The global truck platooning market accounted for $500.9 million in 2017, and is projected to garner $4.59 billion by 2025, registering a CAGR of 32.4% from 2018-2025, according to a report published by Allied Market Research, Portland, Ore.
Based on technology, the market is divided into adaptive cruise control (ACC), blind spot warning (BSW), global positioning system (GPS), forward collision warning (FCW), lane keep assist (LKA) and others. The ACC segment held the largest share in 2017, contributing nearly one-fourth of the total market, owing to its advantages such as crash avoidance, less driver fatigue and more.
However, the BSW segment is projected to register the fastest CAGR of 38.4% during the forecast period, owing to its ability to provide reliable information regarding vehicle's blind spot, safe lane changing and high level of safety.
On the basis of platooning type, the market is bifurcated into driver-assistive tuck platooning (DATP) and autonomous truck platooning. The DATP segment held the largest share of the total market, and is expected to continue its dominance throughout the forecast period. However, the autonomous truck platooning segment is projected to register the fastest CAGR of 46.6% through 2025, owing to continuous developments carried out by truck manufacturers to produce trucks with autonomous technology.
Based on communication technology, the market is divided into vehicle-to-infrastructure (V2I), vehicle-to-vehicle (V2V) and vehicle-to-everything (V2X). The North America region held the largest share, contributing nearly half of the total share in 2017. However, the market across the LAMEA region is projected to manifest the fastest CAGR of 36% during the forecast period.