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Global Automotive Platooning Systems Market Set for Rapid Growth, to Reach Around USD 7.10 Million units by 2026

iCrowdNewswire   Oct 5, 202012:40 PM ET

With the presence of a large pool of participants, the global automotive platooning systems market is displaying a highly competitive business landscape, finds a new research report by Zion Market Research (ZMR). Daimler, Delphi, MAN Truck & Bus, Nokia Growth Partners, and Continental are some of the key vendors of automotive platooning systems across the world. These players in automotive platooning systems market are focusing aggressively on innovation, as well as on including advanced technologies in their existing products. Over the coming years, they are also expected to take up partnerships and mergers and acquisitions as their key strategy for business development, states the market study.

In a key breakthrough witnessed across the automotive platooning systems market, in September 2017, German auto manufacturer Daimler AG stated that  it will test its platooning technology on the U.S. roads, which will help the digitally connected trucks to improve fuel efficacy by driving close to each other.

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Escalating Need For Reducing Carbon Emissions To Drive Industry Growth

“Extensive use of automotive platooning systems significantly reduces the GHG emissions occurring as a result of road freight transportation. It also offers other benefits such as low road congestion, effective infrastructural use, and enhanced road safety,” says the author of this study. Apart from this, need for improving fuel & traffic efficiency is likely to stimulate the automotive platooning systems market growth over the forthcoming years. Escalating requirement to curb traffic accidents and congestion will result in surge in the automotive platooning systems market demand in the years ahead.

High investment costs, lack of customer awareness, and lack of infrastructural development along with lower acceptance of self-driven vehicle technology in some of the countries, however, can hinder the expansion of automotive platooning systems market over the years ahead. Nevertheless, the beneficial features offered by the product such as safe & competent transport along with enhancement of driving& vehicle productivity will boost the automotive platooning systems market revenue, normalizing the impact of hindrances on the automotive platooning systems market growth, reports the study.

Sophisticated ICT Infrastructure to Assist Europe Maintain Dominance

Regionally, Europe has been leading the worldwide automotive platooning systems market and is anticipated to continue on the dominant position in the years to come, states the market study. The presence of a well-established & advanced ICT infrastructure facility and execution of favorable regulations are the key factors behind the dominance of the Europe automotive platooning systems market. The EU has made enormous development in connected car technologies and is positioned robustly in terms of smart mobility, thereby further leading to acceptance of automotive platooning systems in the region, thereby resulting in automotive platooning systems market expansion in the region.

The global automotive platooning systems market is segmented as follows:

By Region

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Keywords:    Gobal Automotive Platooning System Market

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