Strict government regulations for reducing emission in the transport sector, reduction in fuel consumption, and supportive government policies for platooning have boosted the growth of the global truck platooning market. However, high cost of platooning technology and security & privacy concerns hamper the market growth. On the contrary, increasing size of fleet of truck platooning and rise in production of fully autonomous trucks are expected to create lucrative opportunities in the near future.
Adaptive cruise control (ACC) technology to maintain the highest share by 2025
Based on technology, the adaptive cruise control (ACC) technology accounted for the highest market share in 2017, contributing nearly one-fourth of the total share. This is due to its advantages such as crash avoidance, less driver fatigue, and others. However, the blind spot warning (BSW) technology is expected to register the highest growth rate, with a CAGR of 38.4% from 2018 to 2025. This is attributed to reliable information provided regarding vehicle’s blind spot, safe lane changing, high level of safety, and others.
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Stringent government policies for reducing emission in the transport sector, lowered fuel consumption, and supportive government initiatives for platooning drive the growth in the market. However, expensive platooning technology and increase in security & privacy concerns hinder the market growth. On the other hand, expanding size of fleet of truck platooning and surge in production of fully autonomous trucks create new pathways in the industry.
Allied Market Research published a report, titled, “Truck Platooning Market by Technology (Adaptive Cruise Control (ACC), Blind Spot Warning (BSW), Global Positioning System (GPS), Forward Collision Warning (FCW), Lane Keep Assist (LKA), and Others), Platooning type (Driver-Assistive Tuck Platooning (DATP) and Autonomous Truck Platooning), and Communication Technology (Vehicle-to-infrastructure (V2I), Vehicle-to-vehicle (V2V), and Vehicle-to-everything (V2X)): Global Opportunity Analysis and Industry Forecast, 2018–2025.” According to the report, the global truck platooning market garnered $500.9 million in 2017 and is expected to garner $4.59 billion by 2025, growing at a CAGR of 32.4% from 2018 to 2025.
Driver-assistive tuck platooning (DATP) segment to dominate throughout the forecast period
Based on platooning type, the driver-assistive tuck platooning (DATP) segment contributed nearly 99% of the total market share in 2017, and is estimated to maintain its dominance throughout the forecast period. This is owing to autonomous trucks being in development phase along with feasibility of trucks with level 1 and level 2 automation for truck platooning. However, the autonomous truck platooning segment is expected to grow at the largest CAGR of 46.6% during the forecast period, 2018–2025. This is due to continuous developments carried out by the leading truck manufacturers producing trucks equipped with autonomous technology.
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Key market players
Leading market players analyzed in the research include AB Volvo, Continental AG, Bendix Commercial Vehicles Systems LLC, Delphi Automotive PLC, Daimler AG, Navistar International Corporation, Meritor Wabco, Peloton Technology, OTTO Technologies, Scania AB, and others.
North America to maintain its dominant position by 2025
North America contributed nearly half of the total share in terms of revenue in 2017, owing to supportive government policies for carrying out tests for platooning trucks on the roads. This region would maintain its dominant position throughout the forecast period. However, LAMEA is estimated to register the highest growth rate with a CAGR of 36.0% from 2018 to 2025, owing to reduction in fuel consumption, lowered carbon emissions, and others.
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