March 1, 2024
Truck Platooning Market

The Global Truck Platooning Market Is Estimated To Propelled By Connected Truck Technology Advancements

Truck platooning involves linking two or more trucks together electronically to travel close together in a paired formation. This allows for increased fuel efficiency and lowered traffic congestion. Truck platooning utilizes vehicle-to-vehicle (V2V) connectivity and advanced driver assistance systems (ADAS) including automatic emergency braking and adaptive cruise control.

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 key trends

Connected truck technology advancements are driving the truck platooning market forward. Technologies such as V2V communication, ADAS, and autonomous driving functions are becoming more sophisticated. They allow trucks to safely travel in very close proximity at high speeds while reducing fuel consumption and emissions. Development of 5G networks will further accelerate truck platooning capabilities by enabling near real-time vehicle coordination and control. As autonomous driving matures, fully autonomous truck platooning with no human drivers is expected to become technically feasible and economically viable within the forecast period.

SWOT Analysis

Strength: Truck platooning helps improve fuel efficiency and reduces costs for trucking companies by decreasing air resistance when multiple trucks drive close together. It also improves road safety by maintaining short and consistent distances between trucks.

Weakness: Significant investments are required for the adoption of truck platooning technologies like vehicle-to-vehicle communication, autonomy systems, and sensors. Ensuring vehicle coordination and synchronization across multiple trucks traveling at high speeds also poses technical challenges.

Opportunity: Growing e-commerce activities and the need for efficient logistics is driving the demand for truck freight transportation. This provides an opportunity for truck platooning technology providers to gain more traction in the market. Government initiatives to promote connected and autonomous vehicles also support the growth.

Threats: Legal liabilities in case of accidents involving platooning trucks need to be clearly defined to encourage adoption. Rising concerns about job losses in the trucking industry due to increased autonomy could reduce support for this technology.

Key Takeaways

The global Truck Platooning Market Size is expected to witness high growth over the forecast period. 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.

North America currently dominates the market due to growing trials and pilot projects in the region spearheaded by technology companies and OEMs. Europe is also a major market supported by government funding for cooperative mobility research projects.

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