by The global truck platooning market is estimated to be valued at US$ 2.52 Billion in 2023 and is expected to exhibit a CAGR of 30.1% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Truck platooning involves grouping of vehicles together using connectivity technology and automated driving support systems. The vehicles automatically maintain a small, pre-set distance from each other on the highway to reduce aerodynamic drag and fuel consumption. Truck platooning improves efficiency and is advantageous for commercial fleet operators by enabling fuel savings of up to 10% per truck. It also helps reduce traffic congestion, accidents and emission levels. With growing long-haul freight transportation, truck platooning offers an efficient solution by increasing drivers’ visibility and safety.
Market key trends:
One of the major trends in the truck platooning market is the focus on developing safer automated driving systems. Continuous technology advancements are enabling vehicles to operate independently with limited human intervention. Companies are investing heavily in testing driverless truck platooning on highways under certain conditions. Several pilot projects across regions are underway to study operational, economic and safety benefits of truck platooning. This is expected to boost commercial and regulatory acceptance of autonomous truck platooning over the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as the truck platooning market requires high investments in technology and equipment. However, established players have significant brand recall and economies of scale.
Bargaining power of buyers: The bargaining power of buyers is moderate. Truck platooning provides fuel savings and hence value to fleet operators. However, alternative technologies also exist.
Bargaining power of suppliers: The bargaining power of suppliers is low due to the presence of several component manufacturers. Suppliers do not have pricing leverage.
Threat of new substitutes: No significant threat as truck platooning represents an incremental improvement over existing transportation services.
Competitive rivalry: High due to the presence of global truck OEMs competing in connectivity solutions.
Key Takeaways
The Global Truck Platooning Market Size is expected to witness high growth, exhibiting CAGR of 30.1% over the forecast period 2023-2030, due to increasing focus on enhancing fuel efficiency. The market size for 2023 is estimated at US$ 2.52 Billion.
North America region dominates the truck platooning market currently due to supportive regulatory environment and presence of major technology providers in the region. Several pilot tests have been conducted by companies in the US and Canada. The Asia Pacific region is expected to witness the fastest growth during the forecast period with China and India emerging as lucrative markets.
Key players operating in the truck platooning market are AB Volvo, Scania AB, Continental AG, Peloton Technology, and Daimler AG among others. AB Volvo offers the Volvo Platooning technology which reduces fuel consumption by up to 10% when two trucks closely follow each other. Scania AB is testing its truck platooning solution on highways and motorways in Europe.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
