Market Synopsis:
Platooning is extremely useful in automotive sector. It is used with the objective of enhancing fuel efficiency, decreasing pollution, and augmenting safety. Truck platooning caters to a range of trucks equipped with automated driving support systems and connectivity technology, one closely following the other. The platoon works fine with the first truck leading other vehicles behind the trucks transforming to the changes in the shifting of the first trucks. The trucks keep a close distance between each other, which curbs the fuel consumption, CO2 emissions, and air drag. The vehicle manufacturers are creating novel technologies such as automated driving support systems to excel the multi brand platooning and platooning technology. The forces that are responsible for the development of truck platooning market are strict environment norms, the increasing sales of commercial vehicles, and innovation in platooning technologies. Platooning extends autonomous driving experience, which decreases driving efforts and the quantity of accidents as well as it enhances operational efficacy, which propels the the market growth. Platooning encorages road transport in a more effective, cleaner, and safer way, which boosts demand for platooning in the worldwide market. Truck platooning is estimated to develop the demand in verticals like transportation, road development, information technology, and logistics, because of the increasing need for automated technologies. The government of Europe has taken a number of initiates to allow cross-border, large-scale, transportation through truck platooning. Additionally, the European automakers have been working on enabling truck platooning with the aid of only front truck driver in the future. On the other hand, the road infrastructure along with regulatory framework in Europe is likely to restrict the market growth. Market Research Future has conducted a comprehensive study on the global truck platooning market. The report published by Market Research Future states that the truck platooning market is estimated to expand at an approximate 11% CAGR by the conclusion of 2023.
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Market Segmentation
The global truck platooning market is segmented based on vehicle type, technology, and component. Based on vehicle type, the market is segmented into heavy commercial vehicle and light commercial vehicle. Based on technology, the market is segmented into GPS, acceleration & braking controller, dedicated short range communication, cellular & Wi-Fi communication, and V2V communication. Based on components, the market is segmented into system display with rear time camera, forward looking camera, radar base collision mitigation, and driver-centric design.
Regional Analysis
Based on region, the market is segmented into Europe, Asia-Pacific, North America, and Rest of the World. The prevalence of automated technologies associated with platooning in most regions has driven the demand in the truck platooning market. Presence of key manufacturers in these regions and their association with the local players, over time, have broadened the market scope in these areas. Europe market is estimated to rule the global market over the assessment period. Truck platooning deals with high capital costs, which consequently turns into an entry barrier. Asia-Pacific market is likely to hold the second largest share throughout the review period owing to increasing demand of commercial vehicles in India. The surging demand of commercial vehicles has led to the growth in the truck platooning market. The minimum driving efforts along with safety and easy transportation for attaining the desired automated vehicles gives rise to the need for adoption of progressive technologies, such as platooning.
Key Players
Global truck platooning market is dominated by key players such as Scania AB (Sweden), Daimler AG (Germany), Peloton Technology (US), AB Volvo (Sweden), Meritor Wabco (Auburn Hills), Navistar International Corporation (US), Continental AG (Germany), Bendix Commercial Vehicles Systems LLC (Ohio), OTTO Technologies (San Francisco), and Delphi Automotive PLC (Dublin).
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