The Global Connected Truck Market was worth US$ 32.5 billion in 2022 and is anticipated to reach a valuation of US$ 75.99 billion by 2028 and is predicted to register a CAGR of 15.36% during 2023-2028.
Market Overview:
Connected trucks are used with features that provide the driver with instant information on the vehicle's status and control remotely. On a connected truck, the driver can check the current fuel level, battery status, flight status, and other information. Significant truck makers, for example, Daimler AG, MAN AG, Scania, Volvo, Renault, DAF Trucks, and IVECO, have created connected trucks and plan to modernize connected trucks with improved advancements.
Expanded digitization and expanded value-added combinations are required to drive the development of the connected truck market. With connected trucking technology, fleet operators can optimize factors such as fuel maintenance and driver salaries, which together account for more than 60% of the total cost of ownership. Daimler, a German multinational automotive company, has already connected around 500,000 trucks to the Internet of Things (IoT). This trend is expected to continue to grow, and it is estimated that by 2020 more than 35 million trucks will be connected worldwide. Almost 40% of fleet managers believe that connected trucks are necessary due to the investments made by the governments of various countries in smart roads and smart cities. Additionally, trends such as truck Internet of Things, artificial intelligence, autonomous technologies, and the increasing use of truck telematics are also important trends analyzed to drive the market over the course of the 2023-202 forecast period.
Market Drivers:
Increasing demand for technologically advanced systems in heavy-duty vehicles is expected to be a key factor likely to drive the connected truck market during the forecast period. The Connected Truck includes features such as Lane Keeping Assist (LKAS), Blind Spot Detection (BSD), Lane Departure Warning (LDW), and Emergency Brake Assist (EBA), which ensure the safety of drivers, pedestrians, and other vehicles. This is expected to boost the connected truck market during the forecast period. Government regulations on heavy-duty vehicle safety issues around the world are also expected to drive the connected truck market. The Connected Truck incorporates features that reduced well time in the shop by providing exact location and chassis identification and can transmit any diagnostic codes to the technician, making the truck more efficient. It is estimated that the automotive industry will experience an increase in the adoption of connected trucks due to technological advances in the automotive industry. Connected trucks are expected to play an important role in the development of autonomous trucks, thus providing opportunities for automakers.
Market Restraints:
Nonetheless, restricted organization foundation is relied upon to be a key factor liable to hamper the connected truck market during the conjecture time frame.
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REPORT METRIC |
DETAILS |
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Market Size Available |
2022 – 2028 |
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Base Year |
2022 |
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Forecast Period |
2023 - 2028 |
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CAGR |
15.36% |
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Segments Covered |
By Range, Component Type, Communication Type, Vehicle Type, and Region. |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities |
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Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
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Market Leaders Profiled |
APTIV PLC, Continental AG, Denso Corporation, HARMAN International, Magna International Inc., NXP Semiconductors Netherlands B.V., Robert Bosch GmbH, Sierra Wireless, Inc., TomTom International BV, Trimble Inc., Verizon Connect, ZF Friedrichshafen AG, and Others. |
Market Segmentation:
The long-range type segment accounts for a large part of the market compared to the other segment. The long-range type offers greater safety for both the driver and the vehicle and is expected to see significant growth over the forecast period.
Telematics solutions integrate features such as live traffic updates, intelligent routing, and tracking, quick roadside assistance in the event of an accident or breakdown, automatic toll transactions, and insurance telematics. They are therefore essential to optimize fleet operational measures, such as reducing fuel costs, optimizing resources, and real-time connectivity. Companies spend huge sums of money on promoting telematics technology.
Vehicle-to-vehicle communication grows at the highest CAGR of 21.5% over the forecast period as this technology helps vehicles form spontaneous wireless networks on the move and transfer data through a hoc mesh network advertisement.
Among vehicle types, the heavy-duty vehicle segment represents a larger share of the connected truck market compared to the other segment. This is due to the advancement of infrastructure and a greater application in heavy vehicles.
Market Regional Analysis:
The Global Connected Truck Market Report includes the segmentation of regions:
The connected truck market in North America is expected to register significant growth during the forecast period due to a higher adoption rate, better infrastructure, and the expansion of the automotive industry in these regions. Europe has significant shares of the connected truck market following North America due to the expansion of the automotive sector in these regions which has led to an increase in the number of connected trucks. Connected trucks in developed regions are expected to register significant growth during the forecast period due to a higher adoption rate and better infrastructure. Security mindfulness and government wellbeing guidelines fortify the auto business, in this manner boosting the connected truck market in these areas during the gauge time frame. The interest in connected trucks in the Asia Pacific is relied upon to become quickly contrasted with the figure as innovation and unique hardware producers create different connected vehicle arrangements, bringing about the utilization of telematics and fleet management solutions for Connected business vehicles has expanded in the Region.
The coronavirus disease has provoked lockdown quantifies that caused a gigantic interruption in business execution over the car business. Organizations' technique to end speculation and movement towards new advancements in an offer to spare expense has enormously affected the development of future portability arrangements, for example, self-ruling vehicle.
Market Key Players:
Market Key Developments:
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