Truck platooning involves linking several trucks together using connectivity technologies which allows them to drive closely in a coordinated manner. Truck platooning offers significant advantages such as improved fuel efficiency as trucks in a platoon can reduce air resistance, thereby saving on fuel. Truck platooning also helps in reducing traffic congestion and enhances road safety. The global truck platooning market plays a crucial role in facilitating logistics and transportation of goods over long distances. The global Truck Platooning Market is estimated to be valued at US$ 2.52 Bn in 2023 and is expected to exhibit a CAGR of 5.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
Increased fuel efficiency is one of the major opportunities in the truck platooning market. Trucks driving closely in a platoon can experience a reduction in air drag of up to 10% compared to individual trucks driving alone. This directly translates to substantial fuel savings for fleet operators. It is estimated that truck platooning can help save up to 20% of fuel costs through reduced air resistance. Considering escalating fuel prices and focus on reducing carbon emissions, truck platooning provides an attractive value proposition of improved fuel efficiency for fleet operators and logistics companies. The opportunity to lower fuel and transportation costs will continue to drive investments and adoption of truck platooning solutions over the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as the truck platooning market requires large capital investments and companies need to develop new communication and sensing technologies to enter this market.
Bargaining power of buyers: The bargaining power of buyers is high as there are many truck fleet operators and carriers operating in the market. Buyers can negotiate on pricing and demand additional features.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as truck OEMs and technology providers need to partner with several component manufacturers and software developers to build truck platooning systems.
Threat of new substitutes: The threat of new substitutes is low as there are no direct replacements for truck platooning technology.
Competitive rivalry: The competitive rivalry is high due to the presence of global truck OEMs and technology companies competing in this market.
SWOT Analysis
Strength: Truck platooning facilitates fuel savings of up to 10% and improves transport efficiency. It reduces traffic congestion and lowers carbon emissions.
Weakness: High investment costs, lack of regulations, and technical challenges associated with developing autonomous driving technologies are weaknesses.
Opportunity: Growth of e-commerce and need for efficiency in logistics and freight transport present opportunities. Supportive government policies will accelerate adoption.
Threats: Privacy and cybersecurity threats could hamper adoption. Resistance from truck drivers' unions is also a threat.
Key Takeaways
The global truck platooning market scope is expected to witness high growth. The market size for 2024 is projected to reach US$ 2.52 billion registering a CAGR of 5.0% during the forecast period of 2023 to 2030.
Regional analysis: North America dominates the truck platooning market currently due to supportive regulations and presence of major OEMs. Europe and Asia Pacific are also promising markets and are expected to be the fastest growing regions during the forecast period due to initiatives by governments to develop dedicated truck lanes and incentives for adoption.
Key players: Key players operating in the truck platooning market are Imerys S.A., Sibelco, RHI Magnesita, Omya Group, JFE minerals, Varbar dolomite, Lhoist Group, Arij Global Trading, Nordkalk Corporation, Beihei Group, Arihant Minchem, and Carmeuse. Truck manufacturers such as Daimler, Volvo, and Scania are also actively testing platooning technology on public roads.
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