The global connected truck market revenue was around US$ 25.7 billion in 2022 and is estimated to reach US$ 98.4 billion by 2031, growing at a compound annual growth rate (CAGR) of 16.1% during the forecast period from 2023 to 2031.
A connected truck is an integration of cutting-edge digital-age technologies such as vehicle-to-vehicle (V2V), fleet management system, advanced driver assist system, and others. Connected trucks promote connectivity on wheels providing convenience, comfort, safety, performance, and security along with robust network technology. This allows the driver to connect with online platforms, and promote real-time communication.
Market Driving Factors
The rising demand for predictive maintenance and remote diagnostics in the trucking industry is propelling market growth. This is because these technologies allow real-time monitoring of vehicle health, allowing for proactive maintenance and lowering downtime. For instance, in February 2023, Volvo Trucks North America revealed the blue service contract, incorporating connected services and asset data to execute an adaptive, dealer-managed preventative maintenance plan. Furthermore, introduced at the Technology & Maintenance Council's 2023 Annual Meeting, the Volvo Blue service contract guarantees that Volvo-certified technicians perform all tasks utilizing authorized parts. It encloses software management, real-time monitoring, and recall updates.
The surge in utilization of telematics in the automotive sector is predicted to boost the market. This is mainly owing to the telematics plays an essential role in developing unique solutions for effective fleet management. Trucks with telematics and wireless solutions can obtain live traffic updates, tracking, monitoring, and roadside assistance during a breakdown, smart routing, and others. This, in turn, improves the fleet's operational efficiency. As a result, telematics solutions also assist in resource optimization, fuel cost reduction, and others.
The risk of cyberattacks and a lack of reliable and smooth internet connectivity are the things hindering the market expansion.
Regional Analysis
North America dominated the market in terms of large shares and is estimated to maintain its dominance. This can be primarily attributed to the incorporation of a new telematics platform for secure and price-effective fleet management and investment collaboration between automobile insurance and telematics companies. Additionally, the incorporation of cutting-edge telematics solutions by leading key players also boosted the market growth in the region.
Asia Pacific is estimated to dominate the market in terms of the growth rate. The transforming automotive industry in the region and raising awareness about the advantages of smart type of trucks, including road safety, real-time tracking, and others, will fuel the market growth. Furthermore, the well-established manufacturing enterprise in the region is driving the demand for transportation and logistics services, which is expected to propel the market growth.
Segmentation Insights
Communication Type Insight
The vehicle-to-cloud segment dominates the market in terms of the shares. This is generally owing to the surging requirement for cutting-edge infotainment systems and the requirement for telematics and advanced driving assistance systems (ADAS), and in-car networking is anticipated to increase the usage of vehicle-to-cloud services.
Range Insight
The dedicated short-range segment is predicted to dominate the market in terms of the rate. DSR (dedicated short range) encourages vehicle-to-infrastructure communication and direct vehicle-to-vehicle communication, improving road protection via real-time data exchange. As a result, this technology is important for enabling cooperative intelligent transport systems, helping features like traffic management and collision avoidance.
Vehicle Type Insight
The heavy commercial vehicles segment is estimated to dominate the market in terms of the highest revenue shares. This is owing to the increasing emphasis on fleet management efficiency and the integration of cutting-edge technologies. Furthermore, connected heavy commercial vehicles provide data-driven insights, real-time monitoring, and predictive maintenance, improving overall operational performance. As a result, enhanced security features, fuel efficiency, and compliance with regulatory measures also drive HCV sales.
Prominent Companies
Segmentation Outline
The global connected truck market segmentation focuses on Communication Type, Range, Vehicle Type, Application, and Region.
