供應鏈技術(shù)概述（英）-2024-12-宏觀大勢

EMERGINGTECHRESEARCH

SupplyChainTechOverview

IndustryandtaxonomyupdatewithlatestVCactivity

2024

REPORTPREVIEW

ThefullreportisavailablethroughthePitchBookPlatform.

PublishedonDecember19,2024

Contents

Verticaloverview3

Supplychaintechlandscape5

SupplychaintechVCecosystemmarketmap6

VCactivity7

Segmentoverview10

Enterprisesupplychainmanagement11

Freighttech14

Last-miledelivery19

Warehousingtech22

2024SupplyChainTechOverview

InstitutionalResearchGroupAnalysis

JonathanGeurkinkSeniorAnalyst,EmergingTechnologyjonathan.geurkink@

pbinstitutionalresearch@

BenRiccioAssociateAnalyst,EmergingTechnologyben.riccio@

pbinstitutionalresearch@

Data

HarrisonWaldockDataAnalyst

Publishing

ReportdesignedbyChloeLadwigandMeganWoodardPublishedonDecember19,2024

CONFIDENTIAL.NOTFORREDISTRIBUTION.PG2

$

Supply

chaintechlandscape

Enterprisesupplychainmanagement.Warehousetech

Freighttech

Last-miledelivery

2024SupplyChainTechOverview

1,733

837

461

$10.5

20142015201620172018201920202021202220232024

Dealvalue($B)Dealcount

VCactivity

Throughthefirstthreequartersof2024,VCdealactivityinsupplychaintechtotaled$7.1billionacross461deals.Comparedtothispointin2023,dealvaluehasdeclined15.6%,anddealcounthasfallen

31.8%.Overall,investmentinsupplychaintechhasremainedconsistentwiththelargerdownturnintheVCmarket.Acrosssegments,last-miledeliverysawthegreatestfunding,reaching$2.6billion

throughthreequarters—themajorityofwhichcanbeattributedtodeliveryplatformssuchasZeptoandPicnic,whichcontinuetoseestronginvestorinterest.Fueledbyoutsizedealsforautonomous

truckingandfleetmanagementsoftware,freighttechhasalreadysurpassedits2023fundingtotal,

reaching$1.2billioninQ32024.Overall,valuationsforsupplychainstartupshaveremainedconsistentoverthepastfewyears,whilemediansizehasincreasedslightly.

NotabledealsinQ32024includedthatofAltanaTechnologies,whichraised$221.4millioninAugust

andenjoyeda1.8xvaluationstep-up.Thedealstandsoutagainstabackdropofflatanddownroundsandgivesthestartupapost-moneyvaluationof$1billion.WarehouseautomationdeveloperMytra,

138

52

●

$1.2

20142015201620172018201920202021202220232024

Exitvalue($B)Exitcount

foundedbyTeslaandRivianalumni,alsoenjoyedasignificant2xstep-upinvaluationwitha$50millionSeriesBround.Bycontrast,followingacanceledacquisitionfromsuitorGetirinMarch,Flinkwas

abletoraise$150millioninequityanddebtinSeptember,resultinginanestimatedvaluationof$700million.Thecompanyhasraised$1.6billiontodateandhadavaluationof$2.9billionattheendof2021.

VCexitactivityhasbeenmutedin2024,withjustthreepubliclistings,ninebuyouts,and40

acquisitionsthroughthreequarters.Ofthepubliclistings,twocamefromChinesecompaniesRIAMBandAutoziInternetTechnologies,whileSorted,adeliverymanagementplatform,waslistedonthe

LondonStockExchangeviaareversemerger.OntheM&Aside,ultrafastdeliveryplatformGetirwasacquiredbyMubadalaInvestmentCompanythrougha$250millionbuyout,andEcosiowasacquiredbyVertexfor$181million.Overall,exitopportunitiesremainlimited,creatingabacklogofstartupswithIPOambitions.

2024SupplyChainTechOverview

SupplychaintechVCdealactivity

1,2691,3091,375

1,328

925

1,021

860

505$6.7

$12.4

●

$7.1

$19.7

$14.6

$31.0$33.5$34.7$63.7$29.9

Source:PitchBook?Geography:Global?AsofSeptember30,2024

SupplychaintechVCexitactivity

99

80

68

$74.8

43

25

41

37

19

17

$50.8

$3.4

$22.0

$2.4

$1.6

$14.9

$11.5

$11.7

$127.6

Source:PitchBook?Geography:Global?AsofSeptember30,2024

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Freighttech

Overview

Freighttechincludessolutionsthatsupportthemovementofgoodsandmaterialsaroundthe

globethroughtrucking,rail,maritime,andairborneshipping.IntheUS,truckingrepresentsmostofthefreightmovement,accountingfor64.1%ofshipmentbyweightand63.2%ofshipmentbyvaluein2023.9Giventhisvolume,VCinvestmentinthefreighttechsegmentisweightedtowardstruckingandtruckinglogistics.Investorshavefocusedonaddressingthekeychallengesfacing

theindustry,suchastheongoinglaborshortage.Whilefallingdemandhasmaskedtheshortagerecently,thehighmedianageoftruckersandtheindustry’sfailuretorecruityoungerworkers

threatentruckinginthelongterm,astheshortageofdriverscouldgrowto160,000by2030.10

OvercominglaborshortageswithtechnologyhasbeenamajorfocusofVCinvestors,with25%ofthetotalfreighttechVCfundingthroughQ32024goingtoautonomoustruckingtechnology.

