Increasing demand for improving fuel efficiency, making road transport safer and decreasing pollution to drive Europe truck platooning market through 2024
According to TechSci Research report, “Europe Truck Platooning Market By Platooning Type, By Vehicle Type, By System, By Sensor Type, By Country, Competition, Forecast & Opportunities, 2024”, truck platooning market in Europe is expected to grow at a double-digit CAGR during 2019-2024, as governments across the region are focusing on reducing carbon emissions and reducing fuel consumption. Moreover, truck platooning helps to improve safety as other vehicles behind the truck follow the same path and are equipped with connectivity technology & automated driving support systems. Due to platooning, vehicles experience reduced air drag and lower traffic congestion, thereby positively influencing market growth.
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Truck Platooning Market”
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In terms of system, adaptive cruise control (ACC)
segment dominated the market in 2018 and the trend is likely to continue during
the forecast period, as it helps to adjust vehicle speed and maintain optimum
distance according to the trucks in platooning with the assistance LiDAR and
radar. On the basis of sensor, the market can be segmented into image, radar
and LiDAR. Image sensor is likely to witness extensive adoption in the region,
owing to their capability of detecting vehicle’s surrounding and providing
Major players operating in Europe truck platooning market are AB Volvo, Daimler AG, Continental AG, Scania AB, Peloton Technology Inc., Navistar International Corporation, Bendix Commercial Vehicles Systems LLC, Delphi Automotive PLC, OTTO Technologies and Meritor Wabco. Companies operating in the market are adopting organic and inorganic strategies such as product launch, investments & expansions and agreements & contracts to ensure growth in the market.
“Truck platooning market in Europe is expected
to grow at a double-digit CAGR in coming years, on account of technological
advancements and stringent vehicle safety norms in the region. Moreover, due to initiatives taken by the
European Union such as Safe Road Trains for the Environment (SARTRE), the
regional market is expected to witness investments in the truck platooning
market through 2024.”, said Mr. Karan Chechi, Research Director with TechSci
Research, a research based global management consulting firm.
“Europe Truck Platooning Market By Platooning Type, By
Vehicle Type, By System, By Sensor Type, By Country, Competition, Forecast &
Opportunities, 2024” has
evaluated the future growth potential of Europe truck platooning market and
provides statistics & information on market size, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges and opportunities in Europe truck platooning market.