By Communication Type
By Range
By Vehicle Type
By Application
By Region
[TABLE OF CONTENTS]
1 INTRODUCTION OF GLOBAL CONNECTED TRUCK MARKET
1.1 OVERVIEW OF THE MARKET
1.2 SCOPE OF REPORT
1.3 ASSUMPTIONS
2 EXECUTIVE SUMMARY: CONNECTED TRUCK MARKET
3 RESEARCH METHODOLOGY
3.1 DATA MINING
3.2 VALIDATION
3.3 PRIMARY INTERVIEWS
3.4 LIST OF DATA SOURCES
3.5 ANALYST TOOLS AND MODELS
4 GLOBAL CONNECTED TRUCK MARKET OUTLOOK
4.1 OVERVIEW
4.2 MARKET DYNAMICS AND TRENDS
4.2.1 DRIVERS
4.2.2 RESTRAINTS
4.2.3 OPPORTUNITIES
4.3 PORTERS FIVE FORCE ANALYSIS
4.4 VALUE CHAIN ANALYSIS
4.5 MARKET GROWTH AND OUTLOOK
4.5.1 PRICE TREND ANALYSIS
4.5.2 OPPORTUNITY SHARE
5 GLOBAL CONNECTED TRUCK MARKET, BY COMMUNICATION TYPE
5.1 OVERVIEW
5.2 VEHICLE-TO-VEHICLE
5.3 VEHICLE-TO-CLOUD
5.4 VEHICLE-TO-INFRASTRUCTURE
6 GLOBAL CONNECTED TRUCK MARKET, BY RANGE
6.1 OVERVIEW
6.2 DEDICATED SHORT RANGE
6.3 LONG RANGE/CELLULAR NETWORK
7 GLOBAL CONNECTED TRUCK MARKET, BY VEHICLE TYPE
7.1 OVERVIEW
7.2 LIGHT COMMERCIAL VEHICLES
7.3 HEAVY COMMERCIAL VEHICLES
8 GLOBAL CONNECTED TRUCK MARKET, BY APPLICATION
8.1 OVERVIEW
8.2 DRIVER ASSISTANCE
8.3 SAFETY
8.4 ENTERTAINMENT
8.5 WELL-BEING
8.6 VEHICLE MANAGEMENT
8.7 MOBILITY MANAGEMENT
9 GLOBAL CONNECTED TRUCK MARKET, BY GEOGRAPHY
9.1 OVERVIEW
9.2 NORTH AMERICA
9.2.1 NORTH AMERICA MARKET SNAPSHOT
9.2.2 U.S.
9.2.3 CANADA
9.2.4 MEXICO
9.3 EUROPE
9.3.1 EUROPE MARKET SNAPSHOT
9.3.2 WESTERN EUROPE
9.3.2.1 THE UK
9.3.2.2 GERMANY
9.3.2.3 FRANCE
9.3.2.4 ITALY
9.3.2.5 SPAIN
9.3.2.6 REST OF WESTERN EUROPE
9.3.3 EASTERN EUROPE
9.3.3.1 POLAND
9.3.3.2 RUSSIA
9.3.3.3 REST OF EASTERN EUROPE
9.4 ASIA PACIFIC
9.4.1 ASIA PACIFIC MARKET SNAPSHOT
9.4.2 CHINA
9.4.3 JAPAN
9.4.4 INDIA
9.4.5 AUSTRALIA & NEW ZEALAND
9.4.6 ASEAN
9.4.7 REST OF ASIA PACIFIC
9.5 MIDDLE EAST & AFRICA
9.5.1 MIDDLE EAST & AFRICA MARKET SNAPSHOT
9.5.2 UAE
9.5.3 SAUDI ARABIA
9.5.4 SOUTH AFRICA
9.5.5 REST OF MEA
9.6 SOUTH AMERICA
9.6.1 SOUTH AMERICA MARKET SNAPSHOT
9.6.2 BRAZIL
9.6.3 ARGENTINA
9.6.4 REST OF SOUTH AMERICA
10 GLOBAL CONNECTED TRUCK MARKET COMPETITIVE LANDSCAPE
10.1 OVERVIEW
10.2 COMPANY MARKET RANKING
10.3 KEY DEVELOPMENT STRATEGIES
10.4 COMPETITIVE DASHBOARD
10.5 PRODUCT MAPPING
10.6 TOP PLAYER POSITIONING, 2022
10.7 COMPETITIVE HEATMAP
10.8 TOP WINNING STRATEGIES
11 COMPANY PROFILES
11.1 MAGNA INTERNATIONAL INC.
11.1.1 OVERVIEW
11.1.2 FINANCIAL PERFORMANCE
11.1.3 PRODUCT OUTLOOK
11.1.4 KEY DEVELOPMENTS
11.1.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.2 AB VOLVO
