Connected Truck Market Size, Share, Trends, Growth, and Industry Analysis, By Range (Dedicated Short-Range Communication (Adaptive Cruise Control, Blind Spot Warning, Lane Departure Warning, Park Assist System, and Emergency Brake Assist), Long Range (Telematics Control Unit, Emergency Roadside Assistance, Infotainment Systems, and Others), By Component Type (Hardware (Radar & Lidar Sensors, Microcontrollers), Software (Vehicle to Vehicle, Vehicle to Infrastructure and Vehicle to Cloud)), By Communication type (Vehicle to Vehicle (V2V), Vehicle to Infrastructure (V2I), Vehicle to Cloud (V2C)), By Services (Fleet Management Service (Tracking & Monitoring, Fleet Analytics, Driver Information System, Remote Diagnostics, Fuel Management System and others), and Maintenance Service (Light Commercial Vehicle and Heavy Commercial Vehicle)), By Vehicle type (Light Commercial Vehicle (LCV), Heavy Commercial Vehicle (HCV)), Regional Analysis and Forecast 2032.
Connected Truck Market Trend
Global Connected Truck Market size was USD 14.17 billion in 2023 and the market is projected to touch USD 58.04 billion by 2032, at a CAGR of 19.27% during the forecast period.
Connected trucks come with on-board systems, to share data on location and performance, speed, so that fleet operators can run operations in the most optimal manner, reduce costs, and improve safety. This can also provide live information regarding maintenance needs so that longevity and reliability of the vehicle will be improved.
The key driver of this market is growing demand for efficiency and safety in logistics and transportation. Where most businesses are currently looking is for streamlined operations, and these connected trucks can offer options, including the optimization of routes, driver assistance, and monitoring systems that can help save fuel and ensure that deliveries happen on time. In addition, safety and emissions regulations and pressure towards smart technology put tremendous pressure on companies to do so. Electric and autonomous are rising in popularity these days, and this growth is contributing to the popularity of the market.
Connected Truck Report Scope and Segmentation.
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Report Attribute |
Details |
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Estimated Market Value (2023) |
USD 14.17 Billion |
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Projected Market Value (2032) |
USD 58.04 Billion |
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Base Year |
2023 |
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Historical Year |
2018-2022 |
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Forecast Years |
2024 – 2032 |
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Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- Based on By Range, By Component Type, By Communication Type, By Vehicle Type, & Region. |
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Segments Covered |
By Range, By Component Type, By Communication Type, By Vehicle Type, & By Region. |
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Forecast Units |
Value (USD Million or Billion), and Volume (Units) |
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Quantitative Units |
Revenue in USD million/billion and CAGR from 2024 to 2032. |
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Regions Covered |
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. |
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Countries Covered |
U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others. |
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Report Coverage |
Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis. |
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Delivery Format |
Delivered as an attached PDF and Excel through email, according to the purchase option. |
Dynamic Insights
Companies have started exploiting connected technologies for better productivity in operations, fuel cost savings, and better routing, thereby saving a lot and offering better service delivery. E-commerce is also increasing, and the demand for short turnaround times in deliveries is forcing logistics operators to bet on connected solutions so that they can find their vehicles with ease.
Certain hindrances that may impact the growth of the market include high initial investment costs and concerns over data security. Connected technologies are relatively expensive in terms of hardware, software, and instalment costs, which makes many a fleet operator rather hesitant to invest in them. Furthermore, the abundance of data that connected trucks throw open can be a matter of concern for any stakeholder with respect to security and privacy. The evolution of the industry also brings about regulatory compliance and the need for standardized technologies. Government initiatives on smart transportation and technological breakthroughs in Internet of Things (IoT) are growth opportunities that fuel innovation and are made possible to achieve a greater simplicity in connecting a trucking ecosystem to other ecosystems.
