Truck platooning is a concept in which a group or “platoon” of trucks automatically drive closely together in a coordinated manner by using connectivity and automated driving support systems. The lead truck drives and the following trucks automatically maintain the speed and distance from the truck ahead of it with less human involvement. This improves traffic flow and fuel efficiency. Connectivity technologies like vehicle-to-vehicle and vehicle-to-infrastructure communication allow the trucks to automatically brake, accelerate and steer together as one unit. The trucks carry freight together on highways to reduce drag. 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 Dynamics:
The emergence of autonomous trucks is one of the major drivers expected to boost the truck platooning market growth over the forecast period. Autonomous trucks use advanced driver assistance systems, sensors and connectivity technologies to drive themselves without much human intervention. They can seamlessly integrate with platooning systems to efficiently form and operate convoys of platooned trucks. This reduces transportation costs for logistics companies and improves safety and traffic management. Another factor fueling the market is the potential fuel savings achieved through platooning. When trucks drive close together in a coordinated manner, the lead truck breaks the wind for the following trucks which experience lower drag. Studies have shown platooning can potentially save up to 10% fuel per truck. This makes long-haul freight transportation more economical.
Segment Analysis
The truck platooning market can be segmented into automatic truck platooning and semi-automatic truck platooning. Automatic truck platooning is currently dominating the segment and is expected to continue its dominance during the forecast period. In automatic platooning, vehicles automatically follow the vehicle ahead of it with the help of adaptive cruise control, automated braking, and other systems without any human intervention. This reduces the operational cost for fleet owners and improves fuel efficiency.
PEST Analysis
Political: The governments across various countries are supporting autonomous truck platooning projects through funding and pilot programs to reduce traffic congestion and emissions. For instance, the US department of transportation funded several pilot projects on platooning.
Economic: Adoption of truck platooning provides significant economic benefits such as reduced fuel consumption and operational costs for fleet owners. It is estimated that platooning can reduce fuel costs by 10% and increase profitability.
Social: Driver shortages in logistics industries is a major challenge. Truck platooning with lesser driver involvement or fully autonomous vehicles can help overcome this challenge. However, some drivers may resist these technologies due to loss of jobs.
Technological: Advancements in connectivity, sensors, radars, and AI are enabling development of driving assistant systems and automated vehicle functions required for truck platooning. 5G communication technology will further boost truck platooning capabilities.
Key Takeaways
The global truck platooning market share is expected to witness high growth.
Regional analysis: The Asia Pacific region is expected to be the fastest growing market for truck platooning driven by initiatives from governments of China, Japan and Singapore to develop autonomous vehicle technologies. China has emerged as global hub for autonomous trucks testing due to reduced regulations compared to other countries. Several Japanese technology companies are also conducting trials for truck platooning on highways and plan to commercialize these technologies by 2025.
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.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it