Truck Platooning Market Overview
Nowadays, platooning is gaining more popularity in the automotive industry across the regions as it is helpful for the purpose of improving safety, decreasing pollution, and fuel efficiency. The Truck Platooning Technology Market is increasing its demand because platooning is improving operational efficiency and providing autonomous driving experiences for the reduction of the number of accidents and driving efforts. The truck platooning technology Industry is increasing its demand due to the improved road transport in a more efficient, cleaner, and safer way of platooning.
Truck Platooning Market is predicted to grow at approximately 11% CAGR by the Forecast Period.
The rising demand for automated technologies is increasing the adoption of truck platooning in various sectors such as logistics, information technology, road development, and transportation. The truck platooning technology Industry is driving its market growth due to the increasing innovation in platooning technologies, the increasing sales of commercial vehicles, and increasingly stringent environmental regulations. In other words, the global market is helpful for lowering CO2 emissions, reducing fuel consumption, reducing operating costs, and providing road safety.
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Hence, the global market is growing opportunities in the competitive market due to the Self-driving trucks. Moreover, the high cost of hardware and technologies and lack of infrastructure can be a major restraint for the global market. Further, gaining user or public acceptance as well as the increasing concern over data privacy and cybersecurity regulations can be a major challenge for the truck platooning technology market Size.
Key Players
The key players in truck platooning market are Daimler AG (Germany), Scania AB (Sweden), AB Volvo (Sweden), Peloton Technology (US), Navistar International Corporation (US), and Meritor Wabco (Auburn Hills). Bendix Commercial Vehicles Systems LLC (Ohio), Continental AG (Germany), Delphi Automotive PLC (Dublin), and OTTO Technologies (San Francisco) are among others.
Truck Platooning Technology Market Segmental Overview
The truck platooning technology market is classified based on the technology, component, and vehicle type. Based on the component segment, the global market is classified into various components such as system display with rear time camera, a forward-looking camera, radar base collision mitigation, and driver-centric design. These entire component segments are playing an important role in the global market by enhancing the truck platooning technology market Share for the forecast period. According to the technology segment, the global market is divided into GPS, cellular & Wi-Fi communication, acceleration & braking controllers, and dedicated short-range communication V2V communication. The global market is classified into heavy commercial vehicles and light commercial vehicles based on the vehicle type segment.
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Regional Analysis
The regional classification of the truck platooning technology market Trends indicates that the global market has covered the regions like South America, North America, Europe, Asia-Pacific, and the Rest of the World. Compared to all these regions, the European region is registered the higher truck platooning technology market Share due to the increased demand for automated driving systems and smart mobility in countries like France, the UK, and Germany. Another reason for increasing higher market share in the European region is an increase in sales of commercial vehicles. Moreover, the European regions are increasing demands due to the increase in demand for efficiency, road transport, and safety. As a result, the global market is generating higher truck platooning technology market Growth.
Industry News
The global truck platooning technology market Trends has been affected due to the lockdown across the regions. This pandemic situation has hampered the truck platooning technology market Growth as well as its productivity, supply chain, and others. Moreover, the global market has lost its investors due to the increasing loss for the products, supply, transportation, workforce, and others. However, in the meantime, the key market players have implied various strategic techniques to boost global market growth. Thus, to meet the global market demands, the global market increased its speed in producing more valuable products for its intended customers. Recently, the global market has stabilized its position in the global market and is expected to register a higher truck platooning technology market Size for the forecast period.
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