Truck Platooning Market: Current Analysis and Forecast (2021-2027)

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Emphasis on Platooning Type (Driver-Assistive Tuck Platooning (DATP), Autonomous Truck Platooning); Services (Automatic Crash Notification, Emergency Calling, Navigation & Infotainment, On-road Assistance, Remote Diagnostics, Vehicle Tracking, Others); Systems (Adaptive Cruise Control (ACC), Blind Spot Warning (BSW), Global Positioning System (GPS), Forward Collision Warning (FCW), Lane Keep Assist (LKA), Autonomous Emergency Braking (AEB), Human Machine Interface (HMI), Others); Sensor Type (Image, Radar, LiDAR), Communication Technology (Vehicle-to-infrastructure (V2I), Vehicle-to-vehicle (V2V)), and Region & Country

Published:

Apr-2021

Pages:

198

Table:

53

Figure:

108

Report ID:

UMAU21212

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Report Description
Table of content
Research Methodology

Report Description

Global Truck Platooning Market is expected to exceed the market valuation of more than US$ 500 million in 2027 and is expected to grow at a significant CAGR of ~45% during the forecast period (2021-2027). The market of truck platooning has evolved significantly in recent years and is witnessing an uptick owing to the surging demand from the stakeholders as this technology reduced fuel consumption and greenhouse gas emissions. Various governments have enacted regulations to reduce greenhouse gas emissions from vehicles. The transportation industry contributes significantly to global pollution, with trucks accounting for the majority of greenhouse gas emissions. The adoption of truck platooning technology in the transportation sector will help to minimize greenhouse gas emissions. Platooning can reduce CO2 emissions by up to 16% from the trailing vehicles and by up to 8% from the lead vehicle (according to the recent ITS4CV study by Ertico).

Trucks are the most common vehicle that uses the platooning system, as in the research trials on public highways, they have shown substantial fuel savings, with the leading truck achieving 4-5% fuel efficiency and the trailing trucks achieving around 7-10%. Truck platooning can make road transportation safer, cleaner, and more effective, allowing goods to be delivered faster and reducing traffic congestion. Recent research from transport data company INRIX into the state of congestion in 200 cities in 38 countries highlights the impact of traffic congestion. It found the total cost of lost productivity caused by congestion to be US$ 87 billion in the United States.

Further, with conventional trucks, critical risk factors are driver reaction time and concentration. Indeed, human error is to blame for 90% of all traffic incidents. As per WHO statistics, Road traffic accidents claim the lives of about 1.35 million people per year. The majority of countries lose 3% of their GDP due to traffic accidents. Truck platooning helps improve safety. When opposed to human braking, connected driving allows for automatic braking with virtually no reaction time. Platooning increases the safety of other road users by allowing trucks to drive more predictably on the road.

Road deaths per million inhabitants – preliminary data for 2019

Peloton Technology, Bendix Commercial Vehicle Systems LLC, AB Volvo, Continental AG, Daimler AG, BorgWarner Inc., Wabco, DAF Trucks, Scania AB, and Aptiv are some of the prominent players operating in the global truck platooning market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst Platooning Type, Driver-Assistive Tuck Platooning (DATP) segment holds the major share”

Based on Platooning Type, the market is fragmented into Driver-Assistive Tuck Platooning (DATP) and Autonomous Truck Platooning. The Driver-Assistive Tuck Platooning (DATP) segment dominated the market with a share of XX% in 2020 and is expected to maintain its dominance during the forecast period. However, the Autonomous Truck Platooning segment would witness the highest CAGR during the forecast period owing to the benefits shortage of drivers.

“Amongst Services, Driver-Assistive Tuck Platooning (DATP) segment holds the major share”

Based on the Services, the market is fragmented into Telematics-Based Services and Platooning-Based Services. The Telematics-Based Services is further segmented into Automatic Crash Notification, Emergency Calling, Navigation & Infotainment, On-road Assistance, Remote Diagnostics, Vehicle Tracking, and Others. The Telematics-Based Services segment generated revenue of USD XX million in 2020. The Telematics-Based Services segment dominated the market with a share of XX% in 2020 and is expected to maintain its dominance during the forecast period. However, the Platooning-Based Services segment would witness the highest CAGR during the forecast period owing to the rapid increase in truck platooning adoption in developed nations.

“Amongst Systems, Adaptive Cruise Control (ACC) segment holds the major share”

Based on the Systems, the market is fragmented into Adaptive Cruise Control (ACC), Blind Spot Warning (BSW), Global Positioning System (GPS), Forward Collision Warning (FCW), Lane Keep Assist (LKA), Autonomous Emergency Braking (AEB), Human Machine Interface (HMI), and Others. The Adaptive Cruise Control (ACC) segment generated revenue of USD XX million in 2020. The Adaptive Cruise Control (ACC) segment dominated the market with a share of XX% in 2020 and is expected to maintain its dominance during the forecast period and would witness the highest CAGR during the forecast period.

“Amongst Sensor Type, Image segment holds the major share”

Based on the Sensor Type, the market is fragmented into Image, Radar, and LiDAR. The Radar segment generated revenue of USD XX million in 2020. The Radar segment is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of USD XX million by 2027F. The Image segment dominated the market with a share of XX% in 2020 and is expected to maintain its dominance during the forecast period and would witness the highest CAGR during the forecast period.

“Amongst Communication Technology, Vehicle-to-infrastructure (V2I) segment holds the major share”

Based on Communication Technology, the market is fragmented into Vehicle-to-infrastructure (V2I), and Vehicle-to-vehicle (V2V). The  Vehicle-to-vehicle (V2V) segment generated revenue of USD XX million in 2020. The market is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of USD XX million by 2027F.

