Truck Platooning Market Research Report – Forecast to 2023

Posted by Abhijeet Bendre on September 5th, 2019

Market research future published a half-cooked research report on global truck platooning market. The truck platooning market is expected to grow over the CAGR of around 11% during the period 2018 to 2023.

Market Highlights

Platooning is an advanced vehicle technology where automated support system is tethered convoys of two or more trucks set closely together to reduce air drag and increase fuel efficiency. The main function of platooning is to maintain acceleration, braking and steering across all trucks in the platoon. The vehicle OEMs are developing vehicle to vehicle communication system to improve the performance of the vehicle and automated driving system. Improved truck platoons reduce fuel consumption, enhance traffic safety and reduce the CO2 emissions. Growing sales of commercial vehicle across the globe and advanced cruising technologies used in the platooning drive the truck platooning market. Increasing road development, road transport facilities, and information technology enhance the growth of truck platooning market.

On the basis of region, the market is segmented on the basis of North America, Asia-Pacific, Europe, and Rest of the World. The availability of automated technologies related to platooning in most regions has propelled the demand in the truck platooning market. Existence of major manufacturers in these regions along with their partnerships with the local players, over time, have widened the scope of the market in these regions. Europe region is expected to dominate the market during the forecast period. Truck platooning involves high capital costs, which becomes an entry barrier. Asia-Pacific is expected to be the second largest market during the forecast period due to immense demand of commercial vehicles in India. With the increase in demand of commercial vehicles, there has been growth in the truck platooning market. The safety and minimum driving efforts with easy transportation for achieving the desired automated vehicles generates the need for adoption of advanced technologies, such as platooning.

Scope of the Report

This study provides an overview of the global truck platooning market, tracking three market segments across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume and share for North America, Europe, Asia-Pacific (APAC) and Rest of the World (ROW). The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global truck platooning’s market by its component, technology, vehicle type, and region.

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