Truck Platooning Market Overview:
Platooning is a technology that, by using automated technology, sets two or more trucks closely to reduce air drags and increase fuel efficiency. This helps in maintaining brake, acceleration, and steering of all these trucks aligned together for a better functional result. The global truck platooning market is expected to record 11% CAGR during the forecast period (2018-2023). Market Research Future (MRFR) in their report banked on factors and segmentation for a better understanding of the forecast period.
Factors to impact the truck platooning market are increased fuel efficiency, better support for automated & smart vehicles, less carbon discharge, stringent environmental regulations, better logistics & transportation facilities, enhanced information technology, hike in commercial vehicles sale, and others. The truck platooning market to score big in Europe owing to its better compliance with safety and environment-friendly laws. However, the natural growth can be daunted by regulatory frameworks and road infrastructure during the forecast period.
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The global truck platooning market is expected to get good traction from several companies who involved and invested themselves in taking the market ahead. These companies are AB Volvo (Sweden), Daimler AG (Germany), Scania AB (Sweden), Meritor Wabco (Auburn Hills), Peloton Technology (US), Navistar International Corporation (US), Bendix Commercial Vehicles Systems LLC (Ohio), Delphi Automotive PLC (Dublin), Continental AG (Germany), OTTO Technologies (San Francisco), and others. MRFR in their report encompasses the latest doings of these companies for a better understanding of the global setup. This includes strategic moves mostly and how they are expected to take shape in the coming years.
In September 2018, the US Department of Transportation (USDOT) released a Broad Agency Announcement or BAA to assess in-service truck platoon scenario to develop synergistic truck platooning pilot deployment concept and better other factors such as building partnerships among stakeholders, and enhance deployment plans. It will support the freight industry and increase safety.
The global truck platooning market, as profiled by MRFR for an in-depth analysis, has segments like component, technology, and vehicle type. It is further backed up by the data gathered by considering revenue generated by each segment.
Based on the components, the truck platooning market comprises forward looking camera, system display with rear time camera, driver-centric design, and radar-based collision mitigation. Latest technologies are giving traction to the radar-based collision mitigation segment.
Based on the technology, the truck platooning market includes GPS, cellular & Wi-Fi communication, acceleration & braking controller, and dedicated short range communication V2V communication. The GPS segment is gaining substantial mileage owing to its ability to provide real-time updates about the vehicle’s position.
Based on the vehicle type, the truck platooning market comprises light commercial vehicle, and heavy commercial vehicle.
The global truck platooning market has been segmented on a region-specific level by MRFR in their latest report on the same. North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW) are four regions that have been integrated into the report. This analysis has its roots in the desire to unveil various possibilities and prospects on a demographic scale to take the market forward.
Europe is expected to lead the global market as the regional dependency on truck platooning has grown substantially. The region backs environment-friendly possibilities to a great level which is why the industry is gaining traction. At the same time, smart mobility and automated driving system in the UK, Germany, and France are expected to take the regional market ahead. The market is gaining strong tailwind from the rising demand for commercial vehicles in the region. Safety and efficiency are also expected to back up the growth notably.
In the APAC, developing economies are revamping infrastructure which results in increasing road development, better road transport facilities, and enhanced information technology. Taking its benefits along, the regional truck platooning market can grow remarkably during the forecast period.
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