Global Truck Platooning Market 2020 (Includes Business Impact of COVID-19)

                                          
“Global Truck Platooning Market” is a recent report generated by Trusted Business Insights and the study and analysis was conducted using expert opinion and inputs. Exhaustive primary and secondary research efforts were required to ascertain the various aspects of the target market. The market has been segmented in a manner that allows deeper thought and understanding in order to confidently assess, analyze, and study. The global truck platooning market report has been segmented on the basis of platooning type, sensor type, systems, services, and region.

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Overview:

Truck platooning entails creating a convoy through the linking of two or more trucks. Using connectivity technology and automated driving support systems, the vehicles automatically maintain a set, close distance between each other on a motorway or highway. The leading truck maintains the course, while the one behind react and adapt according to the leader. The trailing vehicle drivers remain in control, but are not required to much during most of the journey. However, the truck drivers can leave the convoy and drive independently at any time. Truck platooning improves fuel efficiency, enhance traffic safety, and reduce air drag, and also offers potential to make road transport safer, cleaner, and more efficient in the future.

Dynamics:

Increasing sales of commercial vehicle in developed and developing countries coupled with advanced cruising technologies used in platooning is key factor expected to drive growth of the global truck platooning market. Investigation has indicated that the primary cause of road accidents is driver’s distraction and reduced or lost focus while driving owing to drowsiness or sleep deprivation. Truck platooning also lowers fuel consumption and CO2 emissions. Concerns towards safety on the road coupled with decrease in fuel consumption are among some factors expected to boost demand and adoption of truck platooning solutions during the forecast period.

Increasing adoption of surrounding infrastructure such as transport logistics applications, smart vehicle applications, and guidance and control systems in the transportation system, and Internet of Things (IoT) solutions is expected to propel growth of the global truck platooning market in future.  The many advantages and benefits of truck platooning is expected to garner support from governmental departments in various countries, especially developed economies that have excellent roadway infrastructure and planned motorways, and the solution will gain more popularity and traction in the very near future.

Major factors projected to restrain growth of the global truck platooning market include acceptance from drivers, transporters, and other public or road users, and the amount of feasible platoon time. High costs associated with adoption and implementation of the currently available technology is another factor expected to hamper market growth.

Segment Analysis:

By Platooning Type:

Among the platooning type segments, the driver-assistive tuck platooning (DATP) segment is expected to account for highest revenue share and maintain a dominant position in the global market over the forecast period.

By Sensor Type:

Among the sensor type segments, the images sensor type segment is expected to register a moderate growth rate over the forecast period. This is attributed to the number of image sensors used in truck platooning and increasing accuracy of object detection.

By System:

Among the system segments, the adaptive cruise control (ACC) segment is projected to be account for major revenue. The ACC assists in adjusting vehicle speed while maintaining a safe distance between vehicles in a convoy.

By Service:

Among the service segments, the telematics-based services segment is expected to account majority share as compared to other service segments.

Region Analysis:

North America is expected to maintain a dominant position in the global truck platooning market over the forecast period. This is attributed to strong financial position and availability of automated technologies associated with platooning in most countries in the region. Trucks are a primary contributor to the transport sector in countries such as the US and Canada.

The Europe market is also projected to account significant revenue share in the global truck platooning market. The Asia Pacific truck platooning market is expected to register a significant growth rate, in terms of CAGR over the forecast period.

Global Truck Platooning Market Segmentation:

Segmentation by Platooning Type:

Autonomous Truck Platooning
Driver-assistive Tuck Platooning (DATP)

Segmentation by Sensor Type:

Image
Radar
LiDAR

Segmentation by Systems:

Adaptive Cruise Control (ACC)
Forward Collision Warning (FCW)
Automated Emergency Braking (AEB)
Blind Spot Warning (BSW)
Global Positioning System (GPS)
Human Machine Interface (HMI)
Lane Keep Assist (LKA)
Others

Segmentation by Services:

Telematics-Based Services
Platooning-Based Services