Drivers Insights
Rising demand for operational efficiency in logistics and transportation is driving the market of connected trucks. Companies, today, have a very real need to search for mechanisms that can improve their fleet management practices, decrease downtime, and save costs. Connected trucks with telematics systems can monitor vehicle performance along with their fuel consumption and the behaviour of the drivers in real time. This data would then be analysed so that fleet operators make the right decisions to provide optimal routes, wastage of fuel minimized, and faster delivery times. The capacity to track shipments as well as monitoring driver performance also enhances accountability so better overall service quality is achieved. With the increasing efforts of businesses toward achieving cost efficiency and improving productivity, the adoption of connected truck technology becomes an essential component of their operational strategy.
Rapid advancement in IoT and AI provides fuel to the growing demand for connected trucks. For instance, through cloud computing, machine learning, and advanced analytics, vehicle connectivity and functionality can be significantly more advanced than this. For example, predictive maintenance solutions would alert fleet operators to potential mechanical issues before costly breakdowns occur. Moreover, advanced driver-assistance systems bring added safety through quick alerts and support to the driver. New possibilities for connected truck capabilities made by innovation open up the possibility of technology not only in its development phase, but also holds a promising aspect for fleet managers where they take the competitive advantage of currently developed technologies.
Restraints Insights
The key restraint for the connected truck market is that of a high upfront cost of implementing connected technologies. Fleet operators often incur a high amount of investment in hardware, software, and system integration. It can, therefore, act as a deterring factor to the adoption of the technology by smaller firms, thereby limiting market penetration. For large fleets, the trade-off between 'up front' costs versus longer term savings will inherently be one of the greatest challenges, and in many cases, stop connected trucks from being adopted at all. This can potentially 'slow the run' on expected growth within operators with more restricted budgets and/or access to funding.
As connected trucks generate vast amounts of data, concerns regarding data security and privacy are growing. Cybersecurity threats pose risks not only to fleet operations but also to sensitive information related to drivers, vehicles, and logistics. A successful cyberattack could lead to significant disruptions, financial losses, and damage to a company’s reputation. Additionally, regulatory compliance regarding data protection can be complex and varies by region, adding another layer of difficulty for fleet operators. These security concerns may deter some companies from adopting connected truck technologies, as they weigh the potential risks against the benefits of enhanced connectivity.
Opportunities Insights
One of the major opportunities in the connected truck market arises from electric and autonomous vehicles. This part of the growth of sustainable transportation also increases the effectiveness of electric trucks as well as their ability to operate by including connected technologies in them. Fleet operators can track battery performance, optimize charging schedules, and use the data analytics to work toward reaching greater effectiveness with electric trucks. Beyond this, with autonomous vehicles, new doors open up to highly connected technologies that could offer much more advanced V2V communications and improved safety systems. This convergence of technologies will make the trucking ecosystem a more integrated and efficient one.
Segment Analysis
The segment by range comprises the split between dedicated short-range communication and long-range solutions. Dedicated short-range communication technologies are the first requirement for applications like adaptive cruise control, blind spot warning, lane departure warning, park assist systems, and emergency brake assist. All these features add an extra dimension to safety and convenience for drivers by providing immediate real-time feedback and assistance based on their immediate environment. Conversely, long-distance communication includes technologies like a telematics control unit, emergency roadside assistance, and infotainment systems. The solutions above enable the fleet managers as well as the drivers to communicate with each other over greater distances, thus ensuring a more efficient operation and an enhanced driving experience.
The segment further sub-classifies into the hardware and software component where both play a significantly important role in making connected trucks successful. Under the hardware segment is included technologies such as the radar and Lidar sensors, which will allow the system to have real-time environmental awareness and many more enhanced safety features. The brains of these systems are the microcontrollers that manage all data and ensure smooth communication among various components. Robust data exchange and analytics will enable powerful decision-making, more effective traffic management, and better connectivity for fleet operators through integration on the software side of vehicle-to-vehicle, vehicle-to-infrastructure, and vehicle-to-cloud systems.
