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2022
Connected Truck Market

Connected Truck Market

by Communication Type (Vehicle-To-Vehicle, Vehicle-To-Cloud, Vehicle-To-Infrastructure), by Range (Dedicated Short Range  , Long Range/Cellular Network), by Vehicle Type (Light Commercial Vehicles, Heavy Commercial Vehicles), by Application (Driver Assistance, Safety, Entertainment, Well-being, Vehicle Management, Mobility Management): Global Opportunity Analysis and Industry Forecast, 2021-2031

Report Code: A09614
Pages: 356
Aug 2022 | 2839 Views
Author(s) : Gunjan M , Sonia M
Tables: 191
Charts: 66
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The global connected truck market was valued at $22.20 billion in 2021, and is projected to reach $97.38 billion by 2031, growing at a CAGR of 16.1% from 2022 to 2031.

A connected truck is integration of the advanced digital-age technologies such as fleet management system, vehicle-to-vehicle (V2V), advanced driver assist system and others. Connected trucks facilitate connectivity on wheels offering comfort, convenience, performance, safety, and security along with powerful network technology. This enables the driver to connect with online platforms, thereby facilitating real-time communication. In addition, connected trucks are employed with features that provide instant status information and control of the vehicle to the driver, remotely.

The impact of the COVID-19 pandemic has resulted in supply-chain disruptions causing decline in the sales of automobiles, shortage of semiconductor components, and temporary shutdown of many production sites across the globe, which in turn impacted the demand for connected trucks. For instance, in 2020, global automobiles production recorded a drop of 16% in vehicle production. In addition, several automobile manufacturers faced shortage of components such as semiconductor chips, and others, which further resulted in delay in production of connected trucks. Heavy-duty truck manufacturers are still struggling to keep up with demand as shortages of semiconductors and other parts curb production. COVID-19 also impacted the production of trucks across the globe. It forced automobile manufacturers to temporarily shut down their production plants, owing to lack of workforce. For instance, in May 2020, Ford temporarily shut down its two separate production plants as the employees tested positive for COVID-19. One plant in Chicago that manufactures Ford Explorer, the Lincoln Aviator, and Ford Interceptor; and the second plant in Dearborn Michigan that manufactures F-150 pickup truck, were temporarily shut down. However, with the easing of lockdown restrictions, several truck manufacturing companies has observed growth in the sales of truck and buses, which fuels the growth of the connected truck industry during the forecast period. For instance, in 2021, Daimler Truck has reported 20% year-on-year growth in sales of truck and buses with 455,400 units sold across the globe.

Connected Truck Market, Connected Truck Industry

The growth of the connected truck market is propelling, due to increase in use of telematics in automotive sector, and ease of vehicle diagnosis. However, threat of cyber-attacks, and lack of uninterrupted & seamless internet connectivity are the factors hampering the growth of the market. Furthermore, development of self-driving trucks is the factor expected to offer growth opportunities during the forecast period.

The connected truck market is segmented on the basis of communication type, range, vehicle type, application, and region. By communication type, it is classified into vehicle-to-vehicle (V2V), vehicle-to-infrastructure (V2I), and vehicle-to-cloud (V2C). By range, it is categorized into dedicated short range, and long range/cellular network. By vehicle type, it is categorized into light commercial vehicle, and heavy commercial vehicle. By application, it is fragmented into drive assistance, safety, entertainment, well-being, vehicle management, and mobility management. By region, the report is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Some leading companies profiled in the connected truck market report comprises AB Volvo, Borgwarner Inc. (Delphi Technologies Plc), Continental AG, Denso Corporation, Geotab Inc., HARMAN International, Magna International Inc., Mix Telematics, Robert Bosch GmbH, Sierra Wireless, TomTom International BV, Trimble Inc., Verizon Communications, and ZF Friedrichshafen AG.

Connected Truck Market
By Range

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Dedicated short range is projected as the most lucrative segment

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Increase in use of telematics in automotive sector

Telematics plays an important role in developing unique solutions for efficient fleet management. Trucks with telematics and wireless solutions can get live traffic updates, monitoring, tracking, and roadside-assistance during a breakdown, smart routing, and others. This in turn, enhances the operational efficiency of fleets. Telematics solutions also aids in fuel cost reduction, resource optimization, and others.  

In addition, several companies are also introducing new telematics solutions to enhance the capabilities of fleets. For instance, in January 2021, Mix Telematics announced the launch of a new app-based tracking solution for fleets, specially designed for providing real-time monitoring capabilities to aid the customers in improving the driver safety level and manage the risks. Thus, increase in use of telematics in the automotive sector is expected to drive the growth of the connected truck industry during the forecast period.

