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Truck Industry Tech
Overview
Tools and technologies shaping the future of trucking
Truck industry tech players are introducing next-generation technologies and tools, collectively referred to as “Truck Industry Tech,” comprising route planning and freight management apps, driving assist platforms, autonomous trucks, and electric and fuel cell truck components.
These tech solutions aim to shape the future of the truck industry by improving road safety and fuel efficiency while moving traditional freight matching and route planning online, providing convenience and cost savings for truck drivers, fleets, and shippers. The Internet of Things (IoT), sensors, and camera technologies have become essential to fueling the industry’s advancements.
Route planning, online freight matching platforms, and Society of Automotive Engineers (SAE) Level 1 autonomous technology are in the commercial stage, whereas autonomous trucks (SAE level 4 and 5) and electric and fuel cell trucks are still in the early commercial stages.
Industry Updates
Market Sizing
The US Truck Industry Tech market could reach USD 44.0 billion–65.4 billion by 2033
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Market Mapping
Startups dominate the Truck Industry Tech space, particularly in the online freight platforms segment. Despite being relatively capital-intensive, segments like autonomous trucks and electric and fuel cell trucks have attracted considerable startup activity, boosted by the self-driving vehicle industry and the declining cost of autonomous technologies in general. For example, Alphabet’s Waymo managed to bring its Laser Bear Honeycomb LiDAR prices down by around 90% to roughly USD 7,500 by 2019 from the industry norm of USD 75,000 a few years before.
All the players in the online freight platforms and route planning apps segments have commercialized their product offerings and operate either in early or growth stages. However, most of the autonomous vehicle tech developers, some safety and driving assist tools providers, and electric and fuel cell truck makers are yet to commercialize their product offerings and are hence classified as seed or pre-seed.
Most of the incumbents operating in the space are either automotive companies such as Toyota, Tesla, General Motors, Volvo, and Daimler or tech giants such as Uber. Incumbents in the route planning and online freight platforms space also include truck stop and travel center companies like TravelCenters of America and Love's Travel Stops as well as established road travel planning and freight matching companies such as Trimble MAPS, Zonar, and Direct Freight Services.
Autonomous trucks
Safety and driving assist tools
Electric and fuel cell trucks
Route planning platforms
Online freight platforms
The Disruptors
The most prominent disruptors in the industry come from the electric and fuel cell trucks, and autonomous trucks segments—raising USD 5.6 billion and USD 5.4 billion, respectively (as of July 2024). These segments, despite having few disruptors, attract significant investor interest due to the high funding required for complex product development. Leading the charge, publicly listed companies Aurora Innovation and Nikola Motor Company (Nikola) have raised USD 3.7 billion and USD 3.4 billion, respectively, focusing on autonomous trucks and electric and fuel cell trucks.
Most disruptors operate in the online freight platforms segment, raising USD 1.8 billion in funding collectively, as of July 2024. These companies have reached commercial-scale operations, with all companies operating in early or growth stages. Flock Freight is the highest-funded company in this segment, raising USD 399 million as of July 2024. Germany-based Sennder and Loadsmart are the other prominent online freight platform providers, both having raised more than USD 300 million as of July 2024.
The industry also includes several companies that have been listed or propose to be listed via special purpose acquisition companies (SPACs), including electric and fuel cell truck makers Hyzon Motors, XOS, and REE Automtove, and autonomous truck maker Aurora Innovation.
Funding History
Competitive Analysis
Incumbents
Incumbents in the autonomous and alternative fuel truck space are well-established truck manufacturers, with the majority offering self-driving tech as well. For example, Volvo Trucks develops its own autonomous truck dubbed “Vera” while also offering a collision mitigation system called 'Volvo Active Driver Assist.'
Incumbents in the route planning and online freight platforms space include truck stop and travel center companies that introduce their own apps (TravelCenters of America, Love's Travel Stops), as well as other established road travel planning and freight matching companies with separate apps for truck drivers (Trimble MAPS, Zonar, and Direct Freight Services).
Notable Investors
