Global Truck Platooning Market to Grow with a CAGR of 10.2% through 2028
Fuel Efficiency
and Cost Reduction, Advancements in Vehicle Automation, Industry Collaboration
and Standards and Environmental Sustainability and Emissions Reductions is driving
the Global Truck Platooning Market in the forecast period 2024-2028.
According to
TechSci Research report, “Truck Platooning Market – Global Industry Size,
Share, Trends, Competition Forecast & Opportunities, 2028”, the
Global Truck Platooning Market stood at USD 1 billion in 2022 and is
anticipated to grow with a CAGR of 10.2% in the forecast period, 2024-2028. Truck
platooning is the joining of two or more trucks in a convoy using networking
solutions and automated driving support systems. When connected for a portion
of the travel on a road, the trucks in a truck platoon keep a close distance
between them. The vehicle in the front of the platoon serves as the leader,
while the vehicle trailing the leader responds to and adjusts to its movement.
In the following trucks, the driver is always in charge and has the option to
depart or drive alone at any time. Truck platooning has a lot of potential to
improve the effectiveness, safety, and cleanliness of future road
transportation.
The global truck
platooning market is currently undergoing a significant transformation, driven
by a convergence of technological advancements, environmental imperatives, and
the need for enhanced road safety and cost efficiencies in the commercial
trucking industry. Truck platooning, also known as platoon driving, represents
a groundbreaking approach to road freight transport. In this innovative system,
a group of commercial trucks travels closely together in a convoy, with the
lead truck operated by a human driver and the following trucks operating
autonomously or semi-autonomously, all in synchrony through cutting-edge
technology. These sophisticated systems rely on vehicle-to-vehicle (V2V)
communication, advanced driver-assistance systems (ADAS), and an array of
sensors to ensure the safe and efficient coordination of the convoy.
The primary
premise of truck platooning is simple yet powerful: by minimizing the gaps
between vehicles, platooning significantly reduces aerodynamic drag, leading to
remarkable improvements in fuel efficiency, reduced carbon emissions, and
enhanced road safety. Beyond these immediate benefits, platooning has the
potential to address key challenges in the trucking industry, such as driver
shortages, logistical optimization, and fostering a more sustainable and
cost-effective transportation ecosystem.
A primary driver
motivating the adoption of truck platooning is the relentless pursuit of fuel
efficiency and cost savings. By minimizing the gaps between vehicles in a
platoon, the convoy experiences reduced air resistance, particularly at higher
speeds. This translates into substantial fuel savings, a critical consideration
for fleet operators aiming to reduce operational costs and bolster
profitability. With fuel expenses representing a significant portion of a
fleet's operational budget, platooning presents an appealing strategy to curb
expenditures, thus gaining a competitive edge in the industry.
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"Truck Platooning Market.”
The global
emphasis on environmental sustainability and the imperative to reduce
greenhouse gas emissions is a pivotal driver for the truck platooning market.
The transportation sector is a major contributor to carbon emissions, prompting
governments, regulatory bodies, and industry stakeholders to seek innovative
solutions. Platooning, with its potential to reduce emissions through optimized
fuel consumption, aligns seamlessly with sustainability goals, catalyzing its
adoption and growth.
The commercial
trucking industry grapples with a severe shortage of qualified truck drivers, a
challenge that continues to intensify. As experienced drivers retire and
recruitment struggles to keep pace, the industry seeks technologies that can
mitigate driver shortages. Truck platooning offers a compelling solution by
enabling a single human driver to lead a convoy of vehicles, with trailing
trucks operating autonomously or semi-autonomously under human supervision.
This reduction in the number of required drivers not only addresses labor
shortages but also reduces labor costs, a substantial component of operational
expenses.
The ongoing
advancements in autonomous driving technology play a pivotal role in driving
the adoption of truck platooning. Autonomous driving systems have achieved
various levels of automation, including levels 2 and 3 automations, which
encompass features such as adaptive cruise control, lane-keeping assistance,
and automated braking. These features are integral to ensuring the safe and
efficient operation of platooning systems, enhancing their appeal to fleet
operators seeking enhanced safety and efficiency.
Safety remains a
paramount concern in the trucking industry, and truck platooning offers several
safety advantages. By maintaining precise following distances, platoons reduce
the risk of rear-end collisions, one of the most common types of accidents involving
commercial trucks. Moreover, platooning systems incorporate advanced
driver-assistance technologies, such as adaptive cruise control and collision
avoidance systems, further enhancing safety. These systems empower drivers to
maintain control and respond adeptly to potential hazards, reinforcing their
overall safety. As safety-conscious fleet operators increasingly adopt
platooning technology, it becomes integral to accident prevention and the
protection of drivers, cargo, and other road users.
The expansion
and enhancement of infrastructure constitutes a fundamental driver of the truck
platooning market. To support platooning operations effectively, dedicated
platooning lanes, advanced traffic management systems, and robust
vehicle-to-infrastructure (V2I) communication infrastructure are prerequisites.
However, developing such infrastructure is a formidable challenge. Many regions
lack the necessary infrastructure, and retrofitting existing roadways can prove
costly and disruptive. Governments and transportation authorities across the
globe are recognizing the potential of platooning and investing in the
requisite infrastructure upgrades. This entails the creation of designated
platooning lanes, the optimization of road signage and traffic management
systems, and the deployment of V2I communication infrastructure. Securing the
essential funding, coordinating with diverse stakeholders, and prioritizing
these infrastructure enhancements amid competing transportation projects pose
intricate challenges.
Major companies
operating in Global Truck Platooning Market are:
- AB Volvo
- Daimler
- Scania
- Peloton Technology
- Continental AG
- Volkswagen AG
- Wabco
- Navistar, Inc.
- MAN
- ZE Friedrichshafen AG
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“The
global truck platooning market is rapidly evolving, driven by advancements in
autonomous driving technology, enhanced connectivity through vehicle-to-vehicle
communication, and an expanding network of practical trials and collaborations.
This transformative technology offers significant potential for fuel
efficiency, reduced emissions, and improved road safety. Industry-specific
applications are further diversifying its adoption, catering to the unique
requirements of logistics, agriculture, and heavy industries. Nevertheless,
regulatory complexities, safety concerns, and the need for infrastructure
development present notable challenges. As platooning continues to mature, it
holds the promise of revolutionizing the trucking industry, making freight
transport more efficient, sustainable, and safe, while also reshaping the role
of commercial truck drivers in the evolving landscape of transportation.,” said
Mr. Karan Chechi, Research Director with TechSci Research, a research-based
management consulting firm.
“Truck Platooning Market–
Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented
By Technology Type (Adaptive Cruise Control, Forward Collision Avoidance, Lane
Departure Warning, and Active Brake Assist), By Infrastructure Type (V2V, V2I,
and GPS), By Autonomous Level (Semi-autonomous and Full-autonomous), By Region,
By Competition..”, has evaluated the future growth potential of Global
Truck Platooning Market and provides statistics & information on market
size, structure, and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges, and opportunities in Global Truck
Platooning Market.
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