New York, June 05, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Truck Platooning Global Market Report 2023" - https://www.reportlinker.com/p06464149/?utm_source=GNW
The global truck platooning market is expected to grow from $1.59 billion in 2022 to $2.09 billion in 2023 at a compound annual growth rate (CAGR) of 31.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The truck platooning market is expected to reach $6.09 billion in 2027 at a CAGR of 30.6%.
The truck platooning market consists of revenues earned by entities by providing adaptive cruise control (ACC), global positioning systems (GPS), and human–machine interface (HMI) in truck platooning.The market value includes the value of related goods sold by the service provider or included within the service offering.
The truck platooning market also includes sales of sensors that are used in providing truck platooning services.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Truck platooning is the merging of two or more vehicles in a platoon using autonomous driving support systems and networking technology. It enables trucks to follow one another closely, lowering air resistance and enhancing fuel efficiency.
Asia-Pacific was the largest region in the truck platooning market in 2022.North America is expected to be the fastest-growing region in the forecast period.
The regions covered in the truck platooning market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main services of truck platooning are telematic-based, automatic crash notification, emergency calling, navigation and infotainment, on-road assistance, remote diagnostics, vehicle tracking and others.Telematic services describe the application of communications and IT to the transmission of data across networks.
The components involved are a forward-looking camera, a system display with a rear time camera, radar base collision mitigation and lidar. The platooning types involved are driver-assistive truck platooning (DATP) and autonomous truck platooning that consists of vehicle-to-infrastructure (V2I), vehicle-to-vehicle (V2V), vehicle-to-everything (V2X) communication technologies on the semi-autonomous and full-autonomous autonomous level.
The growing sales of commercial vehicles are expected to propel the growth of truck platooning going forward.A commercial vehicle is referred to as a vehicle that moves people or goods for business purposes.
Increasing commercial vehicles will create demand for platooning technologies due to which they gain benefits such as increased efficiency, reduced loss, and improved fuel economy.Truck is part of commercial vehicles and as the trucks increase, their need for improving operations or road safety also increases which also creates demand for platooning.
For instance, in September 2022, according to Rushlane, an India-based automotive company, sales of commercial vehicles increased from 54,107 units in August 2021 to 67,158 units in August 2022. Therefore, the growing sales of commercial vehicles are driving the growth of truck platooning market.
Technological development is a key trend gaining popularity in the truck platooning market.Major companies operating in the truck platooning market are adopting new technologies to sustain their position in the market.
For instance, in July 2020, TuSimple, a US-based autonomous trucking company, launched an autonomous freight network (AFN), an ecosystem made up of autonomous trucks, digitally mapped routes, strategically placed terminals, and TuSimple Connect, a unique autonomous operations monitoring system. These elements come together to form the most effective and safe method of commercializing self-driving trucks.
Rising demand for connected vehicles is expected to propel the growth of the truck platooning market going forward.A connected vehicle is a vehicle that communicates with the internet, road infrastructure, or other vehicles through a wireless network.
Platooning is one of the most important applications for connected and automated cars, which coordinate the movement of two or more vehicles as a group and make road transportation safer, cleaner, and more efficient.For instance, according to Visual Capitalist, a UK-based online publisher, focused on topics including markets, technology, energy and the global economy, by 2030, 95% of new vehicles sold will be connected vehicles, up from 50% in 2023.
Therefore, the rising demand for connected vehicles is driving the demand for truck platooning market.
The countries covered in the truck platooning market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The truck platooning market research report is one of a series of new reports that provides truck platooning market statistics, including truck platooning industry global market size, regional shares, competitors with truck platooning market share, detailed truck platooning market segments, market trends, and opportunities, and any further data you may need to thrive in the truck platooning industry. This truck platooning market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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