The communication type segment includes vehicle-to-vehicle (V2V), vehicle-to-infrastructure (V2I), and vehicle-to-cloud (V2C) communications. V2V communication allows trucks to exchange information with other vehicles, providing insights into traffic conditions and potential hazards, which enhances safety and reduces accidents. V2I communication connects vehicles to infrastructure elements such as traffic signals and road sensors, enabling better traffic flow and efficient routing. Meanwhile, V2C communication facilitates data exchange with cloud-based platforms, allowing for advanced analytics, remote diagnostics, and seamless integration with fleet management systems, thus enhancing overall operational efficiency.
Fleet management services and maintenance services make up this segment. These are the functionalities included in fleet management service, like tracking and monitoring, fleet analytics, driver information systems, remote diagnostics, and fuel management systems. These fleet management services help fleet operators to reduce costs and improve safety and operational efficiency. Maintenance services on the other hand, entail offering both light and heavy commercial vehicle maintenance services. All connected trucks stay at their best condition. Maintenance, therefore is almost set in advance in order to avoid time wastage and extended vehicle lifespan. As such, good maintenance leads to efficient operation.
Light commercial vehicle and heavy commercial vehicle are the other categories of a vehicle type. LCVs are used for final-mile delivery and urban transport where agility and manoeuvrability are essential characteristics. The connectivity in LCV focuses on enhancing safety, efficiency, and convenience while driving. On the other hand, HCV has been designed for long-distance transportation and for heavy-duty applications. The integration of connected technologies in HCVs aims for the efficient and effective management of fleets, efficiency of logistics for enhanced productivity and safety with respect to regulatory standards. Connected solutions can thus be said to confer benefits of efficiency to both types of vehicles for improved productivity and safety in trucking.
Regional Analysis
North America is at an aggressive front in the market, primarily due to the presence of major trucking companies and high investment in telematics and connected vehicle technologies. Companies in this region are keen on optimizing operations and safety. Strict regulations on emissions and safety standards are compelling fleet operators to adopt connected solutions, thus driving market growth.
The connected truck market in Europe is also growing rapidly with an increase in the adoption rate of electrical and autonomous vehicles. European countries are making significant investments in smart infrastructure and connectivity, which supports the integration of connected technologies into trucking. Fleet operators are striving to adopt high-end connected solutions as they are conscious of reducing carbon emissions and enhancing road safety. Meanwhile, the Asia-Pacific region is becoming a growth area with increased industrialization and e-commerce. In particular, China, India is witnessing demand for connected trucks through governmental initiatives aimed at modernizing transportation infrastructure. Logistics companies are looking for efficiency and safety improvements wherein adoption of technologies for connected trucks will see an increase in this region.
Competitive Landscape
The key players involve global technology companies such as Daimler AG, Volvo Group, and Bosch that make vast investments in connected vehicle technologies and develop extensive solutions for fleet management, safety, and efficiency in operations. From wide experience garnered from automotive manufacturing and technology integration, the companies deliver cutting-edge systems to add connectivity and assistance to driving. A very common feature of this landscape of partnerships and collaborations in which the traditional truck manufacturers are partnering with technology firms to develop leading-edge telematics and connected vehicle solutions.
Another promising area in this context are emerging market players and start-ups, targeting very niche areas in software development, data analytics, and telematics solutions tailored for fleet operators. Companies like Omnicomm and Geotab have gained good momentum in offering innovative fleet management platforms using the power of real-time data to optimize performance and improve safety. Again, entry of technology-oriented firms is at the heart of changing the competition dynamics within this market - for example, Tesla is quite working on developing autonomous and connected trucks. In addition, the growing need for sustainable and electric vehicles is increasing competitive forces among firms who are fighting to innovate and present the most environmentally friendly solutions. As the market for connected trucks proceeds, it will define the competitive landscape as collaboration, technological advancements, and strategic acquisitions significantly contribute to driving growth and efficient operations by fleet operators around the world.
