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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