According to a new market research report "Truck Platooning Market by Type (DATP, Autonomous), Systems (ACC, AEB, FCW, GPS, HMI, LKA, BSW), Sensor (Lidar, Radar, Image), Services (Telematics- ECall, ACE, Tracking, Diagnostics, & Platooning- Pricing, Match Making), Region - Global Forecast to 2030", published by MarketsandMarkets, the market is projected to grow to $2,728.7 million by 2030 from $37.6 million in 2021, at a CAGR of 60.96% during the forecast period.
Advancements in ADAS and the shortage of drivers in many countries are expected to drive the market for truck platooning. Additionally, improvements in V2X infrastructure and developments of multi-brand truck platooning will be critical for the growth of this market in coming years.
ACC to be the largest market, by system, in the Truck Platooning Market
Adaptive cruise control (ACC) is an ADAS feature that uses radar to sense the vehicles in front and adjusts the speed of the vehicle according to the distance between the trucks in platooning. ACC is also called active cruise control, autonomous cruise control, intelligent cruise control, or radar-based cruise control. ACC is an essential system for enabling truck platooning. The cost of this system is on the higher side as it requires expensive sensors such as Radar and LiDAR. As a result, ACC is projected to be the largest market, by system, in the global Truck Platooning Market.
Image sensor to be the fastest growing market for truck platooning, by sensor type
The image sensor can detect a vehicle's surrounding environment and provide detailed information. It is mostly used for object and traffic light detection. Currently, both 2D and 3D image sensors are used. The number of image sensors used in truck platooning depends on the level of autonomy and the number of trucks involved in the platoon. Due to the increasing accuracy of object detection, the number of image sensors installed in a truck (for platooning) is expected to increase in the future. In truck platooning, image sensors are used in several applications/systems such as driver drowsiness, blind spot warning, road sign recognition, front monitoring, and lane keep assist. As these applications/systems are key for effective implementation of truck platooning, the image sensor market is projected to be the fastest growing market, by sensor type.
Americas is estimated to be the leading market for truck platooning
The transportation market in the Americas, which slowed down temporarily due to the financial downturn during 2007-2009, is now undergoing moderate growth. The transportation industry, particularly in the U.S. and Canada, has seen an increasing trend of downsizing and rightsizing the overall market for transportation. Market growth will likely be driven by two key factors-rapid development of autonomous vehicle technology and the strict government regulations for road safety. The significant platooning testing and increased funding from the government are expected to play a major role in the development of this technology. In 2016, the U.S. government spent $4.00 billion to accelerate the acceptance of autonomous vehicles on U.S. roads. In September 2017, Daimler Trucks North America announced the testing of truck platooning operations on public highways of Oregon and Nevada in the U.S. The above-mentioned factors, coupled with projected driver shortage and presence of long and connected highway infrastructure, will drive the growth of the Americas market for truck platooning.
Some of the key manufacturers operating in the Truck Platooning Market are Volvo (Sweden), Daimler (Germany), Scania (Sweden), Continental (Germany), Peloton (U.S.), and NVIDIA (U.S.).