List of Key Players:
Recent Developments:
Global Connected Truck Report Segmentation:
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ATTRIBUTE |
DETAILS |
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By Range |
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By Component Type |
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By Communication Type |
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By Services |
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By Vehicle Type |
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By Geography |
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Customization Scope |
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Pricing |
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Objectives of the Study
The objectives of the study are summarized in 5 stages. They are as mentioned below:
Research Methodology
Our research methodology has always been the key differentiating reason which sets us apart in comparison from the competing organizations in the industry. Our organization believes in consistency along with quality and establishing a new level with every new report we generate; our methods are acclaimed and the data/information inside the report is coveted. Our research methodology involves a combination of primary and secondary research methods. Data procurement is one of the most extensive stages in our research process. Our organization helps in assisting the clients to find the opportunities by examining the market across the globe coupled with providing economic statistics for each and every region. The reports generated and published are based on primary & secondary research. In secondary research, we gather data for global Market through white papers, case studies, blogs, reference customers, news, articles, press releases, white papers, and research studies. We also have our paid data applications which includes hoovers, Bloomberg business week, Avention, and others.
Data Collection
Data collection is the process of gathering, measuring, and analyzing accurate and relevant data from a variety of sources to analyze market and forecast trends. Raw market data is obtained on a broad front. Data is continuously extracted and filtered to ensure only validated and authenticated sources are considered. Data is mined from a varied host of sources including secondary and primary sources.
Primary Research
After the secondary research process, we initiate the primary research phase in which we interact with companies operating within the market space. We interact with related industries to understand the factors that can drive or hamper a market. Exhaustive primary interviews are conducted. Various sources from both the supply and demand sides are interviewed to obtain qualitative and quantitative information for a report which includes suppliers, product providers, domain experts, CEOs, vice presidents, marketing & sales directors, Type & innovation directors, and related key executives from various key companies to ensure a holistic and unbiased picture of the market.
Secondary Research
A secondary research process is conducted to identify and collect information useful for the extensive, technical, market-oriented, and comprehensive study of the market. Secondary sources include published market studies, competitive information, white papers, analyst reports, government agencies, industry and trade associations, media sources, chambers of commerce, newsletters, trade publications, magazines, Bloomberg BusinessWeek, Factiva, D&B, annual reports, company house documents, investor presentations, articles, journals, blogs, and SEC filings of companies, newspapers, and so on. We have assigned weights to these parameters and quantified their market impacts using the weighted average analysis to derive the expected market growth rate.
Top-Down Approach & Bottom-Up Approach
In the top – down approach, the Global Batteries for Solar Energy Storage Market was further divided into various segments on the basis of the percentage share of each segment. This approach helped in arriving at the market size of each segment globally. The segments market size was further broken down in the regional market size of each segment and sub-segments. The sub-segments were further broken down to country level market. The market size arrived using this approach was then crosschecked with the market size arrived by using bottom-up approach.
In the bottom-up approach, we arrived at the country market size by identifying the revenues and market shares of the key market players. The country market sizes then were added up to arrive at regional market size of the decorated apparel, which eventually added up to arrive at global market size.
This is one of the most reliable methods as the information is directly obtained from the key players in the market and is based on the primary interviews from the key opinion leaders associated with the firms considered in the research. Furthermore, the data obtained from the company sources and the primary respondents was validated through secondary sources including government publications and Bloomberg.
Market Analysis & size Estimation
Post the data mining stage, we gather our findings and analyze them, filtering out relevant insights. These are evaluated across research teams and industry experts. All this data is collected and evaluated by our analysts. The key players in the industry or markets are identified through extensive primary and secondary research. All percentage share splits, and breakdowns have been determined using secondary sources and verified through primary sources. The market size, in terms of value and volume, is determined through primary and secondary research processes, and forecasting models including the time series model, econometric model, judgmental forecasting model, the Delphi method, among Flywheel Energy Storage. Gathered information for market analysis, competitive landscape, growth trends, product development, and pricing trends is fed into the model and analyzed simultaneously.
Quality Checking & Final Review
The analysis done by the research team is further reviewed to check for the accuracy of the data provided to ensure the clients’ requirements. This approach provides essential checks and balances which facilitate the production of quality data. This Type of revision was done in two phases for the authenticity of the data and negligible errors in the report. After quality checking, the report is reviewed to look after the presentation, Type and to recheck if all the requirements of the clients were addressed.
