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Business Analysis Report 2014-2024 on Connected Truck Market by Range, Service, Component, Communication by Major Key Players Verizon, NXP Semiconductors, Sierra Wireless,TomTom,HARMAN International, Trimble Inc.,Delphi Technologies and DENSO
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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.
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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.
Connected Truck Market Dynamics
Growth Drivers
Government mandates and increasing industry compliance norms for vehicle safety and security is a major factor driving the growth of the connected truck market. Connected trucks provide real time information about congestion and accidents, and automatically updates routes. Apart from this, interaction assistance and hazard warning, and automated parking suggestions make connected truck safer. In addition, advanced driver assistance systems and facility of regular vehicle data updates improve fleet efficiencies, streamline deliveries, and reduce the down-time of vehicles and fuel costs. These technologies also provide new and innovative functions such as platooning, preventive maintenance, and accident avoidance, thereby benefiting the market.
Restraints
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. The lack of required infrastructure and value chain ecosystem, especially in developing countries is a major restraint for the growth of the connected truck market in these countries. Apart from this, support from other entities such as electricity utilities, financial institutions, service providers, and leasing companies is also less to exploit the growth potential of the market.
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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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