According to the current analysis of Reports and Data, the global Truck Platooning market was valued at USD 1,165.6 Million in 2020 and is projected to grow at a CAGR of 30.10% from 2020 to 2028. 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.

One of the primary benefits of truck platooning is fuel efficiency. By driving in a close-following formation, trucks can reduce drag and save fuel. This technology can also help reduce carbon emissions, which is a major concern for governments and companies around the world. Additionally, truck platooning can improve safety by reducing the risk of accidents caused by human error, and by providing real-time data on road conditions and hazards.

In conclusion, the truck platooning market is expected to grow significantly in the coming years, driven by the need to reduce carbon emissions, the increasing demand for fuel-efficient transportation, and the growing focus on road safety. The technology offers several benefits, including reduced fuel consumption, improved safety, and improved traffic flow. However, there are also challenges to adoption, including the need for standardization and interoperability, and the need for public awareness and acceptance of autonomous and semi-autonomous vehicles.

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Top 10 Companies Operating in the Global Keyword Market:

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).

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The global market is further segmented into type and application:

Technology (Revenue, USD Million; 2018–2028)

  • Adaptive Cruise Control
  • Forward Collision Avoidance & Mitigation
  • Lane Departure Warning
  • Active Brake Assist
  • Blind Spot Warning
  • Global Positioning System
  • Autonomous Emergency Braking
  • Others

Communication Technology (Revenue, USD Million; 2018–2028)

  • V2V
  • V2I
  • Global Positioning System (GPS)

Platooning Type (Revenue, USD Million; 2018–2028)

  • Driver Assistive Truck Platooning (DATP)
  • Autonomous Truck Platooning

Services (Revenue, USD Million; 2018–2028)

  • Telematics based
  • Platooning based

Technology (Revenue, USD Million; 2018–2028)

  • Adaptive Cruise Control
  • Forward Collision Avoidance & Mitigation
  • Lane Departure Warning
  • Active Brake Assist
  • Blind Spot Warning
  • Global Positioning System
  • Autonomous Emergency Braking
  • Others

Communication Technology (Revenue, USD Million; 2018–2028)

  • V2V
  • V2I
  • Global Positioning System (GPS)

Platooning Type (Revenue, USD Million; 2018–2028)

  • Driver Assistive Truck Platooning (DATP)
  • Autonomous Truck Platooning

Services (Revenue, USD Million; 2018–2028)

  • Telematics based
  • Platooning based

Regional analysis provides insights into key trends and demands in each major country that can affect market growth in the region.

  • North America (U.S., Canada, Mexico)
  • Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
  • Asia Pacific (China, India, Japan, South Korea, Rest of APAC)
  • Latin America (Brazil, Rest of LATAM)
  • Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

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.

·       Volvo has been actively supporting the platooning concept since a long time due to the benefits that the freight companies associated. In 2018, the company partnered with FedEx and North Carolina Turnpike Authority to successfully demonstrate truck platooning.

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