Market Research Report
Global Truck Platooning Market Size - Segmented by Technology, by Infrastructure, and Geography - Growth, Trends, and Forecast (2018 - 2023)
|Published by||Mordor Intelligence LLP||Product code||707311|
|Published||Content info||110 Pages
Delivery time: 2-3 business days
|Global Truck Platooning Market Size - Segmented by Technology, by Infrastructure, and Geography - Growth, Trends, and Forecast (2018 - 2023)|
|Published: August 1, 2018||Content info: 110 Pages||
The global truck platooning market is expected to grow at a CAGR of 1.43% during the forecast period, 2018-2023, with the improved fuel efficiency through truck platooning system gaining attention during the test trials, and thus, is likely to drive the demand for truck platooning in the coming years.
Platooning is a method where a group of two or more vehicles travel at a safe distance behind one another, so that the vehicles following experience reduced air drag, less fuel consumption, and optimal use the road space by avoiding traffic congestion. The leading vehicle controls the driving direction and the trailing vehicles follow the leading vehicle using advanced features such as adaptive cruise control, collision avoidance system, lane departure warning, etc. Trucks are the major type of vehicle currently adopting platooning system, as they have showed significant improvement in fuel savings with the leading truck achieving 4-5% fuel efficiency, while the trailing trucks achieved about 7-10% of fuel efficiency in testing trials on the public motorways.
Europe pioneered in successfully demonstrating truck platooning system under the project Safe Road Trains for the Environment (SARTRE), a European Commission funded project during 2011. Thereafter, the region continued to invest in the development of truck platooning to support its freight business with advanced technologies to meet the growing stringent emission regulations in the future. As of 2017, the UK government has announced to invest USD 10.4 million in semi-autonomous truck platoons trials on the country roadways in 2018.
North America is also investing in activities toward truck platoons, which primarily began with efforts from automotive giants such as Daimler AG, Volvo, and other firms. Similarly, in Asia-Pacific, countries like Japan and Singapore have started launching truck platoon test trials.
A few projects, such as SARTRE, PATH, GCDC (Grand Cooperative Driving Challenge), SCANIA and ENERGY-ITS (Intelligent Transport Systems), have been initiated and implemented across various regions, to test and verify automotive (majorly truck) platooning systems. These projects involve members of automotive industry (SCANIA, DAF, Volvo, Daimler etc), technology companies (Peloton Technology, OTTO Motors, Omnitracs etc), and investment firms, along with support from regional/country level governments.
Some of the advanced features deployed in truck platooning include adaptive cruise control, forward collision avoidance and mitigation system, and lane departure warning and active braking systems. All these features if availed in the trucks will enable them to enter into the semi-autonomous level of driving and reduce the probability of human error accidents during their transit. Other developed infrastructure systems involved in truck platooning, including vehicle-to-vehicle communications (V2V), vehicle-to-infrastructure (V2I), and satellite communications (GPS), have ensured secure connectivity between the vehicles and other information networks where freight fleet operators can smoothly monitor the transportation administrations.
The ongoing tests on truck platooning, along with the growing support from governments across various regions, and the benefit of fuel efficiency in truck platooning are the major factors anticipated to drive the launch of truck platooning on public roadways commercially by the end of 2018.
Apr 2017: Peloton Technology, a connected and automated vehicle startup, which works on improving safety and efficiency of freight transportation, has closed a USD 60 million Series B funding round led by the fleet management company Omnitracs, which spun out of Qualcomm in 2013. The round included other prominent participants including Intel Capital, Volvo Group, BP Ventures, Nokia Growth Partners, UPS Strategic Enterprise Fund, and Lockheed Martin.
Truck Platooning Market Major Players: Peloton Technology, Daimler AG, Volvo Group, Scania AB, Continental AG, and DAF Trucks NV, among others.
Latest technology trends adopted in the truck platooning market.
Various perspectives of the market with the help of Porter's five forces analysis.
Study on the technologies deployed in the truck platooning.
The latest developments and activities employed by the major market players.
3 months analyst support, along with the Market Estimate Sheet (in Excel).
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