At a CAGR of 54.1% Automotive Platooning System Market Size | 2022 - 2028 | Industry Share, Trends, Forecast | Growing Massively - Projected to Reach Worth USD $ 30.2 Billion by 2028: Zion Market Research
NEW YORK, March 24, 2022 /PRNewswire/ -- As per Zion Market Research study, Automotive Platooning System industry gathered revenue worth about US$ 2.7 billion in 2021 and is slated to accumulate returns of approx. US$ 30.2 billion by 2028. In addition to this, Automotive Platooning System market is set to register CAGR of nearly 54.1% in 2022-2028. Apparently, expansion of automotive platooning system industry over forecasting timeline is subject to need for reduced traffic jams, road accidents, and enhancement of fuel economy. Thriving automotive sector will further contribute towards growth of automotive platooning system market in years ahead. Key players in automotive platooning business are investing massively in development of novel platooning systems, thereby driving market trends. A prominent surge in acceptance of vehicle-to-vehicle and vehicle-to-infrastructure technologies will amplify demand for automotive platooning systems.
Zion Market Research published the latest report titled as "Automotive Platooning System Market- By Type (Vehicle to Vehicle (V2V) and Vehicle to Infrastructure (V2I)) and By Application (Passenger Vehicles and Commercial Vehicles): Global Industry Perspective, Comprehensive Analysis, And Forecast, 2022–2028." into their research database.
Automotive Platooning System Market: Overview
Vehicle platooning is an intelligent transport system app that has evolved as potential solution for traffic management in highway. The key concept of automotive platooning system is a set of vehicles travelling together while maintaining a meager distance between them. This can result in rise in traffic capacity along with enhanced traffic management activities as well as reduction in travelling timespan. Precisely, automotive platoon system is viewed as vehicle group travelling in close co-ordination with headway control mechanism. Furthermore, passenger safety & comfort is improved with acceleration & deceleration scenario removed as well platoon vehicle considered as a sole unit.
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Industry Dynamics:
Automotive Platooning System Market: Growth Dynamics
Platooning provides massive benefits including fuel economy, enhanced road safety, and improved road capacity. This will drive growth of automotive platooning system industry over forecasting timeline. Furthermore, automotive platooning system makes use of myriad techniques for attaining safe & effective transport. Apparently, vehicle platooning tools reduce distance between two automotive through use of mechanical and electronic coupling. In addition to this, it facilitates vehicle to move at rapid pace and stop simultaneously. Moreover, these systems assist in improving fuel efficiency and reducing traffic jams as well as vehicular collisions.
Additionally, thriving vehicle manufacturing sector is set to crop up growth of automotive platooning system industry. Moreover, large numbers of participants are investing majorly in developing automotive platooning systems, thereby creating new growth avenues for automotive platooning system industry. However, key challenges to growth of automotive platooning system industry are technical errors of automotive, impaired drivers, and implementation of novel applications in current road infrastructure.
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Vehicle To Vehicle (V2V) Segment To Dominate Type Landscape Over 2022-2028
Expansion of vehicle to vehicle (V2V) segment over forecasting period is due to ability of vehicle to vehicle communications tools in sharing data pertaining to speed, location, and direction of vehicles. Apart from this, it offers exact information to commuters about other kind of automotive on roads, thereby minimizing chances of fatal vehicular collisions.
Passenger Vehicles Segment To Account Majorly Towards Overall Market Size By 2028
Segmental growth over forecasting timeframe can be attributed to escalating use of automotive platooning system in passenger vehicles. In addition to this, need for reducing traffic jams will translate into huge penetration of automotive platooning tools in passenger vehicle segment. Apparently, it also reduces carbon emissions along with enhancing fuel efficacy.
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List of Key Players of Automotive Platooning System Market:
- Mercedes-Benz Group AG
- Continental AG
- Peloton Technology
- MAN SE
- IVECO Group N.V.
- Scania AB
- Volvo Cars
- Delphi Technologies
- Nokia Growth Partners
- Meritor Wabco
- Navistar International Corporation
- TomTom N.V.
Key Industry Insights & Finding of the Automotive Platooning System Market Reports:
- As per the analysis shared by our research analyst, the Automotive Platooning System Market is expected to grow annually at a CAGR of around 54.1% (2022-2028).
- Through the primary research, it was established that the Automotive Platooning System Market was valued approximately USD 2.7 billion in 2021 and is projected to reach to roughly USD 30.2 billion by 2028.
- Major players in countries such as the U.S. will multiply automotive platooning system market earnings
Key questions answered in this report:
- What are the growth rate forecast and market size for Automotive Platooning System Market?
- What are the key driving factors propelling the Automotive Platooning System Market forward?
- What are the most important companies in the Automotive Platooning System Market Industry?
- What segments does the Automotive Platooning System Market cover?
- How can I receive a free copy of the Automotive Platooning System Market sample report and company profiles?
Report Scope:
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Regional Dominance:
North American Market To Exhibit Tremendous Surge Over Forecast Timeline
Growth of regional market over forecasting period is subject to rise in use of automotive platooning systems in countries such as Canada and the U.S. Furthermore, presence of major players in countries such as the U.S. will multiply automotive platooning system market earnings. Huge focus of market players on minimizing GHG emissions will expedite growth rate of regional market over forecasting period. A prominent increase in utilization of trucks for goods transport will contribute substantially towards automotive industry size, thereby driving regional market trends.
Global Automotive Platooning System Market is segmented as follows:
Automotive Platooning System Market: By Type Outlook (2022-2028)
- Vehicle to Vehicle (V2V)
- Vehicle to Infrastructure (V2I)
Automotive Platooning System Market: By Application Outlook (2022-2028)
- Passenger Vehicles
- Commercial Vehicles
Automotive Platooning System Market: By Region Outlook (2022-2028)
North America
- The U.S.
- Canada
Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
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Browse through Zion Market Research's coverage of the Global Automotive Industry
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