Press release
Global Connected Truck Market by Range (DSRC, Cellular), by Service (Fleet Management, Cybersecurity & Updates), by Component (Hardware, Software), by Communication (V2V, V2I, V2C), by Vehicle (LCV, HCV), by Geography (U.S., Canada, China, Japan, India, N
Connected Truck Market
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On the basis of service, the connected truck market is bifurcated into fleet management, and cybersecurity and updates. Of the two, fleet management is expected to hold a larger share in the market during the forecast period. The updates in telematic control unit (TCU) application and real-time over-the-air (OTA) data analytics are the major factors driving the growth of fleet management service.
In terms of vehicle, the connected truck market is segmented into light commercial vehicle (LCV) and heavy commercial vehicle (HCV). LCVs are expected to hold a larger market share during the forecast period, driven by their high production, especially in developing countries such as China and India.
Globally, North America is projected to be the largest market for connected trucks, during 2018-2023. The growth of the market in this region is driven by various factors such as improved communication infrastructure, government mandates for vehicle safety and data security, increasing digitization in fleet management services, and concerns of cyber security and update.
Government mandates and increasing industry compliance norms for vehicle safety and security is a major factor driving the growth of the connected truck market.
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The growth of the connected truck market is dependent on the presence of adequate infrastructure, which includes a system of roadside sensors and a mature value chain ecosystem.
One of the major challenges for the connected truck market is threats to cybersecurity as connectivity exposes these vehicles to hackers. The common communication standard amongst connected trucks can lead to cyber-attacks on fleet services.
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The market is competitive, characterized by the presence of a considerable number of connected truck manufacturers. Robert Bosch, Continental AG, and ZF Friedrichshafen AG are globally established players and dominate the connected truck market. Some of the other important players in the industry include Verizon Communications Inc., NXP Semiconductors N.V., Sierra Wireless Inc., TomTom NV, Harman International Industries Inc, Trimble Inc, DENSO Corporation, ZF Friedrichshafen AG, Magna International Inc, and Delphi Technologies PLC.
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