Truckinglogisticsisanothersizablesubsegmentwithinfreighttech.StartupshavedeployedAI

andpredictivesystemstooptimizetruckloads,scheduling,androuting.Electronicloggingdevices(ELDs)fortrackingadriver’shoursofservicehavebecomemandatoryintheUSinrecentyears,

butlikecontemporarypassengercars,newtruckscanbroadcastvastquantitiesofdatafroma

widearrayofsensorsandcameras.Thisdatacanthenbeusedtomonitorandpredictdriving

habits,fuelefficiency,andvehiclemaintenance.Thesuccessandwidespreadadoptionofride-

hailingappshasspreadtotruckinglogistics,enablingdigitalfreightmatchingandamarketplaceforshippersandbrokers,aswellasautomationofmanyfreightprocesses.Thepaceoftechnologyadoptioninfreighttechcontinuestoacceleratewithstartupsbringingnewbusinessmodelsandefficiencytoahighlyfragmentedsegmentofthesupplychainindustry.

9:“MovingGoodsintheUnitedStates,”USDepartmentofTransportation,n.d.,accessedDecember4,2024.

10:“DriverShortageUpdate2021,”AmericanTruckingAssociations,October25,2021.

Truckmanufacturershavemadesignificantstridestowardreducinghydrocarbonemissions

overthepastcoupledecades;in2022,fuelefficiencyreachednewhighsforbothsingle-unitandcombinationtrucks,at7.9and7.0milespergallon,respectively.However,truckingstillremains

asignificantsourceofgreenhousegasemissions,accountingfor22.7%oftotaltransportation

emissionsand72.2%ofemissionsfromfreighttransportationspecifically.11Weaningthetruckingsectorofffossilfuelshasbeenanothermajorfocusoffreighttechinvestors,butregulatorsandthetruckingindustryremainfarapartinacceptanceandadoptionofEVtrucks.

Subsegmentsinclude:

?Truckinglogistics:Developmentandcommercializationofnetworkedandapp-basedmodelstoorganizetheflowofloadsacrossfreightanddrivernetworks

?Marine,rail&portlogistics:Developmentofplatformstoorchestrateflowofloadsand

containersacrossfreightnetworksandnodes,includingcustomsandinternationalshipping

?Autonomoustrucks&middlemile:Developmentofautonomousvehicles(AV)forfreightandshippingapplicationsaswellasAVtruckingnetworks

Industrydrivers

?E-commerce:Acceleratede-commerceadoptionduringthepandemicpushedthefreight

landscapeforfasterandmoreflexibledelivery.Ase-commercecontinuestoscale,thefreightindustrywillhavetoadapttochangingdemands.

?Labor:Shortagesindriversandwarehouseworkersaredrivingdemandforautomation,remotemanagement,andautonomousoperation.

11::“FreightTransportationEnergyUse&EnvironmentalImpacts,”USDepartmentofTransportation,2023,accessedDecember4,2024.

2024SupplyChainTechOverviewCONFIDENTIAL.NOTFORREDISTRIBUTION.PG14

FREIGHTTECH

?Sustainabilityandregulation:Regulationsaroundcarbonemissionsaredrivingsignificanttransformationacrossallmodesoffreighttransport.

140

120

100

80

60

40

20

0

20232024202520262027202820292030

Marketsize

Freighttechspansmanylargeanddiversemarketsfromvehiclestosoftwareandservices.

Globally,theheavy-dutytruckmarketexceeds$250billion;12withinthis,theshareofEVtrucksisnegligible.Morethan80%oftruckshavedieselpowertrains,andthenextlargestportionrunsonnaturalgas—althoughhybridsaretakingagrowingshare.NearlyallmajortruckmanufacturersareworkingonEVmodels,andadoptionshouldexpandrapidlywithincreasedemissionsregulation,costreductions,andcustomeracceptance.EVtruckgrowthcouldexceed30%annuallythrough

theendofthedecade,driveninitiallybyadoptionoflight-dutyEVsandthenscalinguptolargervehiclesasbatterytechnologyandrangeimprove.13

Thefleetmanagementmarketreachedmorethan$22billionin2023andisexpectedtogrow10%peryearoverthenextdecade.14Growthdriversincludeexpansionofsensorsanddatabeyond

traditionalELDandGPSsystemsandfurthercloud-basedadoption.Marine,rail,andportlogisticsparticipantshavehistoricallybeenslowtoadoptnewtechnologies,butthepaceappearstobe

pickingup.In2022theUnitedNationsConferenceonTradeandDevelopmenturgedtheindustry

12:“Heavy-DutyTrucksMarketSizebyClass(Class7,Class8),byFuel(Diesel,NaturalGas,HybridElectric,Gasoline),byHorsepower(Below300HP,300HP-400HP,400HP-500HP,Above500HP)&Forecast,2023-2032,”GlobalMarketInsights,March2023.

13:”ElectricTruckMarketSize,Share&IndustryAnalysis,byPropulsion(BEV,PHEV,andFCEV),byVehicleType(LightDutyTrucks,MediumDutyTrucks,andHeavyDutyTrucks),byRange(150Miles,151-300Miles,andAbove300Miles),andRegionalForecasts,2024-2032,”FortuneBusinessInsights,

November18,2024.

14:“FleetManagementMarketSizetoReachUSD52.50Billionby2030atCAGR10.6%—ValuatesReports,”PRNewswire,February18,2022.

2024SupplyChainTechOverview

Freighttechmarketsizeestimate($B)

Source:PitchBookEmergingTechResearch?Geography:Global?AsofSeptember30,2024

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