Overview and Scope
An automotive platooning system is a technology that allows multiple vehicles to travel closely together in a convoy, with the lead vehicle controlling the speed and direction while the following vehicles autonomously maintain a set distance, speed, and alignment. This system enhances fuel efficiency, reduces traffic congestion, and improves road safety.
Sizing and Forecast
The automotive platooning system market size has grown exponentially in recent years. It will grow from $3.30 billion in 2023 to $4.46 billion in 2024 at a compound annual growth rate (CAGR) of 35.0%. The growth in the historic period can be attributed to advancements in autonomous vehicle technology, government regulations, and initiatives, a rise in traffic congestion, collaborations and partnerships, demonstration projects, and trials.
The automotive platooning system market size is expected to see exponential growth in the next few years. It will grow to $27.98 billion in 2028 at a compound annual growth rate (CAGR) of 35.1%. The growth in the forecast period can be attributed to the expansion of vehicle-to-everything (v2x) communication networks, integration with smart cities initiatives, commercial fleet adoption, advances in safety technologies, and consumer demand for autonomous vehicles. Major trends in the forecast period include integration with electric vehicles (EVs), development of advanced driver assistance systems (ADAS), focus on cybersecurity, expansion of smart transportation infrastructure, artificial intelligence and machine learning innovations.
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Segmentation & Regional Insights
The automotive platooning system market covered in this report is segmented –
1) By Type: Vehicle-To-Vehicle (V2V), Vehicle-To-Infrastructure (V2I), Vehicle-To-Everything (V2X)
2) By Components: Hardware, Software
3) By Functionality: Adaptive Cruise Control (ACC), Cooperative Adaptive Cruise Control (CACC)
4) By Application: Passenger Vehicles, Light-Duty Commercial Vehicles, Heavy-Duty Commercial Vehicles
5) By End-Use: Original Equipment Manufacturer (OEM), Aftermarket
North America was the largest region in the automotive platooning system market in 2023. The regions covered in the automotive platooning system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
Rising automotive manufacturing is expected to propel the growth of the automotive platooning system market going forward. Rising automotive manufacturing is driven by increasing global demand for vehicles, advancements in technology, and expanding markets, leading to higher production to meet consumer needs and regulatory requirements. The use of automotive platooning systems in automotive manufacturing enhances efficiency by optimizing vehicle movement and reducing logistics costs through coordinated convoy operations. For instance, in May 2023, according to the European Automobile Manufacturers Association, a Belgium-based association, in 2021, North America produced 13,596 thousand units of motor vehicles, while in 2022, production increased to 14,901 thousand units. This represents a growth of approximately 9.6% in vehicle production from 2021 to 2022 in the North American region. Therefore, rising automotive manufacturing is driving the growth of the automotive platooning system market.
Key Industry Players
Major companies operating in the automotive platooning system market are The Bosch Group, Hitachi Ltd., Zhejiang Geely Holding Group Co Ltd., Daimler Truck AG, The Volvo Group, TRATON GROUP, ZF Friedrichshafen AG, Continental AG, Paccar Inc., Cummins Inc., Texas Instruments Inc., Aptiv PLC, Iveco Group, NXP Semiconductors N.V., Renesas Electronics Corporation, Navistar Inc., Peloton Technology Inc., Omnitracs LLC, DANLAW INC., Aeris Communications, Yazaki Corporation, Commsignia Ltd., WABCO Holdings Inc.
The automotive platooning system market report table of contents includes:
1. Executive Summary
2. Automotive Platooning System Market Report Structure
3. Automotive Platooning System Market Trends And Strategies
4. Automotive Platooning System Market – Macro Economic Scenario
5. Automotive Platooning System Market Size And Growth
…..
27. Automotive Platooning System Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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