Connected Truck Market Size Expected to Reach $51.5 Billion by 2025

Connected Truck Market is expected to reach $51.5 billion by 2025 at a CAGR of 17.5% during the forecast period 2020-2025. The rise in digitization and increase in value-added integration are likely to boost the growth of the connected trucks market. Through connected truck technology, fleet operators are able to optimize factors such as fuel maintenance and driver wages, which together contribute more than 60% of the total cost of ownership. Daimler, a German multinational automotive corporation, has already connected around 500,000 trucks to the internet of things (IoT). This trend is expected to continue to grow and it is estimated that by 2020, more than 35 million trucks globally will be connected. Nearly 40% of fleet managers believe that connected trucks are necessary, owing to the investments made by governments of several countries in smart roads and smart cities. Moreover, trends such as Internet of Things in trucks, artificial intelligence, autonomous technologies, and increasing use of telematics in the truck is also one of the significant trends which is analyzed to drive the market in the forecast period 2020-2025.

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By Communication type- Segment Analysis

Vehicle to Vehicle Communication is growing at a highest CAGR of 21.5% in the forecast period. As this technology helps vehicles form spontaneous wireless networks on the go and transfer data over an ad-hoc mesh network. Each vehicle sends reports about traffic and road conditions, vehicle position and speed, route direction, and loss of stability and brakes through V2V communication. Several companies such as Tesla, Toyota and others have been investing heavily for the research and development activities in Vehicle to Vehicle Communication technology. According to the report given by Toyota, V2V technology can reduce accidents up to 70-80%. In addition this technology have a massive impact on congestion and carbon emissions. Hence these benefits are analysed to drive the market in the forecast period 2020-2025.

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By vehicle Type- Segment Analysis

Light Commercial trucks are growing at a highest CAGR of 22.5% in the forecast period, Owing to the rising demand for these trucks in emerging countries. Along with the rise in light commercial vehicle production, the demand for safety and comfort features has also increased among the end-users. According to the European Union manufacturers Association, the registrations for light commercial with connected technology vehicle registrations of light commercial vehicles went up 8.2% in the region. Similarly, in North America the production of these trucks is increasing. In addition, developing countries such as China and India have witnessed significant economic growth, which in turn is increasing the demand for commercial trucks that are equipped with connected devices to increase safety and reduce the operating cost of fleets. Moreover, the considerable rise in digital services in fleets and growing vehicle to cloud (V2C) communication have increased the demand for connected devices, which in turn would fuel the Connected Truck Market.

By Geography - Segment Analysis

North America dominated the market by a market share of more than 37.5% in 2019. Connected trucks in this regions are anticipated to register a significant growth over the forecast period, due to higher adoption rate, improved infrastructure and the expansion of the automotive sector in these region. In addition, awareness on safety while driving and government safety regulations are empowering the automotive industry. Moreover, significant investments made by companies for R&D activities, acquisitions and so on are analysed to drive the market growth. In 2020, Daimler Trucks North America (DTNA) announced its partnership with Platform Science for on-vehicle mobile applications offering advanced fleet management software solutions. Similarly, several other companies are also investing heavily for the development activities. Hence these developments are analysed to drive the market in the forecast period 2020-2025.

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Drivers – Connected Truck Market

Government Mandates Supporting Connected Technologies in Automobiles

Governments of several countries are mandating connected trucks in order to reduce the accident rates. For instance, the Indian government has mandated connected features for public transport vehicles under AIS-140. The mandate was regulated and enforced from April 2018 and is expected to be a crucial factor for the integration of connected technologies in passenger cars in the coming years. Similarly, US National Highway Traffic Safety Administration has also made several regulations for implementing connected trucks. The considerable rise in digital services in fleets and growing vehicle to cloud (V2C) communication has increased the demand for connected devices, which in turn would fuel the connected truck market in the forecast period 2020-2025.

Advancements in connected trucks

The commercial vehicle manufacturers are taking several initiatives to expand the advanced innovation in their trucks. With the electrification and digitization of various components, infotainment, telematics systems, and autonomous driving are becoming an integral part of high-end automobiles. Most of these technologies use real-time data for live traffic, road conditions, and roadside help during a breakdown. The commercial vehicle is increasingly equipped with advanced driver assistance systems (ADAS) such as adaptive cruise control (ACC), lane departure warning (LDW), blind spot detection, and park assist system to enhance the safety of drivers as well as pedestrians. Also, automakers are looking to enhance customer satisfaction with the help of cybersecurity & over-the-air (OTA) updates to rectify the bugs generated in the software of various applications. This advancement in connected features will increase the overall operational efficiency and vehicle performance of fleet operators. Hence the market for connected trucks will increase in the forecast period 2020-2025.

Challenges – Connected Truck Market

Cyber Security issues hinder the market growth

While the development of autonomous heavy vehicles, fleet owners have been increasingly relying on connected trucks to improve their uptime, safety, fuel efficiency and tracking among other things. For heavy Commercial Vehicle these concerns are even bigger. Their network architecture makes them more vulnerable to this issues. Hence these Cyber security issues hinder the market growth in the forecast period 2020-2025.

Market Landscape

Technology launches, acquisitions, Partnerships and R&D activities are key strategies adopted by players in the LATAM LMS-Frontline worker training market. In 2019, the market of Connected Truck industry outlook has been fragmented by several companies. Connected Truck top 10 companies include APTIV PLC, Continental AG, Denso Corporation, HARMAN International, Magna International Inc., NXP Semiconductors Netherlands B.V., Robert Bosch GmbH, Sierra Wireless, Inc., TomTom International BV, Trimble Inc., Verizon Connect, ZF Friedrichshafen AG among others.

Acquisitions/Technology Launches

In 2020, Volvo Eicher Commercial Vehicles Ltd (VECV) introduced connected vehicle solution for its BS 6 trucks and buses.

Key Takeaways

Connected trucks market in North America is anticipated to register a significant growth over the forecast period, due to higher adoption rate, improved infrastructure and the expansion of the automotive sector in these region.

Vehicle to Vehicle Communication is growing at a highest CAGR of 21.5% in the forecast period, as this technology helps vehicles form spontaneous wireless networks on the go and transfer data over an ad-hoc mesh network.

The commercial trucks are increasingly equipped with advanced driver assistance systems (ADAS) such as adaptive cruise control (ACC), lane departure warning (LDW), blind spot detection, and park assist system to enhance the safety of drivers as well as pedestrians.

Connected Truck top 10 companies include APTIV PLC, Continental AG, Denso Corporation, HARMAN International, Magna International Inc., NXP Semiconductors Netherlands B.V., Robert Bosch GmbH, Sierra Wireless, Inc., TomTom International BV, Trimble Inc., Verizon Connect, ZF Friedrichshafen AG among others.

Related Reports :

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https://www.industryarc.com/Research/Forklift-Truck-Market-Research-502393

B. Commercial Automotive Telematics Market
https://www.industryarc.com/Report/1318/Commercial-Automotive-Telematics-Market.html

For more Automation and Instrumentation related reports @ https://www.industryarc.com/Domain/3/automotive-market-research.html

Venkat Reddy
Sales Director
Email: venkat@industryarc.com
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