May 22, 2024
Truck Platooning Market

Truck Platooning Market Is Expected To Be Flourished By Advent Of Autonomous Vehicles

Truck platooning allows drivers to link their heavy trucks together using advanced vehicle-to-vehicle (V2V) communication and automated driving support systems, which optimize aerodynamics and fuel efficiency. Platooning permits trucks to remain safely spaced mere feet apart while traveling at highway speeds. This will significantly cut costs for trucking companies and freight carriers through reduced fuel use and driver workload. The global truck platooning market is mainly driven by several OEMs focusing on developing autonomous driving technologies and semi-autonomous trucks. For instance, Daimler, Volvo, and Cummins are working on developing autonomous truck platooning systems through projects like SARTRE, Energy ICA, and Global Powertrain respectively.

The global truck platooning market is estimated to be valued at US$ 2.91 Mn  in 2023 and is expected to exhibit a CAGR of 5.0%  over the forecast period 2023 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics

The introduction of autonomous vehicles is one of the key drivers propelling the growth of the truck platooning market. Autonomous trucks with platooning capabilities can drive in tightly-packed convoys to improve fuel efficiency and traffic flow. For example, in 2017, Volvo demonstrated a successful autonomous platooning trial with two trucks separated by only 6 meters. Another major driver is the significant economic benefits offered by platooning such as reduced fuel consumption and logistics costs. Platooning is estimated to reduce fuel consumption between 5-10% per truck by streamlining air flow. This will directly cut costs for fleet operators.

Segment Analysis

The truck platooning market can be segmented by type into autonomous and driver-assisted truck platooning. The driver-assisted truck platooning segment is dominating currently due to higher technology adoption rates. This segment allows drivers to join convoys with automated driving enabled on the highway and is seeing faster commercialization rates compared to fully autonomous trucks which still face technological and regulatory challenges.

PEST Analysis

Political: Regulations regarding liability in case of accidents and commercial vehicle lengths vary across regions and can impact adoption. However, platooning is seen as a way to improve road safety and efficiency which regulators support.

Economic: Platooning provides significant cost savings potential from reduced fuel consumption and driver costs. This makes it attractive for fleet operators. The total addressable market size supports many technology providers and fleet operators.

Social: Driver safety and reduced traffic are key attractions. However, loss of driver control capabilities can face resistance from unions initially. Acceptance is expected to grow as the benefits are proven.

Technological: Required technologies like vehicle-to-vehicle communication, semi-autonomous driving, and train control algorithms continue advancing rapidly. Integration challenges remain but the momentum of tech improvements aids commercialization.

Key Takeaways

The global Truck Platooning Market Size is expected to witness high growth over the forecast period of 2023 to 2031, driven by technological advancements and initiatives by fleet operators and governments to improve logistics efficiency and sustainability. The global truck platooning market is estimated to be valued at US$ 2.91 Mn  in 2023 and is expected to exhibit a CAGR of 5.0%  over the forecast period 2023 to 2031.

The North America region currently dominates due to presence of major fleet operators and supportive regulations around platooning trials. States like Florida, California and Michigan have emerged as hubs for piloting and deployment. Growing road congestion levels and initiatives to modernize freight transport are driving adoption 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. Players are focused on developing intelligent driver-assistance systems, vehicular communication technologies and optimizing platoon control algorithms to improve road safety and fuel efficiency. Partnerships between tech providers and fleet companies are also growing.

1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it