Truck Platooning Systems Global Market Report 2024

The truck platooning systems market size has grown rapidly in recent years. It will grow from $0.95 billion in 2023 to $1.13 billion in 2024 at a compound annual growth rate (CAGR) of 18.2%. The growth observed in the historic period can be attributed to regulatory pressures, the expansion of cooperative and automated mobility, improvements in supply chain efficiency, and increased emphasis on safety considerations.

The truck platooning systems market size is expected to see rapid growth in the next few years. It will grow to $2.21 billion in 2028 at a compound annual growth rate (CAGR) of 18.3%. The projected growth in the forecast period can be attributed to factors such as traffic congestion and road capacity challenges, increased adoption within the freight industry for improved safety and efficiency, rising freight demand, and a growing emphasis on automation. Significant trends expected in the forecast period include the development of multi-brand platooning solutions, efforts towards regulatory harmonization and standardization, and the emergence of hybrid platooning models.

The truck platooning systems market is poised for growth, driven by the increasing number of commercial vehicles. Commercial vehicles, primarily used for business purposes rather than personal transportation, are on the rise due to factors such as economic expansion, shifts in consumer behavior, and changes in global trade and transportation dynamics. Truck platooning systems enhance the efficiency, safety, and cost-effectiveness of commercial vehicles, making them an appealing choice for fleet operators seeking to optimize their operations. For example, in January 2024, the European Automobile Manufacturers Association reported a significant increase in European Union bus registrations, which soared by 19.4% to 32,593 units in 2023, while new truck registrations rose by 16.3% to 346,986 units compared to 2022. This trend underscores how the growing number of commercial vehicles is fueling the expansion of the truck platooning systems market.

Leading companies in the truck platooning systems market are concentrating on developing cutting-edge solutions, such as the connected truck platform, to facilitate seamless communication and coordination among trucks within a platoon. A connected truck platform integrates various aspects of a truck's operations, including telematics, software applications, real-time vehicle data, and third-party applications, to offer a unified and customizable platform for fleet management. For instance, in October 2021, PACCAR Inc., a US-based manufacturer of large commercial trucks, unveiled a new connected truck platform that integrates virtual vehicle technology with the PACCAR Connect telematics system. This integrated solution provides Kenworth and Peterbilt customers with a standardized telematics operating system and application store, enabling direct access to software solutions, real-time vehicle data, and third-party applications from their vehicles. Moreover, the platform supports existing fleet management systems and enables customers to access various software solutions and applications directly from their vehicles.

In September 2022, DB Schenker, a Germany-based provider of freight management and contract logistics services, completed the acquisition of USA Truck Inc. for $435 million. This strategic move is aimed at advancing the shared vision of DB Schenker and USA Truck to become the premier North American transportation solutions provider. By combining their operations, the companies seek to enhance their global logistics services across land, air, and ocean transportation, as well as comprehensive solutions for logistics and global supply chain management. USA Truck Inc., a US-based provider of transportation and platooning services, aligns with DB Schenker's objectives and strengthens its position in the market.

Major companies operating in the truck platooning systems market 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.

North America was the largest region in the truck platooning systems market in 2023. 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. The countries covered in the truck platooning systems market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Truck platooning systems represent an advanced transportation mode wherein a convoy of trucks operates closely together, employing sophisticated communication and control systems to maintain a tight formation. These systems deliver several benefits, including reduced fuel consumption owing to improved aerodynamics, increased highway capacity by minimizing the distance between vehicles, and enhanced safety through coordinated braking and collision avoidance mechanisms.

The primary components of truck platooning systems include a forward-looking camera, a real-time system display with a rear-view camera, and a driver-centric design. A forward-looking camera typically refers to a camera system installed at the front of a vehicle, be it a car, truck, or autonomous vehicle. It finds application across various vehicle types, including light commercial and heavy commercial vehicles, employing diverse technologies such as acceleration and braking controllers, global positioning systems, cellular and Wi-Fi communication, and DSRS vehicle-to-vehicle communication.

The truck platooning systems market research report is one of a series of new reports that provides truck platooning systems market statistics, including truck platooning systems industry global market size, regional shares, competitors with a truck platooning systems market share, detailed truck platooning systems market segments, market trends and opportunities, and any further data you may need to thrive in the truck platooning systems industry. This truck platooning systems 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 truck platooning systems market consists of revenues earned by entities by providing services such as fuel efficiency optimization, fleet management, automated driving, and safety enhancement services. The market value includes the value of related goods sold by the service provider or included within the service offering. The truck platooning systems market also includes sales of products including automated driving systems, onboard computers, collision avoidance systems, lane-keeping assistance systems, and telematics systems. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

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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