Connected Truck Market – Growth, Trends, and Forecasts (2022-2029)

The Connected Truck Market was valued at US$ 25.08 Bn. in 2022. The Global Connected Truck Market size is estimated to grow at a CAGR of 16.7 % over the forecast period.
Connected Truck Market Overview:
The report explores the Connected Truck market's segments (Type, communication type, and Region). Data has been provided by market participants and regions (North America, Asia Pacific, Europe, Middle East & Africa, and South America). This market report provides a thorough analysis of the rapid advances that are currently taking place across all industry sectors. Facts and figures, illustrations, and presentations are used to provide key data analysis for the historical period from 2017 to 2022. The report investigates the Connected Truck market's drivers, limitations, prospects, and barriers. This MMR report includes investor recommendations based on a thorough examination of the Connected Truck market's contemporary competitive scenario.To know about the Research Methodology:-Request Free Sample Report
Connected Truck Market Dynamics:
The use of telematics can provide unique solutions for supply chain logistics and fleet management. Through real-time tracking and data collection, telematics improves procedures and processes, maintains product integrity, extends shelf life, and reduces insurance risk across supply chain operations. Commercial logistics and supply chains are becoming increasingly dependent on telematics since it helps address challenges related to safety and regulatory compliance, driver monitoring, insurance, and infrastructure.

The telematics solutions provide features such as live traffic updates, route optimization and tracking, emergency roadside assistance in the event of accidents or breakdowns, toll transactions, and insurance tracking. Hence, they play a significant role in reducing fuel costs, optimizing resources, and enhancing real-time connectivity among fleets. Telematics technology is receiving a lot of attention from companies.

To expand the advanced innovation in their trucks, commercial vehicle manufacturers are taking several initiatives. High-end automobiles are becoming more and more integrated with infotainment, telematics, and autonomous driving due to the electrification and digitization of various components. These technologies typically provide real-time traffic and weather information as well as roadside assistance in the event of a breakdown. As part of its safety enhancement programs, commercial vehicles are increasingly equipped with advanced driver assistance systems (ADAS) like adaptive cruise control (ACC), lane departure warning system (LDW), blind-spot detection system, and park assist system. With the help of cyber-security and over-the-air (OTA) updates, automakers are also attempting to enhance customer satisfaction and correct bugs in various software Communication Types. The availability of these connected features will improve the efficiency of fleet operations and improve vehicle performance. Thus, there will be an increase in the market for connected trucks in the forecast period.

Since the development of automated heavy vehicles, fleet owners are increasingly relying on connected trucks to improve uptime, safety, fuel efficiency, and tracking among others. There are even more concerns when it comes to heavy Commercial Vehicles. Consequently, these Cyber security issues hinder the market growth in the forecast period 2023-2029 due to the network architecture of these companies.
Impact of COVID-19:
The lockdowns travel bans, and business shutdowns during COVID-19 have impacted economies and industries in various countries. The shutdown of various plants and factories has negatively impacted global supply chains as well as manufacturing, delivery schedules, and product sales. As a result of delays in product delivery and slumps in future sales, many companies have already announced their plans to collaborate and partner. Additionally, the global travel bans imposed by countries in Europe, Asia-Pacific, and North America are affecting business collaborations.
Connected Truck Market Segment Analysis:
Based on Type, the Connected Truck Market is segmented into Light Commercial Vehicle, and Heavy Commercial Vehicle. Light commercial vehicles segment is expected to grow at a fastest CAGR of 21% through the forecast period. As the demand for safety and comfort features increases, the demand for these trucks also increases, and it will decrease the cost of the fleet. Developing nations such as China and India have experienced significant economic growth, which has, in turn, increased the demand for trucks that have connected electronic devices to increase safety and reduce fleet operating costs.

Based on Communication Type, the connected truck market is segmented into vehicle to vehicle, vehicle to infrastructure, and vehicle to everything. Vehicle-to-vehicle segment is expected to grow at a CAGR of 20% through the forecast period. These technologies enable vehicles to create wireless networks spontaneously on the go while transferring data over ad-hoc mesh networks. Through V2V communication, each vehicle transmits information about traffic and road conditions, position and speed, route direction, and vehicle stability and brake loss. Many companies, including Toyota, Tesla, and others, have made significant investments in the research and development of Vehicle Vehicle Communication technology. In addition, this technology will reduce congestion and carbon dioxide emissions as well.
Connected Truck Market Regional Insights:
North America held the largest market share in 2022 due to an increase in demand, improved infrastructure, and the adoption of technologies in smart trucks. The increasing demand and concern for safety and security will increase the growth rate of the industry in the forecasted year.

In Europe, As ADAS systems begin to be applied to trucks, the product demand will be boosted, and strict government rules regarding driver & passenger safety are likely to boost the market growth.

In the Asia Pacific, road safety and real-time tracking are forecasted to drive market development due to the rapidly changing automotive industry and growing awareness of smart trucks' benefits.

The objective of the report is to present a comprehensive analysis of the global Connected Truck Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear, futuristic view of the industry to the decision-makers.

The reports also help in understanding the Connected Truck Market dynamic and structure by analyzing the market segments and projecting the Connected Truck Market size. Clear representation of competitive analysis of key players by Design, price, financial position, product portfolio, growth strategies, and regional presence in the Connected Truck Market make the report investor’s guide.
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Global Connected Truck Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2017 to 2022
Market Size in 2022:
US $ 25.08 Bn.


Forecast Period 2023 to 2029 CAGR:
16.7%
Market Size in 2029:
US $ 73.95 Bn.


 Segments Covered:
by Type
• Light Commercial Vehicles
• Heavy Commercial Vehicles


by Communication Type
• Vehicle to vehicle
• Vehicle to infrastructure
• Vehicle to everything



Connected Truck Market, by Region
• North America (United States, Canada and Mexico)
• Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
• Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
• Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
• South America (Brazil, Argentina Rest of South America)
Connected Truck Market Key Players:
• Bosch
• Continental
• Verizon Communications
• Harman International
• Denso Corporation
• ZF Friedrichshafen AG
• Magna
• Delphi
• Sierra Wireless, Inc.
• Daimler AG
• Aptiv PLC
• Mercedes-Benz
• Ford Motor Company
• General Motor Company

Frequently Asked Questions:

1. What is the study period of Connected Truck Market?
Ans: The study period of this market is 2022-2029.

2. What is the growth rate of Connected Truck Market?
Ans: The Connected Truck Market is growing at the CAGR of 16.7% over the forecast period.

3. Which region has largest share in Connected Truck Market?
Ans: North America holds highest share in 2022.

4. What are the significant segments operating in the market?
Ans: The significant segments are by Product Type, communication type, and by Geography.

5. Which region has the second largest share in Connected Truck Market?
Ans: Europe has the second largest market share in Connected Truck Market