“North America represents one of the largest markets of Truck Platooning market”

For a better understanding of the market dynamics of the Truck Platooning market, a detailed analysis was conducted for different regions across the globe including North America (the U.S, Canada, and the Rest of North America), Europe (Germany, France, Italy, United Kingdom, Spain, and Rest of Europe), Asia-Pacific (China, Japan, Singapore, Australia, and Rest of APAC) and Rest of the World. North America dominated the market and grabbed around XX% market share owing to the advanced automobile industry and highly developed road & logistics infrastructure and transport industry in the region.

Reasons to buy this report:

  • The study includes market sizing and forecasting analysis validated by authenticated key industry experts
  • The report presents a quick review of overall industry performance at one glance
  • The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
  • Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
  • The study comprehensively covers the market across different segments
  • Deep dive regional level analysis of the industry

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1.1 Market Definitions
1.2 Objective of the Study
1.3 Limitation
1.4 Stake Holders
1.5 Currency Used in Report
1.6 Scope of the Radar Based In-Cabin Sensing Systems Market Study

2.1  Research Methodology for the Radar Based In-Cabin Sensing Systems Market
       2.1.1 Main Objective of the Radar Based In-Cabin Sensing Systems Market

INDUSTRY PERFORMANCE

EXECUTIVE SUMMARY

5.1 Driver-Assistive Tuck Platooning (DATP)
       5.2 Autonomous Truck Platooning

6.1 Telematics-Based Services
      6.1.1 Automatic Crash Notification
      6.1.2 Emergency Calling
      6.1.3 Navigation & Infotainment
      6.1.4 On-road Assistance
      6.1.5 Remote Diagnostics
      6.1.6 Vehicle Tracking
      6.1.7 Others
6.2 Platooning-Based Services

7.1 Adaptive Cruise Control (ACC)
7.2 Blind Spot Warning (BSW)
7.3 Global Positioning System (GPS)
7.4 Forward Collision Warning (FCW)
7.5 Lane Keep Assist (LKA)
7.6 Autonomous Emergency Braking (AEB)
7.7 Human Machine Interface (HMI)
7.8 Others

8.1 Image
8.2 Radar
8.3 LiDAR

9.1 Vehicle-to-Infrastructure (V2I)
9.2 Vehicle-to-Vehicle (V2V)

8.1 North America Truck Platooning Market
      8.1.1 United States
      8.1.2 Canada
      8.1.3 Rest of North America
8.2 Europe Truck Platooning Market
       8.2.1 Germany
       8.2.2 France
       8.2.3 United Kingdom
       8.2.4 Spain
       8.2.5 Rest of Europe
8.3 Asia Pacific Truck Platooning Market
       8.3.1 China
       8.3.2 Japan
       8.3.3 Australia
       8.3.4 Singapore
       8.3.5 Rest of Asia-Pacific
8.4 Rest of the World Truck Platooning Market

9.1 Market Trends & Drivers
9.2 Market Challenges
9.3 Impact Analysis

10.1 Demand Side Analysis
10.2 Supply Side Analysis
       10.2.1 Top Product Launches
       10.2.2 Top Business Partnerships
       10.2.3 Top Merger & Acquisitions
       10.2.4 Top Business Expansions and Investments

VALUE CHAIN ANALYSIS

TRUCK PLATOONING MARKET OPPORTUNITIES

TRUCK PLATOONING MARKET TRENDS & INSIGHTS

COMPETITIVE SCENARIO

15.1 Peloton Technology
15.2 Bendix Commercial Vehicle Systems LLC
15.3 AB Volvo
15.4 Continental AG
15.5 Daimler AG
15.6 BorgWarner Inc
15.7 Wabco
15.8 DAF Trucks
15.9 Scania AB
15.10 Aptiv

DISCLAIMER

Research Methodology

Analyzing the historical market, estimation of the current market, and forecasting the future market of the Global Truck Platooning Market were the three major steps undertaken to create and analyze the adoption of truck platooning in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the truck platooning market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:  

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the Truck Platooning through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the Truck Platooning Market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report as Platooning Type, Services, Systems, Sensor Type, and Communication Technology. Further country-level analyses were conducted to evaluate the overall adoption of Truck Platooning in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of Truck Platooning. Further, we conducted factor analysis using dependent and independent variables such as the shortage of drivers, Reduction in fuel consumption and greenhouse gas emissions, and Increasing government funding and grants, among others. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, merger and acquisition, business expansion, and product launches in the Truck Platooning sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the truck platooning market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e. bottom-up approach was applied to arrive at the market forecast about 2027 for different segments and subsegments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

  • The industry’s market size, in terms of value (US$) and the adoption rate of truck platooning across the major markets domestically
  • All percentage shares, splits, and breakdowns of market segments and sub-segments
  • Key players in the truck platooning market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the truck platooning market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of type and their type of the Truck Platooning market.

The main objective of the Truck PlatooningMarket Study

The current & future market trends of truck platooning were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

  • Analyze the current and forecast market size of truck platooning in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
  • Segments in the study include areas of type and their subtypes
  • Define and analysis of the regulatory framework for the truck platooning industry
  • Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
  • Analyze the current and forecast market size of the Truck Platooning Market for the major region
  • Major regions studied in the report include North America (the U.S and Canada), Europe (Germany, United Kingdom, France, Spain, Italy, and Rest of Europe), Asia-Pacific (China, Japan, Singapore, Australia, and Others), and the Rest of the World
  • Company profiles of the truck platooning market and the growth strategies adopted by the market players to sustain in the fast-growing market
  • Deep dive regional level analysis of the industry