What is the Historic and Current Scenario of the Connected Truck Market?
The connected truck market has seen considerable growth due to a variety of factors.
•In recent times, the market size of the connected truck has seen a significant increase. The market is projected to rise from $34.6 billion in 2024, scaling up to $40.13 billion by 2025, at a compound annual growth rate (CAGR) of 16.0%.
The expansion during the historical period is largely due to advancements in telematics integration, improvements in fuel efficiency and emission compliance, the call for improved safety, enhanced fleet management, and regulatory compliance.
What are the Forecasted Growth and Key Factors of the Connected Truck Market?
The connected truck market is expected to maintain its strong growth trajectory in upcoming years.
• The size of the connected truck market is anticipated to witness a swift expansion in the coming years, potentially reaching a value of "$74.47 billion by 2029 and boasting a compound annual growth rate (CAGR) of 16.7%.
This predicted surge during the forecast period is largely due to factors such as the rise in autonomous and semi-autonomous driving, the application of predictive maintenance solutions, initiatives for smart cities, goals for environmental sustainability, and opportunities for data monetization. Additionally, during the forecast period, it is expected that trends towards predictive maintenance solutions, improved telematics & fleet management, incorporating IoT sensors, environment-friendly options, and driver aid systems will emerge.
What Are the Critical Driver Fuelling the Connected Truck Market's Growth?
The anticipated increase in fuel efficiency is predicted to spur the expansion of the connected trucks market. Vehicles with greater fuel efficiency cover more distance per unit of fuel used. Connected trucks can contribute to this efficiency by refining routing and circumventing traffic delays, subsequently lowering fuel consumption and boosting efficiency. For example, in December 2023, reports from the US-based Environmental Protection Agency (EPA) revealed that most vehicle categories reached their peak fuel economy, with sport utility vehicles recording a 2.4 mpg improvement in the 2022 model year. Hence, the upward trend in the fuel-efficient average is propelling the connected trucks market.
How Is the Connected Truck Market segmented?
The connected truck market covered in this report is segmented –
1) By Vehicle Type: Light Commercial Vehicles, Heavy Commercial Vehicles
2) By Range: Dedicated Short Range, Long Range Or Cellular Network
3) By Communication Type: Vehicle to Vehicle (V2V), Vehicle to Cloud (V2C), Vehicle to Infrastructure (V2I)
4) By Application: Driver Assistance, Safety, Entertainment, Well-being, Vehicle Management, Mobility Management
Subsegments:
1) By Light Commercial Vehicles: Delivery Vans, Pickup Trucks, Small Cargo Vehicles
2) By Heavy Commercial Vehicles: Trucks, Trailers, Buses
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What New Trends Are Influencing the Connected Truck Market?
Emerging technologies are becoming a significant trend in the connected truck market. Leading firms in the industry are leveraging new tech to maintain their market prowess. For instance, Volvo Trucks North America, a trucking company based in the US, introduced the Connected Vehicle Analytics (CVA) tool in March 2023. This tool collects real-time data regarding fleet operations, including current truck configurations, daily routes, average speed, and fuel utilization. Utilizing the CVA tool, dealers can monitor fleet clients' use of their Volvo vehicles and pinpoint areas where improved scheduling could boost efficiency and productivity. Dealers can use Volvo Trucks' CVA tool to obtain quantitative data about a customer's fleet performance and identify which updates and modifications should be applied when buying new trucks. The tool provides data relating to several factors that could influence a vehicle's fuel usage and consumption.
Who Are the Key Players in the Connected Truck Market?
Major companies operating in the connected truck market include:
• Robert Bosch GmbH
• Continental AG
• Denso Corporation
• ZF Friedrichshafen AG
• Magna International Inc.
• Daimler AG
• Harman International
• Aptiv Global Operations Limited
• Sierra Wireless Inc.
• Mercedes-Benz Group AG
• Aktiebolaget Volvo
• NXP Semiconductors NV
• Verizon Communications Inc.
• Trimble Inc.
• Borgwarner Inc.
• Geotab Inc.
• Mix Telematics
• TomTom International BV
• Traton SE
• Tata Motors Ltd.
• PACCAR Inc.
• DAF Trucks N.V.
• WABCO Vehicle Control Systems
• Stoneridge Inc.
• Navistar International Corporation
• Scania AB
• Iveco Group NV
• AT&T Fleet Complete
• KeepTruckin Inc.
• Omnitracs LLC
What Is The Most Dominant Region In The Connected Truck Market?
North America was the largest region in the connected truck market in 2024.Europe is expected to be the fastest-growing region in the global connected truck market report during the forecast period. The regions covered in the connected truck market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
