TRUCK PLATOONING MARKET ANALYSIS

Truck Platooning MarketSize and Trends

The global truck platooning market size is estimated to be valued at US$ 2.52 Billion in 2023 and is anticipated to witness a compound annual growth rate (CAGR) of 30.1% from 2023 to 2030.  The market is fueled by rising environmental pollution, rising road safety concerns, and increasing focus on cost-effective transportation modes. The key factors driving the growth of this region are the increased investments in automotive R&D, growing demand for autonomous and intelligent transportation, and rising sales of EVs.

Global Truck Platooning Market Trends:

Increase in technological developments in truck platooning is a major trend in the market

The demand for safer and highly fuel-efficient vehicles is increasing, and as a result the investment in novel vehicle technologies has increased by vehicle manufacturers. Automobile manufacturers are making use of truck platooning technology to increase the safety and efficiency of trucks. These truck platooning technologies offer advanced features such as avoiding forward collision and mitigation system, adaptive cruise control, active braking systems, and departure warning. Such technological advancements are likely to drive the demand for this truck platooning technology, which is expected to boost the market growth in the near future.

Rise in need for enhanced driver capabilities and growing commercial vehicles is a recent trend

Increasing need for enhanced driver capabilities the popularity of truck platooning has grown significantly. The technology allows more predictive truck driving on the road and enhances the safety of for other road users. With the new trends in road freight sector, such as customization of vehicles, are enabling truck fleets to equip advanced navigation and security tools. Thus, this trend is likely to propel growth of the global truck platooning market during the forecast period.