Truck Platooning Is Estimated To Witness High Growth Owing To Increased Efficiency
Truck platooning involves linking multiple trucks together electronically using vehicle-to-vehicle (V2V) communication and driving automation technologies. The lead truck drives the route while the following trucks keep a short, consistent inter-vehicle distance between one another. This enables reductions in aerodynamic drag for the following trucks that improve fuel efficiency. Truck platooning also allows for longer and heavier convoys of trucks due to improved visibility and shorter spacing between vehicles.
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:
One of the key drivers for the growth of the truck platooning market is the increased efficiency achieved through platooning. When trucks drive closely together in a platoon formation, the aerodynamic drag for trailing trucks is significantly reduced. Studies have shown fuel savings of up to 10% can be achieved through platooning. This improved efficiency translates to reduced operating costs for fleet operators. Another driver is the improved road capacity and fluidity of traffic flow with platooning. With shorter gaps between vehicles, more trucks can be accommodated on highways leading to less congestion. The synchronized breaking and accelerating of platooned trucks also helps stabilize traffic flow.
SWOT Analysis
Strength: Truck platooning technology helps improves fuel efficiency as less air resistance is experienced in platooning compared to sole driving. It also improves traffic flow as trucks maintains small constant gaps between each other in platoon. Safety is also enhanced as drivers can focus more on road without worries of front truck's sudden braking.
Weakness: Initial investment required for technology adoption and installation of necessary hardware is high for fleet owners. Continuous network connectivity is also required between trucks which can face issues in remote areas. User acceptance and compliance to platooning may also take time to gain traction.
Opportunity: With growth in e-commerce and rise in road freight, demand for truck logistics is on rise. This provides opportunities for technology providers to collaborate with fleet owners and encourage platooning. Government support through regulations and subsidies can boost adoption.
Threats: Cyber security threats can emerge from wireless vehicle-to-vehicle communication system. Issues regarding liability in cases of accidents need legal clarity. Competition from alternative fuel-efficient technologies can impact sales.
Key Takeaways
The global Truck Platooning Market Size is expected to witness high growth in the forecast period of 2023 to 2031. 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.
Regional analysis comprises- North America dominates currently due to presence of key technology providers and supportive regulations for connected vehicles in the region. The Asia Pacific region is expected to witness fastest growth due to rising investments in road infrastructure and logistics.
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. The global Truck Platooning market size for 2023 is US$ 2.91 Mn . The market is forecast to grow at a CAGR of 5.0% during the forecast period of 2023 to 2031.
Check below related articles on this topic: https://www.newsanalyticspro.com/the-global-truck-platooning-market-growth-analysis/
https://blogger-veritas.blogspot.com/2024/01/the-global-carbon-offset-market-growth.html
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