11.2.1 OVERVIEW
11.2.2 FINANCIAL PERFORMANCE
11.2.3 PRODUCT OUTLOOK
11.2.4 KEY DEVELOPMENTS
11.2.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.3 VERIZON COMMUNICATIONS INC.
11.3.1 OVERVIEW
11.3.2 FINANCIAL PERFORMANCE
11.3.3 PRODUCT OUTLOOK
11.3.4 KEY DEVELOPMENTS
11.3.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.4 TRIMBLE INC.
11.4.1 OVERVIEW
11.4.2 FINANCIAL PERFORMANCE
11.4.3 PRODUCT OUTLOOK
11.4.4 KEY DEVELOPMENTS
11.4.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.5 ROBERT BOSCH GMBH
11.5.1 OVERVIEW
11.5.2 FINANCIAL PERFORMANCE
11.5.3 PRODUCT OUTLOOK
11.5.4 KEY DEVELOPMENTS
11.5.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.6 CONTINENTAL AG
11.6.1 OVERVIEW
11.6.2 FINANCIAL PERFORMANCE
11.6.3 PRODUCT OUTLOOK
11.6.4 KEY DEVELOPMENTS
11.6.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.7 TOMTOM INTERNATIONAL BV
11.7.1 OVERVIEW
11.7.2 FINANCIAL PERFORMANCE
11.7.3 PRODUCT OUTLOOK
11.7.4 KEY DEVELOPMENTS
11.7.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.8 BORGWARNER INC.
11.8.1 OVERVIEW
11.8.2 FINANCIAL PERFORMANCE
11.8.3 PRODUCT OUTLOOK
11.8.4 KEY DEVELOPMENTS
11.8.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.9 MERCEDES-BENZ GROUP AG
11.9.1 OVERVIEW
11.9.2 FINANCIAL PERFORMANCE
11.9.3 PRODUCT OUTLOOK
11.9.4 KEY DEVELOPMENTS
11.9.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.10 MIX TELEMATICS
11.10.1 OVERVIEW
11.10.2 FINANCIAL PERFORMANCE
11.10.3 PRODUCT OUTLOOK
11.10.4 KEY DEVELOPMENTS
11.10.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.11 HARMAN INTERNATIONAL
11.11.1 OVERVIEW
11.11.2 FINANCIAL PERFORMANCE
11.11.3 PRODUCT OUTLOOK
11.11.4 KEY DEVELOPMENTS
11.11.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.12 SIERRA WIRELESS INC.
11.12.1 OVERVIEW
11.12.2 FINANCIAL PERFORMANCE
11.12.3 PRODUCT OUTLOOK
11.12.4 KEY DEVELOPMENTS
11.12.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.13 GEOTAB INC.
11.13.1 OVERVIEW
11.13.2 FINANCIAL PERFORMANCE
11.13.3 PRODUCT OUTLOOK
11.13.4 KEY DEVELOPMENTS
11.13.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.14 ZF FRIEDRICHSHAFEN AG
11.14.1 OVERVIEW
11.14.2 FINANCIAL PERFORMANCE
11.14.3 PRODUCT OUTLOOK
11.14.4 KEY DEVELOPMENTS
11.14.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.15 DENSO CORPORATION
11.15.1 OVERVIEW
11.15.2 FINANCIAL PERFORMANCE
11.15.3 PRODUCT OUTLOOK
11.15.4 KEY DEVELOPMENTS
11.15.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
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