Research Nester published a report titled “Truck Platooning Systems Market: Global Demand Analysis Opportunity Outlook 2031” which delivers detailed overview of the global truck platooning systems market in terms of market segmentation by component, technology, vehicle, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global truck platooning systems market is estimated to occupy a large amount of revenue by growing at a CAGR of ~32% during the forecast period, i.e., 2022 – 2031, ascribing to the growing concerns for road safety and security, coupled with increasing number of accidents due to driver errors. Along with this, rising emphasis on the reduction of transportation operating costs, and surging use of truck platooning in road development and logistics sectors are also expected to accelerate the growth of the market in the forthcoming years.
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The market is segmented by component, technology and vehicle. Based on component, the RADAR base collision mitigation segment is anticipated to acquire the largest share during the forecast period on the back of the rising adoption of advanced driver assistance systems, and the ability of the component to provide help in lane change assistance, pedestrian protection systems, and blind spot monitoring. Moreover, by technology, the DSRS vehicle to vehicle communication segment is projected to grab the largest share over the forecast period attributing to the high effectiveness of the technology for counteracting unstable or difficult steering that can be caused by external forces such as strong crosswinds or uneven roads.
Geographically, the global truck platooning systems market is segmented into five major regions, namely North America, Europe, Latin America, Asia Pacific, and the Middle East Africa. Asia Pacific is evaluated to witness noteworthy growth in the market during the forecast period, which can be attributed to the rise in investments to launch full-scale truck platooning operations in the region. Moreover, the market in North America is assessed to acquire the largest share over the forecast period ascribing to the development of favorable regulatory policies in the United States, and high adoption of new technologies in the region.
The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
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Rising Concerns for Road Safety and Security Around the World to Drive Market Growth
The total number of road accidents due to driver errors, such as lost focus and distraction from drowsiness, have witnessed an upsurge. This is raising the concern for road safety and security all around the world, which in turn is predicted to raise the demand for more fuel-efficient and safer vehicles. It is a crucial factor anticipated to drive market growth significantly in the near future.
However, expensiveness of truck platooning systems is expected to operate as key restraint to the growth of the global truck platooning systems market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global truck platooning systems market which includes company profiling of Daimler AG, Volvo Group, Scania AB, Paccar Company, Peleton Technology, Bendix Commercial Vehicles Systems LLC, Clearpath Robotics, Inc., Continental AG, WABCO Vehicle Control Systems LLC, TRATON SE, and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global truck platooning systems market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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