PUBLISHER: IMARC | PRODUCT CODE: 1722405
PUBLISHER: IMARC | PRODUCT CODE: 1722405
The global truck platooning market size reached USD 3.9 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 30.0 Billion by 2033, exhibiting a growth rate (CAGR) of 24.24% during 2025-2033. The increasing safety concerns, escalating demand for reducing fuel consumption, ongoing technological advancements, and shortage of drivers are primarily driving the market growth.
Rising Demand for Road Safety
The increasing demand for road safety is significantly driving the growth of the truck platooning market. Heavy-duty trucks are involved in a significant portion of road accidents, often due to factors like driver fatigue, distraction, or human error. For instance, according to an article published by TruckInfo.net in May 2023, there were more than 168,000 truck accidents every year, nearly 32% of which involved an injury and around 3% resulted in a fatality. Similarly, according to another article published by Injury Facts, in 2022, 5,837 heavy trucks were involved in a fatal crash, up 1.8% from 2021 and 49% over the prior decade. Truck platooning systems enhance safety by reducing these risks through automated driving features and coordinated vehicle maneuvers. These factors are further contributing to the truck platooning market share.
Stringent Government Rules and Regulations
Governments are setting stringent emission reduction targets to combat climate change and improve air quality. For instance, in March 2024, the EPA released a final rule revising existing criteria to minimize greenhouse gas emissions from heavy-duty vehicles in model year 2027 and setting new, more rigorous limits for model years 2028-2032. Truck platooning contributes to these goals by optimizing fuel efficiency and reducing carbon emissions per transported goods. These factors are further positively influencing the truck platooning market forecast.
Technological Advancements
Technological advancements play a pivotal role in driving the growth and adoption of the truck platooning market. Truck platooning relies heavily on V2V communication systems that enable trucks to communicate with each other. This technology allows platooning vehicles to synchronize their movements, including acceleration, braking, and steering. For instance, in November 2019, Hyundai tested platooning of its 40-tonne Xcient trucks on the Yeoju Smart Highway, a 4.5-mile section of road set aside by the Korean Government for the development of autonomous cars. For safety reasons, the trucks were limited to 37 mph and put through a series of tests to assess close proximity convoy driving, emergency braking, vehicle-to-vehicle (V2V) communications, and responsiveness to other road users. These factors are further bolstering the truck platooning market revenue.
DATP involves trucks that require a human driver to actively monitor and intervene as needed, despite benefiting from advanced driver assistance systems (ADAS). It enhances safety by reducing driver fatigue and human error, which are common causes of truck accidents. While autonomous truck platooning involves trucks operating without human intervention, using AI, machine learning, and advanced sensors to navigate and communicate with each other autonomously.
According to the truck platooning market outlook, V2I communication enables vehicles to exchange data with roadside infrastructure, such as traffic signals, road signs, and toll booths. It provides real-time information on traffic conditions, road hazards, and route optimization to trucks participating in platoons. While V2V communication enables direct wireless exchange of data between vehicles within close proximity. It is crucial for maintaining safe distances and synchronized movements within a truck platoon. Trucks can share real-time data on speed, braking, and position, allowing for coordinated maneuvers. Moreover, V2X communication encompasses both V2I and V2V technologies, as well as interactions with pedestrians, cyclists, and other road users. Governments are fostering the deployment of V2X technologies through regulatory frameworks and incentives, aiming to enhance road safety, reduce emissions, and optimize transportation efficiency.
According to the truck platooning market overview, ACC automatically adjusts a vehicle's speed to maintain a safe following distance from the vehicle ahead, even in varying traffic conditions. While BSW uses sensors to detect vehicles in the truck's blind spots and alerts the driver through visual or auditory signals. Moreover, GPS provides accurate location data and navigation information to vehicles based on satellite signals. Furthermore, FCW uses sensors to detect objects or vehicles in the truck's path and alerts the driver to potential collision risks.
Telematics enables real-time monitoring of vehicle location, fuel consumption, engine diagnostics, and driver behavior. This data allows fleet operators to optimize routes, reduce idle times, and improve overall fleet efficiency. While platooning reduces aerodynamic drag and fuel consumption by enabling trucks to travel closely together. This efficiency leads to significant fuel savings, particularly on long-haul routes. Platooning technology helps mitigate the impact of driver shortages by allowing a single driver to oversee multiple trucks within a platoon, maximizing driver productivity and operational efficiency.
According to the truck platooning market outlook, image sensors capture visual data using cameras mounted on trucks. They provide real-time video feeds and imagery of the surroundings, enabling object detection, lane recognition, and traffic sign recognition. Moreover, these sensors detect vehicles, pedestrians, and obstacles in the vicinity of trucks within a platoon. While radar sensors use radio waves to detect objects and measure their distance, speed, and direction relative to the vehicle. These sensors detect potential collisions and trigger alerts or automatic braking systems within a platoon. Apart from this, LiDAR sensors emit laser pulses and measure the time it takes for the pulses to reflect off objects, creating detailed 3D maps of the environment.
The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa.
According to the truck platooning market statistics, supportive regulatory frameworks and pilot projects in states like California and Texas encourage the testing and adoption of platooning systems, thereby driving the market growth in North America. Moreover, European countries have been at the forefront of implementing platooning trials and regulatory frameworks. Well-developed road infrastructure and supportive policies in Europe promote the integration of platooning technologies, aiming to enhance efficiency and reduce emissions. Furthermore, rapid urbanization and the growth of e-commerce in Asia Pacific drive the demand for efficient freight transport solutions, fostering interest in platooning technologies.
The market research report has provided a comprehensive analysis of the competitive landscape. Detailed profiles of all major market companies have also been provided. Some of the key players in the market include: