Truck platooning market expanding
The truck platooning market is projected to grow to $2,728.7 million by 2030 from $37.6 million in 2021, at a CAGR of 60.96% during the forecast period. According to the market research report, "Truck Platooning Market by Type (DATP, Autonomous), Systems (ACC, AEB, FCW, GPS, HMI, LKA, BSW), Sensor (Lidar, Radar, Image), Services (Telematics- ECall, ACE, Tracking, Diagnostics, & Platooning- Pricing, Match Making), Region - Global Forecast to 2030," published by MarketsandMarkets, developments in advanced driver-assistance systems (ADAS) and the shortage of drivers in many countries are expected to drive the market for truck platooning. Additionally, improvements in V2X infrastructure and developments of multi-brand truck platooning will be critical for the growth of this market in coming years.
Adaptive cruise control (ACC), also known as intelligent cruise control, is an ADAS feature that uses radar to sense the vehicles in front and adjusts the speed of the vehicle according to the distance between the trucks in platooning. An essential system for truck platooning, ACC is costly. Expensive sensors such as radar and LiDAR are required for advanced features such as driver drowsiness, blind spot warning, lane keep assist, adaptive cruise control, road sign recognition, and forward collision warning systems, and they increase the overall cost of the truck. As a result, ACC is projected to be the largest market, by system, in the global truck platooning market.
Image sensors can detect a vehicle's surrounding environment and provide detailed information. Currently, both 2D and 3D image sensors are used. The number of image sensors used in truck platooning depends on the level of autonomy and the number of trucks involved in the platoon. Due to the increasing accuracy of object detection, the number of image sensors installed in a truck (for platooning) is expected to increase in the future. As these applications/systems are key for effective implementation of truck platooning, the image sensor market is projected to be the fastest growing market, by sensor type.
The telematics-based services segment is projected to be the largest segment in the truck platooning market, by services. The adoption rate of telematics-based services is projected to grow in truck platooning because of rising concerns regarding maintenance notifications, duration of maintenance services, and reduced operational costs.
The transportation market in the Americas, which slowed down temporarily due to the financial downturn from 2007-2009, is now undergoing moderate growth. The transportation industry, particularly in the United States and Canada, has seen an increasing trend of downsizing and rightsizing in the overall market for transportation. Market growth will likely be driven by two key factors: rapid development of autonomous vehicle technology and strict government regulations for road safety.
One factor restraining the growth of the truck platooning market is the lack of infrastructure. Truck platooning requires integrated application of internet of things (IoT) technologies and surrounding infrastructure in transportation systems. The current road infrastructure is constraining the development of possible routes for long-haul truck platoons.
Significant growth in platooning testing and increased funding from the government are expected to play a major role in the development of this technology. In 2016, the U.S. government spent $4.00 billion to accelerate the acceptance of autonomous vehicles on U.S. roads. In September 2017, Daimler Trucks North America announced the testing of truck platooning operations on public highways in Oregon and Nevada in the U.S. In June 2018, Volvo Trucks North America joined hands with FedEx and the North Carolina Turnpike Authority to demonstrate on-highway truck platooning in North Carolina. The above-mentioned factors, coupled with projected driver shortage and presence of long and connected highway infrastructure, will drive the growth of the Americas market for truck platooning.
Key manufacturers operating in the truck platooning market are Volvo (Sweden), Daimler (Germany), Scania (Sweden), Continental (Germany), Peloton (U.S.), and NVIDIA (U.S.).
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