Connected Truck Market
By Communication Type

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Vehicle-to-infrastructure is projected as the most lucrative segment

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Ease of vehicle diagnosis

Advance diagnostic system is a feature that is expected to boost the connected truck market growth. In advanced diagnostics, the system in the truck is expected to supply data of the vehicle to both the automobile dealer and the customer, which can help predict potential automobile issues before they take place.

In fleet management, it is easy to track vehicle records and decide which vehicle has travelled the most and accordingly offer service with the help of connectivity solutions. The diagnostic service offered is an efficient way to diagnose the status of the vehicles. It allows the consumers to manage the maintenance of their vehicle, thus saving money and time by avoiding unwanted expenses & breakdowns. The system provides a maintenance schedule and timely reminders to the consumer. The diagnostic system keeps a track of the smoke emission and fuel consumption of the vehicles, thereby monitoring its engine health. The diagnostic service sends a detailed report about the vehicle to the decision maker who decides on the service schedules for the automobile. Thus, ease of vehicle diagnosis with the help mobile applications is expected to fuel the connected truck market growth during the forecast period.

Connected Truck Market
By Region

2031
North America 
Europe
Asia-pacific
Lamea

Asia-Pacific would exhibit the highest CAGR of 17.6% during 2022-2031

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The connected truck market is segmented into Communication Type, Range, Vehicle Type and Application.

Key Benefits For Stakeholders

  • This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the connected truck market analysis from 2021 to 2031 to identify the prevailing connected truck market opportunities.
  • The market research is offered along with information related to key drivers, restraints, and opportunities.
  • Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
  • In-depth analysis of the connected truck market segmentation assists to determine the prevailing market opportunities.
  • Major countries in each region are mapped according to their revenue contribution to the global market.
  • Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
  • The report includes the analysis of the regional as well as global connected truck market trends, key players, market segments, application areas, and market growth strategies.

Connected Truck Market Report Highlights

Aspects Details
Communication Type
  • Vehicle-To-Vehicle
  • Vehicle-To-Cloud
  • Vehicle-To-Infrastructure
Range
  • Dedicated Short Range  
  • Long Range/Cellular Network
Vehicle Type
  • Light Commercial Vehicles
  • Heavy Commercial Vehicles
Application
  • Driver Assistance
  • Safety
  • Entertainment
  • Well-being
  • Vehicle Management
  • Mobility Management
By Region
  • North America  (U.S., Canada, Mexico)
  • Europe  (UK, Germany, France, Russia, Rest of Europe)
  • Asia-Pacific  (China, India, Japan, South Korea, Rest of Asia-Pacific)
  • LAMEA  (Latin America, Middle East, Africa)
Key Market Players Continental AG, AB Volvo, BorgWarner Inc., Denso Corporation, Harman International, Magna International Inc., Mercedes-Benz Group AG, Robert Bosch GmbH, Verizon Communications Inc., ZF Friedrichshafen AG, Sierra Wireless, Inc., Geotab Inc., TomTom International BV, Trimble Inc., MiX Telematics
 

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The growth of the global connected truck market is witnessing growth, due to increase in use of telematics in automotive sector and ease of vehicle diagnosis.

In addition, several companies are also introducing new telematics solutions to enhance the capabilities of fleets. For instance, in January 2021, Mix Telematics announced the launch of a new app-based tracking solution for fleets, specially designed for providing real-time monitoring capabilities to aid the customers in improving the driver safety level and manage the risks. Thus, increasing use of telematics in automotive sector is expected to drive the growth of the market during the forecast period.

Key players operating in the market include AB Volvo, Borgwarner Inc. (Delphi Technologies Plc), Continental AG, Denso Corporation, Geotab Inc., HARMAN International, Magna International Inc., Mix Telematics, Robert Bosch GmbH, Sierra Wireless, TomTom International BV, Trimble Inc., Verizon Communications, and ZF Friedrichshafen AG.

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FREQUENTLY ASKED QUESTIONS?

A. The global connected truck market was valued at $22.2 billion in 2021 and is projected to reach $97.3 billion in 2031.

A. North America is the largest regional market for connected truck.

A. Safety is the leading application of connected truck market.

A. Some leading players in the market include AB Volvo, Borgwarner Inc. (Delphi Technologies Plc), Continental AG, Denso Corporation, Geotab Inc., and HARMAN International among others.

A. The upcoming trends in the connected truck market include development of autonomous trucks and greater demand for fleet management.

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