Rising collaborations to boost the Truck Platooning Market Growth

Truck Platooning Market
Truck Platooning Market 


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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