The Truck Platooning System market to grow by USD 760.36 million from 2022 to 2027 | The increasing need to reduce operating costs and fuel consumption to drive growth- Technavio

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Aug 29, 2023, 22:00 ET

NEW YORK, Aug. 29, 2023 /PRNewswire/ -- The truck platooning system market size is estimated to grow at a CAGR of 57.74% between 2022 and 2027. The market size is forecast to increase by USD 760.36 million according to Technavio's latest market research report estimates. The increasing need to reduce operating costs and fuel computations by the fleet is the key factor driving the growth of the market. This system allows trucks to run closer together in platoons, reducing air drag. This reduces fuel consumption and lowers the rate of emissions. These systems increase efficiency, allowing more goods to be transported and delivered faster. In addition, truck platooning systems reduce human error by automating the driving process, resulting in safer and more reliable operations. Therefore, truck platooning systems play an important role in reducing the number of highway accidents and thereby improving overall traffic safety. Hence, these factors are expected to propel the growth of the market during the forecast period. Technavio offers in-depth market insights that assist global businesses in obtaining growth opportunities. Read Sample Report

Technavio has announced its latest market research report titled Global Truck Platooning System Market 2023-2027

Truck Platooning System Market 2023-2027: Segmentation

Component

Hardware
Software
Services

Vehicle Type

Geography

North America
Europe
APAC
Middle East And Africa
South America

Market share growth of the hardware segment is expected to increase significantly during the forecast period.

North America is estimated to contribute 40% to the growth of the global market during the forecast period.

Detail Insights on the impact of each segment and make informed business decisions Download a Sample Report

Truck Platooning System Market 2023-2027: Company Analysis and Scope

To help businesses improve their market position, the truck platooning system market provides a detailed analysis of around 15+ companies operating in the market. Some of these companies include AB Volvo, Aptiv Plc, Continental AG, Daimler Truck AG, Goldstone Technologies Ltd., Iveco SpA, PACCAR Inc., Peloton Technology Inc., Robert Bosch GmbH, Toyota Tsusho Corp., Traton SE, and ZF Friedrichshafen AG. The truck platooning system market is concentrated, and the degree of concentration will accelerate.

What's New?

Special coverage on the Russia-Ukraine war; global inflation; recovery analysis from COVID-19; supply chain disruptions, global trade tensions; and risk of recession
Global competitiveness and key competitor positions
Market presence across multiple geographical footprints - Strong/Active/Niche/Trivial - Buy the report!

Company offerings

AB Volvo: The company offers truck platooning system through Volvo Trucks with FedEx.
Aptiv Plc: The company offers truck platooning system with the aid of vehicle-to-vehicle technology and advanced driver-assistance systems.
Continental AG: The company offers truck platooning system through automated commercial vehicle driving.

Truck Platooning System Market - Market Dynamics

Leading Trend -

A significant rise in the adoption of self-driving trucks is the primary trend in the truck platooning system market. Self-driving trucks are equipped with advanced technology, such as truck crew systems, that allow them to travel without human intervention. These trucks can travel long distances without breaks, which is impossible for human drivers. One of the biggest advantages of self-driving trucks is the ability to drive in groups. This reduces air resistance, resulting in lower fuel consumption and emissions. Hence, such advantages of self-driving trucks will drive the growth of the market during the forecast period.

Significant Challenge - The high cost of implementing the system is a challenge that affects the growth of the market.

Truck Platooning System Market 2023-2027: Key Highlights

CAGR of the market during the forecast period 2023-2027
Detailed information on factors that will assist truck platooning system market growth during the next five years
Estimation of the truck platooning system market size and its contribution to the parent market
Predictions on upcoming trends and changes in consumer behavior
The growth of the truck platooning system market
Analysis of the market's competitive landscape and detailed information on companies
Comprehensive details of factors that will challenge the growth of truck platooning system market companies

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Table of Contents-

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by Component

7 Market Segmentation by Vehicle Type

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Company Landscape

12 Company Analysis

13 Appendix

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SOURCE Technavio