An experimental study on reducing aerodynamic drag and improving fuel economy through vehicle platooning was conducted to develop an Intelligent Transport System (ITS) with good fuel economy of the entire vehicle-based transportation society. The objectives of the present study are to achieve a simple and quick approach to estimating the aerodynamic drag reduction rates of vehicle platooning. This paper reports the prediction formula, including the conditions of various types of vehicles in multiple-vehicle platooning, based on the power law of a free turbulent axisymmetric wake and on-road experimental results. Note, the prediction formula in this study does not fully include the effect of various type of wake deficit patterns due to rear shape of vehicle and atmospheric wind. Therefore, continuous study is needed to examine the applicable limit.