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The truck platooning system market size is estimated to grow by USD 2.25 billion, at a CAGR of 77.99% between 2023 and 2028. The market for truck platooning systems is experiencing robust growth, spurred by several key drivers. Increasing demand for cost reduction and enhanced fuel efficiency in fleets, particularly driven by rising sales of commercial vehicles, is a primary factor. Additionally, stringent environmental regulations and a heightened focus on road safety are pushing fleet operators toward adopting innovative technologies. Truck platooning systems, which enable vehicles to closely follow each other using connectivity and automation, are emerging as a promising solution to meet these evolving demands. By optimizing aerodynamics and reducing fuel consumption through vehicle-to-vehicle communication, platooning systems offer a pathway to operational efficiency and sustainability. As the market continues to evolve, these technologies are expected to play a pivotal role in shaping the future of commercial vehicle operations worldwide.
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The market share growth by the hardware segment will be significant during the forecast period. Hardware plays a key role in the functioning of a truck platooning system. The hardware components include cameras, sensors, radar, and other communication devices. Real-time video feed is provided by the truck platooning system for the driver and platoon coordinator. Installation of cameras is mostly on the front, sides, and back of the truck to provide 360-degree coverage. These cameras help detect obstacles, monitor traffic, and communicate between platoon trucks.
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The hardware segment showed a gradual increase in the market share of USD 10.90 million in 2018. Sensors are another important hardware component in the truck platooning system. They are mainly used to detect the distance between trucks and ensure safe driving. Usually, radio frequency sensors and electronic sensors are used to detect the proximity and relative speed of the trucks in the platoon. Additionally, they provide smooth and controlled deceleration and acceleration to the entire platoon. Radar systems are also commonly used in the truck platooning system to provide accurate data on the position of the vehicles on the road and detect any obstacles in the path. This data is vital for maintaining distance between trucks and ensuring a smooth and safe driving experience.
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North America is estimated to contribute 40% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. North America is a key region in the market. Laser radar and advanced driver-assistance system is one of the notable advancements in truck platooning systems which drives significant market growth in the region. Truck platooning is an emerging technology involving multiple trucks in a convoy-like formation to improve fuel efficiency, reduce emissions, and enhance overall road safety. One of the main drivers of the truck platooning market is North America. This is due to the rising demand for eco-friendly transportation solutions, which include public transportation, such as electric buses and trains and bus rapid transit (BRT) systems which can carry people far more efficiently than cars.
In addition, the increasing investment in infrastructure development and the expansion of logistics networks have further facilitated the adoption of this technology in the region. Additionally, various government initiatives promoting sustainable transportation solutions are propelling the adoption of truck platooning as well. Further, the high level of research and development (R&D) activities in the region are expected to increase the market growth during the forecast period.
The market is witnessing rapid growth driven by the need for enhanced efficiency and road safety in the trucking industry. With advancements in connected vehicle technology and automation, initiatives like Peloton Technology's PlatoonPro and Auto Follow systems enable V2V communication and streamline highway operations. The shortage of drivers further fuels the demand for driver-assistive truck platooning (DATP) and autonomous truck platooning solutions. According to the American Journal of Transportation March 2022 report, private-public partnerships between vehicle manufacturers and government entities are driving market expansion despite high costs. Components such as hardware and software, along with features like Adaptive cruise control (ACC) and Lane keep assist (LKA), are key to the success of various platooning types, paving the way for continued market growth and innovation. The increasing need to reduce operating costs and fuel computations is notably driving the market growth, although factors such as the high cost of implementing the system are negatively impacting the market growth.
The increasing need to reduce operating costs and fuel computations by the fleet drives the market. One key reason is the growing need to optimize fuel consumption and operating efficiency. The system enables trucks to travel closely together in a formation, reducing air resistance and aerodynamic drag. Consequently, it leads to lower fuel consumption and emissions. Hence, truck platooning systems provide a cost-effective solution for fleet operators facing immense pressure to reduce operational costs. These systems enhance efficiency, allowing fleets to transport more goods and deliver them faster.
