Truck platooning system market: Key market research findings
- EMEA dominates the market geographically
- Developments in technology to reflect positively on the market
- Key vendors – Peloton Technology, Volvo, Scania, and Daimler
Technavio’s market research analysts predict the global truck platooning system market to grow at a CAGR of around 18% between 2016 and 2020. The availability of ITS corridors and smart road infrastructure such as truck-only lanes/highways is the primary driving force behind the recent rise in demand for truck platooning systems. The availability of truck-only lanes or highways in several developed regions of the globe, such as the US and Europe, is likely to offer a conducive environment for the development and deployment of truck platoons. During 2015, EMEA dominated the global truck platooning market by accounting for around 48% of the overall market share. The increased penetration of smart mobility and developed information and communications technology (ICT) infrastructure are factors that will drive growth in the truck platooning system market in EMEA during the forecast period.
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for the growth of this market and its sub-segments.
“Gradual developments in truck platooning technology and associated businesses is expected to reflect positively on the market in the coming years. The business model is expected to evolve to one where two or more trucks that meet on the same road form a platoon mode based on mutual consent. Such changes are expected to result in optimum road capacity utilization, better flow of traffic, less driver fatigue, higher fuel efficiency, and a safer commute,” says Siddarth Jaiswal, Lead Analyst, Automotive, Technavio Research.
The rising concern about greenhouse gas (GHG) emissions is encouraging governments to focus on alternative sources of fuel. A lot of emphases is directed at the transportation sector as it is the second-largest GHG emissions contributor. As a result, automotive OEMs and Tier-I suppliers can reap the benefits of introducing such new technology in vehicles. Such initiatives are expected to stimulate the demand for vehicle technology that can help the transportation sector go green.
The key vendors in the market Peloton Technology, Volvo, Scania, and Daimler. The global truck platooning market is still in its nascent stage and is far from reaching its true market potential. Although this market is relatively new and upcoming, platooning technologies are anticipated to become an inherent part of every future truck engineered with standardized connected vehicle service offerings.
A more detailed analysis is available in the Technavio report, Global Truck Platooning System Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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