Automotive Platooning System Market Report 2024

The automotive platooning system market size has grown exponentially in recent years. It will grow from $3.3 billion in 2023 to $4.46 billion in 2024 at a compound annual growth rate (CAGR) of 35%. During the historic period, growth can be attributed to advancements in autonomous vehicle technology, government regulations and initiatives promoting innovation, increasing traffic congestion in urban areas, collaborative efforts and partnerships within the automotive industry, and the implementation of demonstration projects and trials to test new technologies and systems.

The automotive platooning system market size is expected to see exponential growth in the next few years. It will grow to $27.98 billion in 2028 at a compound annual growth rate (CAGR) of 35.1%. In the forecast period, growth can be attributed to the expansion of vehicle-to-everything (V2X) communication networks, integration with smart cities initiatives, increasing adoption by commercial fleets, advancements in safety technologies, and rising consumer demand for autonomous vehicles. Key trends expected in this period include the integration of V2X with electric vehicles (EVs), the development of advanced driver assistance systems (ADAS), heightened focus on cybersecurity measures, expansion of smart transportation infrastructure, and innovations driven by artificial intelligence and machine learning.

The automotive platooning system market is poised for growth driven by increasing automotive manufacturing. This rise is fueled by growing global demand for vehicles, technological advancements, and expanding markets, prompting higher production to meet both consumer demand and regulatory standards. Automotive platooning systems optimize vehicle movement and reduce logistics costs through coordinated convoy operations, enhancing efficiency in automotive manufacturing. For example, data from the European Automobile Manufacturers Association in May 2023 showed that North America's vehicle production rose from 13.59 million units in 2021 to 14.9 million units in 2022, marking a 9.6% increase year-over-year. This underscores how rising automotive manufacturing is propelling growth in the automotive platooning system market.

Leading companies in the automotive platooning system market are focusing on developing innovative technological solutions to enhance safety and efficiency. One such innovation is the vehicle safety platform, which integrates various technologies and features to prevent accidents and mitigate collision severity. For instance, Vodafone Group Plc, a UK-based telecommunications company, launched the Safer Transport for Europe Platform (STEP) in September 2023. This cloud-based platform, leveraging open industry standards, facilitates the sharing of safety information and hazard warnings among road users, transport authorities, and third-party apps and in-vehicle navigation systems. The upgraded STEP platform supports cooperative platooning, including with autonomous vehicles, enabling vehicles to manage spacing and speed between them autonomously. Such technology aids in reducing collisions, traffic congestion, and fuel consumption.

In January 2023, Danlaw Inc., a US-based technology firm, acquired Cohda Wireless to bolster its safety solutions, connectivity, and location accuracy in the V2X technology market. This acquisition enhances Danlaw's ability to innovate and expand its global footprint in advanced automotive platooning solutions. Cohda Wireless, headquartered in Australia, specializes in providing cutting-edge automotive platooning technologies.

Major companies operating in the automotive platooning system market are The Bosch Group, Hitachi Ltd., Zhejiang Geely Holding Group Co Ltd., Daimler Truck AG, The Volvo Group, TRATON GROUP, ZF Friedrichshafen AG, Continental AG, Paccar Inc., Cummins Inc., Texas Instruments Inc., Aptiv PLC, Iveco Group, NXP Semiconductors N.V., Renesas Electronics Corporation, Navistar Inc., Peloton Technology Inc., Omnitracs LLC, DANLAW INC., Aeris Communications, Yazaki Corporation, Commsignia Ltd., WABCO Holdings Inc.

North America was the largest region in the automotive platooning system market in 2023. The regions covered in the automotive platooning system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the automotive platooning system market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

An automotive platooning system is a technology that enables multiple vehicles to travel closely together in a convoy, with the lead vehicle controlling speed and direction while the following vehicles autonomously maintain a set distance, speed, and alignment. This system is designed to enhance fuel efficiency, alleviate traffic congestion, and improve road safety.

The primary types of automotive platooning systems include vehicle-to-vehicle (V2V), vehicle-to-infrastructure (V2I), and vehicle-to-everything (V2X). Vehicle-to-vehicle (V2V) communication involves direct data exchange between vehicles, facilitated by both hardware and software components. Functionalities include adaptive cruise control (ACC) and cooperative adaptive cruise control (CACC). These systems find applications across passenger vehicles, light-duty commercial vehicles, and heavy-duty commercial vehicles, serving various end-users such as original equipment manufacturers (OEM) and the aftermarket.

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

The automotive platooning system market consists of revenues earned by entities providing services such as fleet management services, training and support, telematics and data analytics, and simulation and testing services. The market value includes the value of related goods sold by the service provider or included within the service offering. The automotive platooning system market also includes sales of sensors, radar, cameras, and communication systems essential for enabling vehicle-to-vehicle (V2V) communication and autonomous driving functionalities. 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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