Truck Platooning Market to Hit USD 13 Billion by 2030: Global Market Insights Inc.
Global Market Insights Inc.
Sep 13, 2022
Major truck platooning market players include AB Volvo, Bendix Commercial Vehicle Systems LLC, Continental AG, Daimler AG, Hino Motors, Ltd., IVECO S.p.A, NVIDIA Corporation, Omnitracs, Peloton Technology, ZF Friedrichshafen AG, and others.
SELBYVILLE, Del., Sept. 13, 2022 /PRNewswire/ -- The truck platooning market is expected to record a valuation of USD 13 billion by 2030, according to the latest research study by Global Market Insights Inc.
A growing demand for advanced automotive solutions to reduce operating costs and fuel consumption will boost the industry trends. Platooning systems utilize autonomous driving support and networking technologies to operate two or more commercial vehicles together as convoys, which allows for maintaining a predefined distance between each other on highways.
Truck Platooning Market
The technology has gained recognition across vehicle manufacturers and transportation service providers that are seeking new cost-effective solutions. With proximity as close as 12 meters apart, platooning services enable effective airflow around the fleet, thereby reducing overall fuel consumption.
Increasing dependence on next-generation technology is a key factor that could restrain truck platooning market growth. Truck platooning heavily relies on intelligent transportation, which consists of IoT-connected apps, smart mobility, and a fully equipped infrastructure of transportation networks. Current road systems in most countries fail to support the construction of potential routes that can accommodate long-haul truck platoons.
The fully autonomous segment in the truck platooning market is poised to witness a more than 35% growth rate through 2030. This advanced platooning technology involves the integration of a wide range of sensors and complex communication systems which together form a fully autonomous convoy of trucks that can effectively communicate and control vehicles. The technology enables smooth operation of larger fleets, whilst ensuring higher fuel and operational efficiency.
The vehicle-to-vehicle (V to V) communication technology segment is anticipated to reach USD 5 billion by 2030. With the growing use of adaptive cruise control systems which help enhance truck speed autonomously, V to V communication technology is likely to gain momentum in the coming years. This form of communication allows sharing of messages between vehicles to deliver information associated with speed and traffic conditions.
In 2021, the truck platooning market from the blind spot warning (BSW) segment surpassed USD 125 million. There is a high demand for BSW systems in customized luxury vehicles and heavy-duty trucks. These systems monitor the areas along the full length of the truck trailer and can detect vehicles in the blind spot and show a warning in the side-view mirror. Industry players are increasingly focusing on technological development and innovation of blind spot detection systems. The technology can be used to capture the rear view of large commercial vehicles to mitigate collisions while reversing.
Latin America truck platooning market is projected to register USD 490 million by 2030. The region has a solid footprint of automotive component manufacturers that are signing long-term partnerships with the original equipment manufacturers (OEMs). There is an imposition of stringent regulations and frameworks with respect to the automotive and freight industries in recent years. The growing focus on enhancing the safety of domestic consumers will benefit truck platooning solution providers in the region.
Key companies operating in the truck platooning market are Daimler AG, Hino Motors, Ltd., IVECO S.p.A, NVIDIA Corporation, Omnitracs, AB Volvo, Bendix Commercial Vehicle Systems LLC, Continental AG, Peloton Technology, Robert Bosch GmbH, Scania, TomTom International BV., TuSimple, and ZF Friedrichshafen AG. These leaders are seeking to add advanced features to enhance product portfolio and drive innovation.
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