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What is the current market size and future outlook for the truck platooning systems market?
The truck platooning systems market size has grown rapidly in recent years. It will grow from $1.13 billion in 2024 to $1.33 billion in 2025 at a compound annual growth rate (CAGR) of 18.5%. The growth in the historic period can be attributed to regulatory pressures, expansion of cooperative and automated mobility, supply chain efficiency, and safety considerations.
The truck platooning systems market size is expected to see rapid growth in the next few years. It will grow to $2.61 billion in 2029 at a compound annual growth rate (CAGR) of 18.3%. The growth in the forecast period can be attributed to traffic congestion and road capacity, increased adoption in freight industry improved safety, increasing freight demand, growing emphasis on automation. Major trends in the forecast period include development of multi-brand platooning solutions, regulatory harmonization and standardization, and emergence of hybrid platooning models.
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How has the truck platooning systems market evolved, and what factors have shaped its growth?
A growing number of commercial vehicles is expected to propel the growth of the truck platooning systems market going forward. Commercial vehicles are a broad category primarily designed for commercial use rather than personal transportation. The rise in number of commercial vehicles is due to economic growth, changes in consumer behavior, and the evolving dynamics of global trade and transportation. Truck platooning systems improve commercial vehicles’ efficiency, safety, and cost savings, making them an attractive option for fleet operators looking to optimize their operations. For instance, in January 2024, according to the European Automobile Manufacturers Association, a Belgium-based group of the automobile industry, European Union bus registrations in 2023 soared by 19.4% to 32,593 units, while new truck registrations rose by 16.3% to 346,986 units compared to 2022. Therefore, the growing number of commercial vehicles is driving the growth of the truck platooning systems market.
What are the major segments of the truck platooning systems market?
The truck platooning systems market covered in this report is segmented –
1) By Component: Forward-Looking Camera, System Display With Rear Time Camera, Driver-Centric Design
2) By Vehicle: Light Commercial, Heavy Commercial
3) By Technology: Acceleration And Braking Controller, Global Positioning System, Cellular And Wi-Fi Communication, DSRS Vehicle-To-Vehicle Communication
Subsegments:
1) By Forward-looking Camera: Stereoscopic Cameras, Monocular Cameras, 360-degree Cameras
2) By System Display With Rear-Time Camera: Real-Time Video Feed Display Systems, Multi-View Display Systems, Rearview And Side-view Camera Systems
3) By Driver-centric Design: Driver Assistance Systems, Ergonomic Control Interfaces, Driver Monitoring And Safety Systems
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Which companies dominate the truck platooning systems market?
Major companies operating in the truck platooning systems market report are Daimler Trucks; ZF Friedrichshafen AG; AB Volvo; Continental AG; Magna International Inc.; Uber Technologies Inc.; PACCAR Inc.; Cummins Inc.; Eaton Corporation plc; Scania AB; Iveco; MAN Truck & Bus; Navistar International Corporation; Knorr-Bremse AG; Bosch Rexroth AG; Meritor Inc.; WABCO Holdings Inc.; Allison Transmission Holdings Inc.; DAF Trucks NV; Bendix Commercial Vehicle Systems LLC; Waymo LLC; Embark Trucks Inc.; Einride AB; TuSimple Holdings Inc.
How will evolving trends contribute to the growth of the truck platooning systems market?
The major companies operating the truck platooning systems market are focusing on developing advanced solutions such as the connected truck platform, to enable seamless communication and coordination between trucks in a platoon. A connected truck platform is a technology solution that integrates various components of a truck’s operations, including telematics, software applications, real-time vehicle data, and third-party applications, to provide a unified and customizable platform for fleet management. For instance, in April 2024, DAF Trucks, a Netherlands–based truck manufacturing company, launched the PACCAR Connect fleet management platform. PACCAR Connect is distinguished by its comprehensive system, which includes hardware and software integrated into the truck, an optional detachable tablet in the cab, and an accessible online portal compatible with nearly any fixed or mobile device. This innovative solution offers real-time insights into the performance of individual vehicles and the entire fleet, as well as logistical processes and driver performance, empowering operators to optimize their returns. Users can monitor truck and fleet performance 24/7 online or receive reports via email through the ‘Report Scheduler’ feature, with customizable route and fuel reports displayed on the dashboard. To enhance efficiency, PACCAR Connect employs geofencing technology that alerts the home base when a truck approaches a delivery location or becomes fully operational again after maintenance.
What are the key regional dynamics of the truck platooning systems market, and which region leads in market share?
North America was the largest region in the truck platooning systems market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the truck platooning systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Does The Truck Platooning Systems Market Report 2025 Offer?
The truck platooning systems market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Truck platooning systems are a technologically advanced mode of transportation in which a convoy of trucks moves closely together while utilizing sophisticated communication and control systems to keep a tight formation. These systems offer reduced fuel consumption due to improved aerodynamics, increased highway capacity by reducing the space between vehicles, and enhanced safety through coordinated braking and collision avoidance systems.
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