Truck Platooning market was valued at USD 650.71 Million in 2018 and is projected to grow at a double-digit CAGR of 31.65% from 2019 to 2026
New York, NY -- (SBWIRE) -- 01/14/2021 -- The increasing demand for lowering the consumption of fuel and the rising demand for lowering emissions from vehicles is the major factor that can act as a driver for the surge in demand of Truck Platooning market. The increasing government regulations related to the reduction of emissions as well as the rising demand for lowering the fuel consumption are the major factors for the growth of the Truck Platooning market. Another factor that is boosting the growth of the Truck Platooning market is the rising adoption of Internet of Things (IoT). The factor restraining the growth of the market is the high cost of technology. Another factor that will hinder the growth of the market is the quality of the roads need to be good enough.
According to the current analysis of Reports and Data, the global Truck Platooning market was valued at USD 650.71 Million in 2018 and is projected to grow at a CAGR of 31.65% from 2019 to 2026.
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Truck platooning refers to the linking of at least two or more trucks in a convoy, with the use of connectivity technology and computerized driving support systems. This results in improved fuel efficiency of the trucks. The rising demand for better fuel efficiency has been the factor for the growth of the Truck Platooning market. Some of the advanced features of this system include adaptive cruise control, forward collision avoidance system and lane departure warning. Inclusion of such features in the trucks will help them to enter into semi-autonomous level of driving capability, thus reducing the probability of human error accidents in between transits.
Companies considered and profiled in this market study
Bendix (U.S.), A B Volvo (Sweden), Continental AG (Germany), Daimler AG (Germany), Aptiv PLC (Ireland), Wabco (France), Navistar, Inc. (U.S.), DAF Trucks (Netherlands), Peloton Technology (U.S.), and Scania AB(Sweden).
For the purpose of this study, Reports and Data have segmented the Truck Platooning Market on the basis of Technology, Communication Technology, Platooning Type, Services, and Region:
Technology (Revenue, USD Million; 2016–2026)
Adaptive Cruise Control
Forward Collision Avoidance & Mitigation
Lane Departure Warning
Active Brake Assist
Blind Spot Warning
Global Positioning System
Autonomous Emergency Braking
Communication Technology (Revenue, USD Million; 2016–2026)
Global Positioning System (GPS)
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Platooning Type (Revenue, USD Million; 2016–2026)
Driver Assistive Truck Platooning (DATP)
Autonomous Truck Platooning
Services (Revenue, USD Million; 2016–2026)
Regional Outlook (Revenue in USD Million; 2016–2026)
Rest of the World
Further key findings from the report suggest:
The Global Truck Platooning market is forecast to grow at a rate of 31.65% CAGR to reach a valuation of USD 5.91 Billion in 2026.
Major driver for the growth of the market is the increasing demand for lowering the fuel consumption. Another factor that is adding up to the growth of the market are the increasing government regulations related to the reduction of emissions.
Rising adoption of Internet of Things (IoT) is another factor that will help the growth of the market over the forecasted period.
North America was the largest revenue generating region in the year 2018 on account of large demand for safe and efficient vehicles in the region. The region is forecasted to continue remaining the largest revenue holding region in 2026.
The industry includes truck OEMs and the technology providers. Market players are increasingly adopting strategies like mergers & acquisitions alongside the increase in the investments in the industry.
DATP segment held the largest share in the market in 2018 on account of nascent stage of the truck platooning systems. However, with the increasing automation in the industry, the demand for Autonomous Truck platooning segment is forecasted to grow the fastest over the forecast period. Autonomous truck platooning segment was valued at USD 301.83 million in 2018.
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