Market Challenges And Opportunities

Global Truck Platooning Market Drivers:

Increasing government regulations for emission reduction to boost the market pace

Several countries around the world have implemented certain regulations to control harmful gas emission from vehicles. The transportation sector accounts for major share in the global pollution and out of this, trucks used for transport cause greenhouse gas emission the most. Due to the emission of such harmful gases, the adoption of truck platooning technology can be reduced in this sector. These vehicle operate very closely reducing the air drag by nearly 40% and reduces Carbon Dioxide per kilometer by 10%. Due to stringent government regulations, the truck platooning technology is widely being adopted around the world, which in turn is expected to drive growth of the market over the forecast future.

Decreased consumption of fuel to drive the market growth

Several companies involved in truck manufacturing are focused on development of truck platooning technology for increasing the fuel consumption. The platooning trucks are usually following the leading truck having a very short distance between them. This reduces the air resistance for the following trucks and causes lesser consumption of fuel. Scania AB, a major truck manufacturer is conducting test for truck convoys with the use of truck platooning technology and is focusing on producing a solution for reducing the fuel consumption considerably for the transportation sector. The reduction in fuel consumption due to use of truck platooning technology is expected to augment growth of the global truck platooning market over the forecast period.

Global Truck Platooning Market Opportunities:

Increasing production of completely autonomous trucks for platooning is expected to generate growth opportunities in the global truck platooning market over the forecast period. As the platooning technology is in its beginning stage, several truck manufacturers are involved in development of this technology. Due to significant benefits of this technology, such as reduced fuel consumption, reduced traffic congestion, lesser GHG emission, and lesser driver fatigue, several truck manufacturers are attracted to the technology. As producing fully autonomous trucks for platooning does not require any driver inputs, the production of these completely autonomous vehicles for the purpose of platooning is increasing, which in turn is expected to drive the market growth.

Extension availability in size of truck platooning fleet is anticipated to create lucrative environment for growth opportunities in the global truck platooning market during the forecast period. The use of truck platooning offers different benefits such as enhanced driver comfort, less congestion, cost savings, enhanced safety, and others. Currently, testing truck platooning technology for involves maximum 3 vehicles, due to which, the benefits of this technology are restricted to the limited truck number. However, increasing development efforts of platooning technology for accommodating higher number of trucks in a platoon is likely to create major growth opportunities in the market.

Global Truck Platooning Market Restraints:

High cost of platooning technology to hinder the market pace

The truck platooning technology makes use of different components such as radar, Lidar, and other sensors to collect data. For instance, adaptive cruise control is a technology that uses radar sensors for sensing the distance from the vehicle in front. Such technologies are expensive and the cost of sensors used in these systems are high. Due to this, the overall cost of platooning technology is increased making it expensive for consumers. This in turn is expected to hinder growth of the global truck platooning market over the forecast period.

Increasing concerns regarding security and privacy to hamper the market growth

Due the truck platooning technology, the travelling experience has enhanced due to its benefits such as low carbon emission, high speed, and fuel-efficiency. The truck platooning systems make use of various components such as cameras and sensors. These components are operated through software, which are vulnerable to cyber-attacks. Thus, concerns regarding security and privacy of information accessed through these software is likely to limit growth of the global truck platooning market during the forecast period. However, with increasing focus on technological advancements, market players are focused on developing solutions to overcome these hurdles, which in turn is expected to aid in growth of the market.