improve the automotive platooning system with innovative technology. They are working to optimize efficiency and develop hassle free transport solution. Some of the prominent players in the global automotive platooning market include Daimler, Peloton Technology, Scania, Volvo, Continental, Delphi, IVECO, MAN Truck & Bus, Meritor Wabco, Navistar, Nokia Growth Partners, TomTom and others.
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This report segment of the automotive platooning systems market as follows:
Global Automotive Platooning Systems Market: Regional Segment Analysis
The Middle East and Africa
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