The truck platooning market is projected to grow at a CAGR of 60.69% from 2021 to 2030, and the market size is projected to grow from USD 37.6 million in 2021 to USD 2,728.7 million by 2030. The market growth is primarily driven by factors such as the increasing demand for assisted driving and reduction in operating cost. Other factors driving the growth of the truck platooning market are a reduction in the number of accidents caused due to driver error and significant testing of on-highway platooning.
The key strategy adopted by the major players in the truck platooning market is new product developments. OEMs and Tier-I suppliers are focusing on the development of a semi-autonomous truck compatible for platooning. These trucks are equipped with Advanced Driver-Assistance Systems (ADAS) features such as adaptive cruise control and lane keep assist, along with vehicle-to-vehicle (V2V) and vehicle-to-infrastructure (V2I) communication. In July 2017, Bosch (Germany) created a “truck of the future” in its new VisionX concept and unveiled it at the IAA Commercial Vehicles 2016 show in Hannover. The VisionX super truck is a 40-ton smart device that can platoon with similar trucks. Supply contracts/collaborations/partnerships/joint ventures are the second most widely followed strategy in the market. In October 2017, Scania (Sweden) formed a collaboration with DB Schenker (Germany), Volvo (Sweden), the Royal Institute of Technology (Sweden), Research Institutes of Sweden (RISE), and the Swedish Transport Administration in a new Swedish truck platooning research project.
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The truck platooning market is dominated by a few global players and comprises several regional players. Volvo (Sweden) is identified as the leading player among OEMs in the truck platooning market. The company offers a robust product portfolio in the transportation sector such as city buses, coaches, and others. The company offers premium products and services related to truck platooning such as self-driving trucks, HMI, Adaptive Cruise Control (ACC), Lane Keep Assist (LKA), fleet management, and others. Volvo (Sweden) has been working on truck automation for 20 years. The company follows the strategy of new product development to gain a competitive edge in the truck platooning market. In July 2017, the company launched its new “VNL” series of semi-trucks, which offer many self-driving features and safety systems such as forward collision warning, adaptive cruise control, lane departure warning, and automatic emergency braking. Similarly, Volvo Trucks launched an integrated system for infotainment and services in May 2017.
In the software/service providers segment, Peloton (US) is a leading player in the truck platooning market. The company deals with major OEMs and Tier I suppliers across the globe. In addition, the company has a first-mover advantage to test truck platooning pilot project in the US. The company has also made substantial investments in its R&D division. It has adopted the strategy of supply contracts/collaborations/ partnerships/joint ventures to increase its presence in the truck platooning market. In February 2017, Peloton announced the collaboration with truck-logistics company Omnitracs (US) to offer the truck platooning technology. Similarly, Peloton demonstrated the driver-assistive truck platooning pilot project on US highways in collaboration with the Michigan Department of Transportation, Michigan State Police, and Michigan Economic Development Corporation in December 2017.
Truck Platooning Market by Infrastructure (V2V, V2I & V2D), Technology (ACC, LKA, DSRC, Image Sensors & RADAR/LiDAR), and by Region - Global Forecast to 2021
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