Truck platooning market is anticipated to grow at an exponential CAGR of 28.9% during the forecast period. One of the key factors that are fueling the market is the reduction in operating costs. As per Scania, in 2022, the fuel cost books for more than 30% of the operational cost in normal transport operations in Europe. It indicates that a small drop in fuel consumption can show a significant impact on the total freight cost in the industry of transportation, which functions on small margins of profit. The application of platooning in the trucking industry can support decreasing fuel costs experienced by transportation service providers and vehicle manufacturers. As per Peloton, the decline in aerodynamic drag of two-truck platooning offers unprecedented fuel savings for both the leading truck and the trailing. As per the 2022 report of the European commission “Analysis of market needs, business models and life-cycle environmental impacts of multi-brand platooning”, the average fuel consumption of the test trucks was 31L/100km. It was assumed that the trucks were driven at an inter-vehicle distance of 4 to10 meters with a fuel savings potential of 5 and 10% in the lead and trailing trucks, respectively (Zhang et al., 2020).
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Based on technology type, adaptive cruise control (ACC) is anticipated to grow at the fastest rate in the market during the forecast period. ACC has been a crucial system for truck platooning operations. ACC support in automating the speed of the trucks with the support of V2V communication. A few projects, such as PATH, GCDC (Grand Cooperative Driving Challenge), SARTRE, SCANIA, and ENERGY-ITS (Intelligent Transport Systems), had been introduced and implied across various regions for testing and verifying automotive (majorly truck) platooning systems. For instance, in April 2022, the Federal Highway Administration’s (FHWA) Exploratory Advanced Research (EAR) Program sponsored the research on strategies and technology for allowing 2 and 3 long-distance trucks for travelling close together in platoons using cooperative adaptive cruise control (CACC).
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- Market Coverage
- Market number available for – 2023-2029
- Base year- 2022
- Forecast period- 2023-2029
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Global Truck Platooning Market Report Segment
By Technology Type
- Adaptive Cruise Control (ACC)
- Blind Spot Warning (BSW)
- Global Positioning System (GPS)
- Forward Collision Warning (FCW)
- Lane Keep Assist (LKA)
- Others (Active Brake Assist (ABA))
By Autonomous Level
- Semi-Autonomous
- Full-Autonomous
By Communication Technology
- Vehicle-to-Vehicle (V2V)
- Vehicle-to-Infrastructure (V2I)
- Global Positioning System (GPS)
Global Truck Platooning Market Report Segment by Region
North America
- US
- Canada
Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
Rest of the World
- Latin America
- Middle East & Africa
The Report Covers
- Market value data analysis of 2021 and forecast to 2028.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global truck platooning market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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