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Truck Platooning Systems Market: Segmented: By Vehicle (Light Commercial, Heavy Commercial), By Component (Forward Looking Camera, System Display with Rear Time Camera, Driver-Centric Design, RADAR Base Collision Mitigation), By Technology (Acceleration & Braking Controller, GPS, Cellular & Wi-Fi Communication, DSRS Vehicle to Vehicle Communication), And Region - Global Analysis of Market Size, Share & Trends For 2019-2021 And Forecasts To 2031
[ 170 + Pages Research Report ] Truck Platooning Systems Market to surpass USD 48,942.2 million by 2031 from USD 732.67 million in 2021 at a CAGR of 50.7% in the coming years, i.e., 2021-2031.
Linking of more than two trucks in a convoy that uses connectivity technology and autonomous driving assistance systems is called truck platooning. When these cars are connected for some of a journey, such as a highway, they automatically maintain a predetermined, tight distance between each other. The truck at the front of the platoon functions as the leader and the following vehicles respond to changes in its movement with little to no driver input. Drivers will always be in charge in the first instance, giving them the option to quit the platoon and drive alone.
Truck Platooning Systems Market is expected to project a notable CAGR of 50.7% in 2031.
The market for truck platooning systems is expanding due to factors including the growing concerns for road safety and security brought on by an increase in accidents caused by driver error and technical improvements. Additionally, platooning minimizes aerodynamic drag for both the leading and trailing vehicles, which can result in fuel savings and a decrease in operational costs. Additionally, over the anticipated years, this is anticipated to boost the market.
The RADAR Base Collision Mitigation segment is expected to grow with the highest CAGR during 2021-31
Based on Components, the global Truck Platooning Systems Market is fragmented into Forward Looking Cameras, System Displays with Rear Time Cameras, Driver-Centric Design, and RADAR Base Collision Mitigation. The market for truck platooning systems is expected to be dominated by the RADAR-basis collision mitigation sector. This can be due to the increased use of advanced driver aid systems, which employ collision avoidance strategies. In addition, lane change assistance, pedestrian protection systems, and blind spot monitoring all benefit greatly from RADAR basis collision mitigation, which is also anticipated to fuel market segment growth in the future.
The DSRS Vehicle to Vehicle Communication segment is expected to grow with the highest CAGR during 2021-31
Global Truck Platooning Systems Market is classified on the basis of application into Acceleration & Braking Controller, GPS, Cellular & Wi-Fi Communication, and DSRS Vehicle to Vehicle Communication. According to research, the DSRS vehicle-to-vehicle communication sector will hold the biggest market share during the forecasted time. This can be attributed to the technology's high effectiveness in preventing unstable or challenging steering that may be brought on by outside causes like strong crosswinds or uneven roadways.
The Growing Concerns for Road Safety and Security
The market's expansion can be mostly linked to the growing concerns for road safety and security brought on by an increase in the frequency of accidents caused by negligent driving. Along with this, rising interest in reducing transportation operating costs and expanding the use of truck platooning in the logistics and road construction sectors are anticipated to propel market expansion in the near term. Additionally, the market is expected to have plenty of growth prospects in the years to come due to the rise in research and development efforts related to autonomous and semi-autonomous vehicles.
The Entry of New Businesses is Driving the Market
For a more relaxing driving experience and to take advantage of the advantages of platooning, multiple taxi platoons or multiple vehicles traveling the same route can go into platoon mode. Over the forecast period, the emergence of new enterprises is anticipated to drive this market's growth. Additionally, a number of US states are processing the necessary laws and preparing for pilot testing, which will spur the market for truck platooning systems to develop over the course of the projection period.
Data Privacy Issues and Significantly Prices of Technologies
Factors like data privacy concerns, the absence of proper infrastructure, shipment delays, and expensive technologies are expected to act as market restraints.
Global Truck Platooning Systems Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. On the strength of rising investments to begin full-scale truck platooning operations in the region, the market in Asia Pacific is predicted to experience notable growth over the projected period. Furthermore, due to the region's strong propensity for adopting new technologies, the North American market is anticipated to gain the greatest share during the projection period.
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Truck Platooning Systems Market is further segmented by region into:
Truck Platooning Systems Market Segments:
| Report Attribute | Details |
| Market size value in 2021 | USD 732.67 million |
| Revenue forecast in 2031 | USD 48,942.2 million |
| Growth Rate | CAGR of 50.7% from 2021 to 2031 |
| Base year for estimation | 2020 |
| Quantitative units | Revenue in USD million and CAGR from 2021 to 2031 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Vehicle, Component,Technology, and Region |
| Regional scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA) |
| Key companies profiled | Aromajoin Corporation, Electronics Sensor Technology, ScentSational Technologies LLC, Smiths Detection Inc., Scent Sciences Corporation, Airsense Analytics GmbH, Alpha MOS SA, The Enose Company, Scentcom Ltd., AMS AG and Other Prominent Players. |
Truck Platooning Systems Market size was estimated at USD 732.67 million in 2021 and is expected to reach USD 48,942.2 million in 2031.
Trucks that are connected by a computer system travel in platoons. The system coordinates speed, acceleration, and braking with the trucks through communication. The driver steers, monitors the machinery, and takes action as necessary.
RADAR Base Collision Mitigation segment accounted for the largest Truck Platooning Systems Market share.
Key players in the Truck Platooning Systems Market include Daimler AG, Volvo Group, Scania AB, Paccar Company, Peloton Technology, Bendix Commercial Vehicles Systems LLC, Delphi Technologies, Continental AG, WABCO Vehicle Control Systems LLC, TRATON SE, and Other Prominent Players.
Truck platooning technology improvements and increased need for road safety & security are expected to drive the market throughout the estimated time frame.
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