by Truck platooning involves linking semi-trailer trucks together using wireless vehicle-to-vehicle (V2V) communication and automated driving support systems, allowing trucks to travel closely together in a coordinated manner. This enables fuel savings for fleet operators and results in reduced traffic congestion and emissions. 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 key trends:
Autonomous driving technology has enabled truck platooning by facilitating V2V communication between vehicles and automated response of one vehicle to the actions of another. This coordination allows trucks to travel spaced just 50-100 feet apart at highway speeds, thereby reducing aerodynamic drag for improved fuel efficiency of up to 10%. With growing focus on sustainability in logistics, autonomous truck platooning is expected to see strong adoption over the forecast period to achieve environmental and economic benefits.
SWOT Analysis
Strength: Truck platooning allows more goods to be transported using fewer drivers, reducing costs for logistics companies. It also improves fuel efficiency as trucks can draft behind each other.
Weakness: Higher upfront costs are involved for equipping trucks with cooperative adaptive cruise control and vehicle-to-vehicle communication technology. Wireless connectivity and coordination issues can disrupt platooning.
Opportunity: Governments globally are promoting the adoption of self-driving trucks and platooning to enhance road safety and efficiency of freight transport. The growing e-commerce sector is increasing demand for logistics.
Threats: Strong opposition from truck driver unions over potential job losses due to automation. Strict regulations and testing required before commercial deployment of driverless truck platooning.
Key Takeaways
The global truck platooning market demand is expected to witness high growth.
Asia Pacific region currently dominates the market due to large-scale infrastructure development and government initiatives to expand road networks in countries like China and India. Growing e-commerce and manufacturing sectors are driving demand for logistics in the region.
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. These companies are focusing on developing cooperative adaptive cruise control systems and truck-to-truck wireless communication technology. Partnerships with truck manufacturers and logistics providers are expanding commercial adoption of the technology.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
