Rising collaborations to boost the Truck Platooning Market Growth
Truck Platooning Market by Technology Type (Adaptive Cruise Control, Forward Collision Avoidance, Lane Departure Warning, and Active Brake Assist), Infrastructure Type (V2V, V2I, and GPS), Autonomous Level (Semi-autonomous and Full-autonomous), By Geography (North America, Latin America, Europe, Asia Pacific, Middle East & Africa ) - Size, Share, Outlook, and Opportunity Analysis, 2023 - 2030
The global Truck Platooning Market is estimated to be valued at US$ 1.33
Billion in 2023 and is expected to exhibit a CAGR of 11.00 % over the forecast
period as highlighted in a new report published by Coherent Market Insights.
Market Overview
Truck platooning is the joining of two or more than two trucks in
convoy, with the help of connectivity technique and automated driving support method.
These automotive automatically keep a set, close distance among each other while
they are linked for specific parts of a journey, for example on motorways.
Competitive Landscape:
Key Players involved in the growth of global
Truck Platooning Market are Continental AG, Volvo Group, Peloton
Technology, DAF Trucks, Daimler AG, and Scania AB.
Market Key Drivers:
Rising initiatives and advancements is expected to boost the growth of
global Truck Platooning Market. For instance, In March 2022, Two Peterbilt
trucks have been joined by electronic grasps to create tight following spaces
for platooning trials in Alberta, Canada.
Rising collaborations and partnerships is projected to propel the growth
of global Truck Platooning Market. For instance, Horiba MIRA collaborated with
GNSS specialist GMV NSL to create new and enhanced passenger car platooning method
for the European Space Agency that will enter a live experiment phase in Q1 2022.
Covid-19 Impact Analysis:
The COVID-19 pandemic has hindered the growth of the global truck
platooning market due to travel restrictions and lockdowns imposed by various
governments across the world to contain the spread of the virus. In addition,
high costs associated with the adoption and implementation of the currently
available technology are another factor affecting the market growth.
Key Takeaways:
The global
truck platooning market is expected to exhibit a CAGR of 11.00 % during
the forecast period owing to the rising mergers and acquisitions. For instance,
In November 2020, Scania entered an acquisition with Nantong Gaokai, to start developing
trucks for the first time in the biggest auto market across the globe.
Among regions, North America, Asia Pacific and Europe anticipated to
witness robust growth in the global truck platooning market due to increasing
investments, increasing approvals and launches, rising R&D, rising
collaborations and partnerships. For instance, In October 2020, TRATON SE acquired
the remaining 83.2% stake in Navistar International Corp. for a total investment
of US$ 3.7 billion to increase its product portfolio.
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