Moreover, with the automation of the driving process, truck platooning systems also help reduce human error, enabling safer and more reliable operations. The system can respond more quickly to road hazards and ensure safer braking distances by maintaining a close distance between the platoons. Thus, truck platooning systems play a crucial role in reducing the number of accidents on highways, thereby improving overall road safety. Consequently, these factors are expected to drive the growth of the market in focus during the forecast period.
There is a significant rise in the adoption of self-driving trucks in the market. Several factors are driving this development, including the growing demand for efficient and safe transportation of goods over long distances. Self-driving trucks have advanced technology, such as the truck crew system, which allows them to operate without human intervention. These trucks can navigate the roads independently with the help of in-built sensors, cameras and a global positioning system and GPS systems. In Addition, these trucks can cover long distances without needing rest breaks, which is impossible for human drivers.
One of the biggest advantages of self-driving trucks is that they can drive in groups, a group of trucks moving close together. This helps reduce air resistance, which in turn reduces fuel consumption and emissions. In addition, grouping also helps reduce traffic congestion and improve road safety.
One of the main obstacles to the widespread adoption of truck platooning is the high cost of implementing the system. The upfront cost of the technology can be expensive for many trucking companies, which poses a major threat to the market. The cost estimate can range from USD 40,000 to USD 100,000. This cost includes the installation of sensors, cameras, and other equipment, as well as the necessary software and training for drivers.
The maintenance costs for the system can also be a significant expense. Regular maintenance and updates are required for sensors and other components to function properly, in addition to the overall cost of technology, which makes it difficult for small companies to invest in such systems. Thus, such factors are expected to hinder the growth of the market during the forecast period.
The market research and growth report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the market growth and forecasting report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
AB Volvo -The company offers consumer NAS such as Drivestor 4 Pro, Nimbustor 2, and Lockestor 10 under the brand ASUSTOR Inc.
The market forecasting report also includes detailed analyses of the competitive landscape of the market and information about 12 market companies, including:
Qualitative and quantitative analysis of Companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize Companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize Companies as dominant, leading, strong, tentative, and weak.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
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The market has witnessed significant growth attributed to the proliferation of connected vehicle technology and the need to address the shortage of drivers in the trucking industry. According to the American Journal of Transportation's March 2022 report, initiatives like PlatoonPro and Auto Follow systems have gained traction, enabling V2V communication and fostering collaboration among stakeholders, including vehicle manufacturers and government entities. Private-public partnerships have facilitated market expansion despite high costs and security concerns. Platooning types like Driver-assistive truck platooning (DATP) and Autonomous truck platooning, equipped with features such as Adaptive cruise control (ACC) and Lane keep assist (LKA), promise enhanced safety and efficiency. Regions like Asia-Pacific and LAMEA are witnessing growth driven by the transportation and logistics sectors' efforts to reduce pollution and greenhouse gas emissions, aligning with European Emission Standards and Euro Norms for fuel-efficient operations. With advancements in smart driving technologies and the deployment of fully autonomous vehicles, the truck platooning system market presents significant growth opportunities for players across the globe.
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Market Scope |
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Report Coverage |
Details |
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Page number |
158 |
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Base year |
2023 |
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Historic period |
2018 - 2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 77.99% |
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Market Growth 2024-2028 |
USD 2.25 billion |
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Market structure |
Concentrated |
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YoY growth 2023-2024(%) |
59.83 |
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Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
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Performing market contribution |
North America at 40% |
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Key countries |
US, Germany, China, UK, and Canada |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
AB Volvo, Aptiv Plc, Continental AG, Daimler Truck AG, Iveco SpA, PACCAR Inc., Peloton Technology Inc., Robert Bosch GmbH, Toyota Tsusho Corp., Traton SE, and ZF Friedrichshafen AG |
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Market dynamics |
Parent market growth analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the market forecast period. |
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Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
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 Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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