Global Connected Truck Market Size, Share & Analysis

The global connected truck market size was valued at USD 32 billion in 2024 and is expected to reach USD 117 billion by 2032 at a CAGR of 18.50% during the forecast period 2024-2032.

The report analyzes and forecasts the market size (USD million) of the connected truck market. The report segments the market by region, vehicle type, range type, communication type, component type, and services type. The report also provides a detailed analysis of various forces acting in the market including drivers, restraints, opportunities, and challenges. It strategically profiles key players and comprehensively analyzes their market shares and core competencies. It also tracks and analyzes competitive developments such as joint ventures, mergers & acquisitions, new product launches, expansions, and other activities carried out by key industry participants.

Market Dynamics

Drivers: Rising Vehicle Production in the Global Connected Truck Market

One of the main factors propelling the market's growth is the increase in vehicle production worldwide. In order to satisfy the growing demand for trucks, especially in the logistics and transportation industries, manufacturers are raising their output. Truck functioning and efficiency are improved by investments in cutting-edge technologies and networking features made possible by this industrial boom. Product quality rises, costs fall, and productivity increases as businesses use automation and advanced production processes. The integration of features like advanced telematics, driver assistance systems, and fleet management solutions is supported by the rise in linked truck production

Restraints: High Penetration in the Global Connected Truck Market

Due to their widespread use in the automotive sector, linked technologies have a number of drawbacks despite their potential to increase productivity and efficiency in the market. Advanced telematics and automation solutions are oversaturating the market, which could prevent new competitors and cutting-edge technology from taking off, especially in established industries. Established companies may be hesitant to invest further in connected technologies, fearing diminishing returns from additional automation. Additionally, the high costs associated with deploying and maintaining these sophisticated systems can discourage smaller enterprises from entering the market, further stifling growth opportunities. As a result, the extensive use of connected technologies creates barriers to expansion, particularly in sectors where automation is already prevalent.

Opportunities: Productivity Optimization in the Global Connected Truck Market

Productivity optimization presents a significant opportunity for the market, as businesses strive to maximize output while minimizing costs. By leveraging advancements in automation, data analytics, and the Industrial Internet of Things (IIoT), truck manufacturers can achieve greater precision, faster production cycles, and reduced downtime. Technologies such as real-time monitoring and predictive maintenance enable companies to proactively address issues, ensuring smoother operations and minimizing disruptions. Additionally, enhancing productivity through robotics and AI-powered processes facilitates more efficient resource utilization, ultimately lowering waste and energy consumption. As the market increasingly adopts these cutting-edge solutions, productivity optimization becomes a crucial factor in gaining a competitive edge and fostering long-term growth

Challenges: Connectivity and Integration

Numerous obstacles could seriously hinder the global connected truck market's expansion and uptake. The incorporation of cutting-edge technologies into current transportation systems is one of the most urgent problems. The inability of many manufacturers to integrate connected features effectively might result in longer implementation periods, higher costs, and operational disruptions. This intricacy can be especially intimidating for smaller businesses with less resources.

The following are the major objectives of the study.

• To define, characterise, and project the global connected truck market in terms of volume (thousands/million units) and value (USD million/billion) based on a number of factors, such as technology, application, component, and geography.
• To give comprehensive details on the key elements driving market expansion, such as opportunities, barriers, industry-specific difficulties, and urgent problems affecting the market.
• To provide insights into the competitive environment, identify important companies and their market positions, and assess prospects for stakeholders
• To strategically examine subsegments (such technology and application) in terms of their respective growth patterns, potential futures, and market contributions
• To project market segment sizes with respect to the four major regions—Asia-Pacific, North America, Europe, and the Rest of the World (RoW), as well as important nations within each of these regions
• To provide a thorough study of the strategies, core capabilities, and competitive advantages of the major competitors in the global connected truck market
• To monitor and evaluate competitive changes in the connected truck industry, such as joint ventures, mergers and acquisitions, R&D activities, and new product development.

Major firms operating in the connected truck industry in various locations have been discovered during this research study. Their distribution strategies, regional presence, and product offerings have all been thoroughly examined. The overall market size has been estimated using both top-down and bottom-up methods, using secondary sources like Factiva, Bloomberg BusinessWeek, and Hoovers to determine the sizes of different markets as well as percentage splits from primary respondents.

Key Players

The report analyses all major players in the global connected truck market consists of manufacturers such as Continental (Germany), Delphi (UK), Bosch (Germany), and Denso Corporation (Japan), and research institutes such as Japan Automobile Manufacturers Association (JAMA), European Automobile Manufacturers Association (ACEA), Canadian Automobile Association (CAA), and Korea Automobile Manufacturers Association (KAMA).

Report Details:

Major Market Developments

• In 2021, Volvo Group announced a strategic partnership with NVIDIA to develop advanced AI-powered software for connected trucks, enhancing automated driving and improving fleet management capabilities through real-time data analytics.
• In 2022, Daimler Trucks launched its innovative connected truck platform, which integrates telematics and over-the-air updates to provide improved safety features and operational efficiency, setting a new standard for connectivity in the trucking industry.
• In 2023, Scania unveiled its new line of connected trucks equipped with enhanced connectivity features, focusing on sustainability and optimizing fuel consumption through advanced data analytics and real-time monitoring systems.

Target Audience

• Automobile manufacturers
• Connected car devices manufacturers
• Automobile organizations/associations
• Cloud service providers
• Compliance regulatory authorities
• Government agencies
• Information Technology (IT) companies & system integrators
• Investors and Venture Capitalists (VCs)

Report Scope:

• By Region
• By Range Type
• By Services Type
• By Vehicle Type
• By Components Type
• By Communication Type
  • North America
  • Europe
  • Asia Pacific
  • Rest of The World (RoW)
  • Dedicated Short Range 
  • Long Range/Cellular Network
  • Fleet Management
  • Maintenance (Cybersecurity & Updates)
  • Light Commercial Vehicles
  • Heavy Commercial Vehicles
  • Hardware
  • Software
  • Vehicle-To-Vehicle (V2V)
  • Vehicle-To-Infrastructure (V2I)
  • Vehicle-To-Cloud (V2C)

Global Connected Truck Market Applications, namely, Primary Process and Secondary Process, to Drive the Growth of the Market

Primary Process

Advanced driver assistance systems (ADAS), fleet management, and vehicle-to-everything (V2X) communication applications are the main application types in the connected truck sector. According to estimates, the ADAS application market holds the biggest proportion of the global market in terms of value.

Secondary Process

Applications for predictive maintenance, route optimisation, and telematics are examples of the secondary application category. While route optimisation increases logistics efficiency by lowering trip times and improving fuel consumption, telematics systems provide real-time tracking of vehicle performance and position. Applications for predictive maintenance use data analytics to anticipate maintenance needs, reducing downtime and operating expenses.

Available Customizations

MarketsandMarkets offers the following customizations for this market report:

1. Detailed analysis and profiling of additional market players (up to 3)
2. Detailed analysis of connected truck services market
3. Detailed analysis of global connected truck market range market

Frequently Asked Questions (FAQ):

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