Connected Truck Market Growth Expected to Reach $97.38 Million by 2031, Boasting a 16.1% CAGR

As per the report, the global connected truck industry was estimated at $22.20 billion in 2021, and is predicted to reach $97.38 billion by 2031, growing at a CAGR of 16.1% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.

The connected truck market will be affected by the recent trend of development of self-driving trucks. Top OEM's such as Tesla, Volvo, Vera, and Daimler among others, have been developing self-driving trucks for the market. Startups such as Waymo, Einride, TuSimple, and others, have also started developing self-driving trucks. For instance, Tesla announced a plan to launch its self-driving electric truck by the end of 2022.

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For instance, Waymo has started testing its self-driving trucks since January 2020. Similarly, TuSimple plans to operate autonomous trucking routes between Pheonix and Tucson in Arizona and some areas in Texas. Further, in May 2019, Einride started its testing for driver-less trucks. In January 2019, Daimler announced an investment of $570 million for self-driving trucks (Level 4). Thus, self-driving technology is expected to increase demand for connected trucks and electric vehicles in the long run due to the various advantages such as reduced accident risk, easy use, and presence of value-added features among others.

The growth of the connected truck market is witnessing growth, 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 massive use of telematics in the automotive sector and ease of vehicle diagnosis propel the growth of the globally connected truck market. Nonetheless, the lack of uninterrupted and seamless web connectivity and the rise in cyber terrorism are a few of the factors that impede global market expansion. The production of autonomous trucks opens new dimensions of growth for the market in the years ahead.

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Covid-19 scenario:

1. The COVID-19 pandemic adversely affected the growth of the global connected truck market, owing to the disruption in supply chain activities which led to a decline in sales of vehicles and a shortage of semiconductor parts.

2. Temporary shutdown of a large number of manufacturing units during the COVID-19 period hampered market growth across the globe.

3. With the easing of lockdown restrictions, a large number of manufacturing firms witnessed a huge sale of trucks and buses. This propelled the expansion of the global market during the COVID period.

Based on communication type, the vehicle-to-vehicle segment contributed to the highest market share in 2021, accounting for nearly two-fifths of the global connected truck market. Reportedly, the vehicle-to-vehicle segment is a major component of the intelligence transport system (ITS). Moreover, ITS makes use of vehicle-to-vehicle communication enhances traffic management by allowing vehicles to communicate with roadside services, including traffic lights and road signs. However, the vehicle-to-infrastructure segment to record the fastest CAGR of nearly 17.7% from 2022 to 2031.

Based on the range, the dedicated short range segment is predicted to register the highest CAGR of 16.7% during the period from 2022 to 2031. Moreover, the segment contributed to more than three-fifths of the global connected truck market share in 2021, and is expected to remain dominant during the forecasted timeframe. The growth of the segment can be attributed to its low latency, interoperability, and high security. Furthermore, the dedicated short-range receives less interference during extreme climatic conditions.

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In terms of vehicle type, the light commercial vehicle segment contributed to the largest market share in 2021, accounting for more than two-thirds of the global market. Furthermore, the segment is anticipated to dominate the global connected truck market over the forecast period. The introduction of new connected trucks by key automotive manufacturers is the major factor driving the growth. However, the heavy commercial vehicles segment to record the fastest CAGR of 18.6% over forecast period.

On basis of application, the driver assistance segment is projected to contribute more than one-third of the global connected truck market in 2031. This growth can be attributed to the use of GPS equipment in vehicle driver assistance systems for tracking the recent position of the user on the road. Reportedly, the system can relay directions to the driver to reach the destination through the use of the system's current driver location. This segment also registers the highest CAGR of 18.6% during the forecast period.

By region, North America contributed significantly toward the global connected truck market share in 2021 and is projected to continue its dominance during the forecast period. The region accounted for nearly two-fifths of the regional market share in 2021. The growth of the market in North America over the forecast period can be credited to the massive use of new telematics tools for safe and cost-efficient fleet management activities. Apart from this, key players in the region incorporate advanced telematics solutions in their automotive, thereby driving the market growth. However, the Asia-Pacific market is anticipated to record the fastest CAGR of 17.6% from 2022 to 2031.

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Major market players

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
ZF Friedrichshafen AG

The report analyzes these key players in the global connected truck market. These players have implemented key business strategies such as strategic expansion, new product launches, alliances, and joint ventures for enhancing market penetration and reinforcing their position in the industry. The report helps the target audience in determining the market performance, performance of each segment, product portfolio development in the market, and contributions made by each player to the market growth.

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