The global truck platooning market is estimated to be valued at US$ 2.52 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.
Truck platooning involves linking two or more trucks together using vehicle-to-vehicle (V2V) communication and adaptive cruise control technology. This allows trucks to safely travel in close proximity and reduce aerodynamic drag, thereby improving fuel efficiency. Truck platooning provides benefits such as reduced transportation costs, optimized logistics operations, and decreased carbon footprint.
Market key trends:
One of the major trends in the truck platooning market is the growing adoption of artificial intelligence (AI). Platooning systems are increasingly relying on AI and machine learning algorithms to process data from sensors and automatically adjust vehicle settings. AI improves platooning performance by enabling trucks to make real-time decisions regarding speed, distance and adapting to traffic patterns. It assists drivers in coordinating throttle, braking and steering between multiple vehicles for safe and efficient platooning. The integration of AI is expected to make truck platooning more autonomous and optimize fuel savings in the coming years.
The global truck platooning market is segmented by technology, vehicle type, and geography. Based on technology, the market is divided into vehicle to vehicle (V2V) and vehicle to infrastructure (V2I). The vehicle to vehicle (V2V) segment currently dominates the market due to the ease of operation and reduced implementation cost over vehicle to infrastructure (V2I) technology.
The Global Truck Platooning Market Size is expected to witness high growth, exhibiting CAGR of 30.1% over the forecast period, due to increasing carbon emission reduction targets.
By 2023, North America is expected to dominate the global truck platooning market. High presence of key players and growing focus on reducing fuel consumption are some key factors driving the market in the region. Europe is expected to be the second largest market during the forecast period.
Key players operating in the truck platooning market includes AB Volvo, Scania AB, Continental AG, Peloton Technology, and Daimler AG among others. AB Volvo is currently dominating the market due to wide product portfolio and global presence across various regions.
The global truck platooning market size is expected to reach US$ 2.52 Billion in 2023. The market is projected to grow exponentially during the forecast period owing to stringent emission laws and growing demand for fuel-efficient transportation of goods.