Automotive Platooning Systems Market Overview 2022 - 2032
The automotive platooning system market is projected to have a CAGR of 22.30% during the forecast period. The market is currently valued at US$ 3,604.66 million in 2022. The market value of the automotive platooning system market is anticipated to reach a high of US$ 26,985.40 million by the year 2032.
Automotive Platooning System Market Value (2022)
US$ 3,604.66 million
Automotive Platooning System Market Anticipated Value (2032)
US$ 26,985.40 million
Automotive Platooning System Market Projected Growth Rate (2022-2032)
The automotive platooning system market has been witnessing an unprecedented surge in recent years as it has turned out to be a crucial element in the rising automotive manufacturing industry. This set of vehicles travels together, embracing active coordination with each other that uses mechanical and electronic coupling along with other technological advances for the attainment of competent and safe transport.
FMI has analyzed that the increase in advantages underlined by the automotive platooning system, which includes less collision of traffic, greater economy of fuel, and reduced congestion, are accelerating the growth of the forum through the forecast period.
It has been identified that the automobile industry is paying keen attention to the enhancement of traffic and fuel efficiency, coupled with the need to reduce carbon emissions, which is expected to further boost the market growth in the period 2022-2032.
Moreover, the expert analysts at FMI have revealed that the added beneficial features offered by the products, such as improved vehicle productivity and the improved driving facility, are likely to create further lucrative opportunities for automotive platooning systems during the projection period.
Although the market has healthy growth, it is observed that certain elements prevailing in the marketplace are likely to hinder the pace of the market. These include a lack of customer awareness, lower acceptance of self-driven vehicle technology, and a lack of proper infrastructural development, which is estimated to curb the growth of the market in the upcoming years.
To strengthen their position in the market, major players are implementing a variety of methods, including product portfolio growth and regional development. The key players are adopting various business strategies, such as mergers and acquisitions, to expand their geographic presence and consumer base across the world.
The major players in the automotive platooning market are heavily making investments in the development of platooning technology to overcome the issues related to impaired drivers, technical errors of the vehicles, and implementation of new applications in the existing infrastructure of roads. Therefore, it is estimated that the automotive platooning system market is likely to witness favorable growth through the forecast period.
Automotive Platooning Systems Market: Drivers and Restraints
One of the major driver for growth in the automotive platooning systems market is its added advantages such as great fuel economy, less traffic collisions and reduced congestion. The increasing automotive manufacturing is expected to boost the demand for automotive platooning systems, thus driving the global automotive platooning systems market.
The major players in automotive platooning systems market are heavily investing in the development of platooning technology. The major challenges for the automotive platooning systems market are impaired drivers, technical errors of the vehicles and implementing new applications in existing road infrastructures.
Automotive Platooning Systems Market: Regional Outlook
On the basis of region the global pour point depressant market is segmented into North America, Latin America, Western Europe, Eastern Europe, Middle East and Africa, Asia Pacific Countries excluding Japan and Japan. The automotive platooning systems is still undergoing a lot of research activities.
systems are expected to be largely adopted in the developed countries as compared to developing ones. Regions such as North America and Europe are anticipated to implement this system in the near future. The adoption level of automotive platooning systems is expected to increase a lesser pace in developing regions such as Asia Pacific and Eastern Europe.
Automotive Platooning Systems Market: Major key players
Some of the major players identified in the global automotive platooning systems market are:
- Denso International America, Inc.
- Volvo Group Venture Capital
- Magna International
- UPS Strategic Enterprise Fund
- Intel Capital
- Nokia Growth Partners
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as geography, technology and applications.
The report covers exhaustive analysis on
- Market Segments
- Market Dynamics
- Market Size
- Supply & Demand
- Current Trends/Issues/Challenges
- Competition & Companies involved
- Value Chain
Regional analysis includes
- North America (U.S., Canada)
- Latin America (Mexico. Brazil)
- Western Europe (Germany, Italy, France, U.K, Spain, Nordic countries, Belgium, Netherlands, Luxembourg)
- Eastern Europe (Poland, Russia)
- Asia Pacific (China, India, ASEAN, Australia & New Zealand)
- Middle East and Africa (GCC, S. Africa, N. Africa)
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
Automotive Platooning Systems Market: Segmentation
The automotive platooning systems market can be segmented based on vehicle type as:
- Light commercial vehicles
- Heavy commercial vehicles
The automotive platooning systems market can also be segmented based on mode of communication as:
- Vehicle to Vehicle (V2V)
- Vehicle to Infrastructure (V2I)