Truck Platooning Global Market Report 2024

The truck platooning market size has grown exponentially in recent years. It will grow from $2.08 billion in 2023 to $2.75 billion in 2024 at a compound annual growth rate (CAGR) of 31.9%. The growth observed in the historical period can be attributed to several factors, including the focus on achieving fuel efficiency and cost savings, the implementation of regulatory initiatives and emission standards, efforts directed towards optimizing supply chains and enhancing logistics efficiency, as well as the emphasis placed on road safety measures and accident prevention.

The truck platooning market size is expected to see exponential growth in the next few years. It will grow to $7.94 billion in 2028 at a compound annual growth rate (CAGR) of 30.4%. The projected growth in the forecast period is primarily driven by a sustained focus on sustainability initiatives, ongoing advancements in connected vehicle technologies, the widening scope of automated driving capabilities, the continuous growth of global trade and freight movement, increased investments in infrastructure, and the evolution of smart transportation systems. Key trends expected in the forecast period encompass the proliferation of testing and pilot programs, the development of robust cybersecurity measures, the integration of transportation systems with connected infrastructure, a heightened focus on driver training and education, as well as the entry of new players into the market.

The upward trajectory in the sales of commercial vehicles is anticipated to catalyze the expansion of the truck platooning market. Commercial vehicles, encompassing those involved in transporting people or goods for business purposes, are increasingly becoming a focal point for the adoption of platooning technologies. The surge in commercial vehicle sales is driving the demand for platooning solutions, offering advantages such as heightened efficiency, reduced losses, and improved fuel economy. Notably, in September 2022, as reported by Rushlane, a prominent automotive source based in India, sales of commercial vehicles surged from 54,107 units in August 2021 to 67,158 units in August 2022. This robust growth in commercial vehicle sales underscores the driving force behind the expanding truck platooning market.

The burgeoning manufacturing activities are poised to propel the growth of the truck platooning market in the foreseeable future. Manufacturing, involving the transformation of raw materials into finished products through various processes, is experiencing a notable boost, with truck platooning systems playing a pivotal role in this expansion. These systems contribute to effective and automated loading processes, diminishing manual labor, enhancing productivity, and optimizing logistics operations. Reflecting this trend, Statistics Canada reported in February 2023 that the manufacturing industry in Canada witnessed a remarkable 17.9% growth, reaching a total sales figure of $850.9 billion in 2022. Additionally, a report from the United Nations Industrial Development Organization in March 2022 indicated a global rise of 9.4% in manufacturing production in 2021. Consequently, the escalating manufacturing activities serve as a driving force for the growth of the truck platooning market.

The surge in autonomous driving trends is poised to drive the growth of the truck platooning market. Autonomous driving, denoting a vehicle's capability to operate without direct human intervention, aligns seamlessly with platooning systems. These systems, integrating autonomous driving capabilities, enable trucks to operate in close proximity while synchronizing their movements. This integration significantly enhances the efficiency and safety of platooning operations. Notably, in 2022, the Autonomous Vehicle Industry Association reported that autonomous vehicles had covered over 44 million miles on U.S. public roads, showcasing the increasing prevalence of autonomous driving. As this trend continues to gain momentum, it serves as a key driver for the growth of the truck platooning market.

Major players in the truck platooning market are strategically embracing new technologies to fortify their market positions. The adoption of new technologies involves the integration of innovative tools, systems, or methodologies to enhance efficiency and gain a competitive edge. A notable example occurred in September 2023 when Resolute Forest Products, a Canada-based pulp and paper company, contributed to advancing off-highway automated vehicle (AV) technology, specifically truck platooning. The tests involved a pickup truck prototype in various conditions, with upcoming phases exploring more challenging scenarios using fully loaded Class 8 trucks equipped with the AutoDrive autonomous platform.

Leading companies in the truck platooning market are focusing on the development of innovative services, such as Telematics Solutions, to consolidate AI-powered fleet safety, risk management, and operations. This approach represents a significant advancement in telematics technology, streamlining and enhancing various aspects of fleet management. For instance, in October 2023, Nauto, a U.S.-based company specializing in AI-driven driver safety technology, launched new telematics capabilities providing visibility into vehicle tracking, utilization, misuse, and maintenance planning. The integrated solution addresses the challenge of multiple devices in commercial vehicle cabs, enabling fleet operators to reduce costs and optimize efficiency. Additionally, Nauto's safety features have been enhanced with specialized detectors that generate specific alerts, differentiating between pedestrians, bicyclists, and motorcyclists in situations where there's a detected risk of collision with these vulnerable road users (VRUs).

Major companies operating in the truck platooning market report are Daimler AG, Peloton Technology Ltd., Aktiebolaget Volvo, Continental AG, Navistar Inc., Scania AB, IVECO SpA, Hino Motors Ltd., Nvidia Corporation, Bendix Corporation, MAN Truck & Bus SE, DAF Trucks NV, Omnitracs LLC, Robert Bosch GmbH, ZF Friedrichshafen AG, PACCAR Inc., WABCO Holdings Inc., Stoneridge Inc., Denso Corporation, Magna International Inc., Aptiv plc, Autoliv Inc., Valeo SA, Mobileye Global Inc., TomTom NV, Trimble Inc., Transdev plc, Waymo LLC, Aurora Innovation Inc., TuSimple Holdings Inc., Embark Trucks Inc., Plus.ai, Starsky Robotics Inc., Ike Robotics Inc., Kodiak Robotics Inc., Locomation Inc..

Asia-Pacific was the largest region in the truck platooning market in 2023. North America is expected to be the truck platooning market report fastest-growing region in the forecast period. The regions covered in the truck platooning market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the truck platooning market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary services offered in truck platooning include telematics-based solutions, automatic crash notification, emergency calling systems, navigation and infotainment services, on-road assistance, remote diagnostics, vehicle tracking, and other related functionalities. Telematics services involve the application of communication and information technology for transmitting data across networks. The essential components utilized in truck platooning comprise a forward-looking camera, a system display featuring a real-time camera feed, radar-based collision mitigation, and lidar technology. There are two main types of platooning such as driver-assistive truck platooning (DATP) and autonomous truck platooning. The latter involves vehicle-to-infrastructure (V2I), vehicle-to-vehicle (V2V), and vehicle-to-everything (V2X) communication technologies, operating at semi-autonomous and fully autonomous levels.

The truck platooning market research report is one of a series of new reports that provides truck platooning market statistics, including truck platooning industry global market size, regional shares, competitors with truck platooning market share, detailed truck platooning market segments, market trends, and opportunities, and any further data you may need to thrive in the truck platooning industry. This truck platooning market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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