Press release
Connected Truck Market: A High-Tech Evolution with $74.47B Size by 2029, 16.0% CAGR, and Key Market Trends
What Is The Projected Market Size Of The Global Connected Truck Market And Its Growth Rate?
• Projected Market Size for 2024: $34.6 billion
• Projected Market Size for 2025: $40.13 billion (16.0% CAGR)
• Expected Market Size for 2029: $74.47 billion (16.7% CAGR)
Key growth drivers include increased telematics integration, increased fuel efficiency, emission compliance, and demand for fleet management optimization. Major trends impacting the market include predictive maintenance solutions, enhanced telematics, integration of IoT sensors, and eco-friendly solutions.
What Is Driving The Growth In The Connected Truck Market?
The swift growth of the Connected Truck Market is propelled by the rise in fuel efficiency. More distance traveled per unit of fuel consumed translates to efficiency in any vehicle. Connected trucks magnify this effect by optimizing routing and sidestepping traffic slowdowns, minimizing fuel consumption, and boosting efficiency. As reported by the Environmental Protection Agency (EPA), most vehicle categories achieved their highest fuel economy in 2022, with sport utility vehicles witnessing an improvement of 2.4 mpg, thus driving the Connected Trucks Market.
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Who Are the Key Players Driving Connected Truck Market Growth?
Major players driving the growth in this market include:
• Robert Bosch GmbH
• Continental AG
• Denso Corporation
• ZF Friedrichshafen AG
• Daimler AG
• Sierra Wireless Inc.
• Mercedes-Benz Group AG
Among others.
What Are The Key Trends In The Connected Truck Market?
Notable trends in the Connected Truck Market include:
• Predictive maintenance solutions
• Enhanced telematics
• Fleet management
• Integration of IoT sensors
• Eco-friendly solutions
What Are The Segments Of The Global Connected Truck Market?
The global Connected Truck Market is categorized by:
1) Vehicle Type: Light Commercial Vehicles, Heavy Commercial Vehicles
2) Range: Dedicated Short Range, Long Range Or Cellular Network
3) Communication Type: Vehicle to Vehicle (V2V), Vehicle to Cloud (V2C), Vehicle to Infrastructure (V2I)
4) Application: Driver Assistance, Safety, Entertainment, Well-being, Vehicle Management, Mobility Management
Which Region Leads The Connected Truck Market?
North America was the largest region in the Connected Truck Market in 2024. Europe is projected to be the fastest-growing region during the forecast period. Other regions covered in the report include Asia-Pacific, Western Europe, Eastern Europe, South America, Middle East, Africa.
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What Is Covered In The Connected Truck Market Global Market Report?
- Market Size Analysis: Analyze the Connected Truck Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Connected Truck Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the market.
- Market Contribution: Evaluate contributions of different segments to the overall Connected Truck Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Connected Truck Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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