Press release
Connected Truck Market Size, Share, Growth, Forecast 2024 To 2033
Connected Truck Market
According to The Business Research Company's, The connected truck market size has grown rapidly in recent years. It will grow from $30.1 billion in 2023 to $35.34 billion in 2024 at a compound annual growth rate (CAGR) of 17.4%. The growth in the historic period can be attributed to increased telematics integration, increased fuel efficiency and emission compliance, demand for enhanced safety, fleet management optimization, regulatory compliance.
The connected truck market size is expected to see rapid growth in the next few years. It will grow to $63.12 billion in 2028 at a compound annual growth rate (CAGR) of 15.6%. The growth in the forecast period can be attributed to increasing autonomous and semi-autonomous driving, predictive maintenance solutions, smart city initiatives, environmental sustainability goals, data monetization opportunities. Major trends in the forecast period include predictive maintenance solutions, enhanced telematics and fleet management, integration of iot sensors, eco-friendly solutions, driver assistance systems.
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Market Drivers and Trends:
The rise in the fuel-efficient average is expected to propel the growth of the connected trucks market going forward. Fuel-efficient vehicles refer to the distance traveled per unit of fuel consumed. Connected trucks can be helpful for fuel efficiency by optimizing routing and avoiding traffic slowdowns, which can reduce fuel consumption and improve efficiency. For instance, according to the Department of Energy, a US-based government department, by 2021, the average fuel economy for the sedan class had risen to 31.7 mpg. Therefore, the rise in the fuel-efficient average is driving the connected trucks market.
Technological advancements are a key trend gaining popularity in the connected truck market. Major companies operating in the connected truck market are adopting new technologies to sustain their position in the market. For instance, in March 2023, Volvo Trucks North America, a US-based truck company launched Connected Vehicle Analytics (CVA) tool that gathers actual data from fleet operations, such as current truck configurations, daily routes, average speed, and fuel usage. With the help of the CVA tool, dealers can keep an eye on how fleet clients are using their Volvo vehicles and identify areas where better spicing could increase their efficiency and productivity. Dealers can gain quantitative insights about a customer's fleet's performance and what updates and adjustments can be made to the specifications when investing in new trucks using Volvo Trucks' CVA tool. Data are supplied on a variety of factors that may impact how much fuel a vehicle uses and consumes.
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Major Key Players of the Market:
Robert Bosch GmbH; Continental AG; Denso Corporation; ZF Friedrichshafen AG; Magna International Inc.; Daimler AG; Harman International; Aptiv Global Operations Limited; Sierra Wireless Inc.; Mercedes-Benz Group AG; Aktiebolaget Volvo; NXP Semiconductors NV; Verizon Communications Inc.; Trimble Inc.; Borgwarner Inc.; Geotab Inc.; Mix Telematics; TomTom International BV; Traton SE; Tata Motors Ltd.; PACCAR Inc.; DAF Trucks N.V.; WABCO Vehicle Control Systems; Stoneridge Inc.; Navistar International Corporation; Scania AB; Iveco Group NV; AT&T Fleet Complete; KeepTruckin Inc.; Omnitracs LLC
Connected Truck Market 2024 Key Insights:
• The connected truck market size will grow to $63.12 billion in 2028 at a compound annual growth rate (CAGR) of 15.6%.
• The Role Of Fuel-Efficient Averages In Propelling Growth In The Connected Trucks Market
• Volvo Trucks North America Introduces Connected Vehicle Analytics (CVA) Tool In The Connected Truck Market
• North America was the largest region in the connected truck market in 2023
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