Pune, India, March 11, 2022 (GLOBE NEWSWIRE) -- The global connected truck market size was valued at USD 17.90 billion in 2020. The market is estimated to grow from USD 20.45 billion in 2021 to USD 58.90 billion by 2028, exhibiting a CAGR of 16.3% during the forecast period. Rapid digitization, incorporation of advanced technologies, and rising preferences for effective transportation services are expected to fuel the market development. Fortune Business Insights™ presents this information in its report titled “Connected Truck Market, 2021-2028.”
Connected trucks comprise advanced technologies and sensors that fuel management, driver-support systems, and displays vehicle improvements. Advanced Driver Assist System (ADAS) and fleet management system (FMS) are trucks that assist drivers in safely completing transportation activities. Furthermore, the rising demand for effective transportation services is expected to boost the demand for the product. Moreover, changing government road safety norms are expected to boost the adoption of smart trucks in the transportation and logistics sector. These factors may propel market development in the coming years.
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Report Scope & Segmentation:
|Forecast Period||2021 to 2028|
|Forecast Period 2021 to 2028 CAGR||16.3%|
|2028 Value Projection||USD 58.90 Billion|
|Market Size in 2021||USD 20.45 Billion|
|Historical Data for||2017 to 2019|
|No. of Pages||200|
|Segments covered||Light Commercial Vehicle, Heavy Commercial Vehicle|
|Growth Drivers||The demand for the product is expected to increase due to its lower operational costs and increased productivity.|
|It provides data regarding the details of the operation and enables organizations to improve their operations and achieve organizational goals.|
|North America is expected to dominate the connected truck market share due to the rising adoption of the technology in smart trucks.|
Communication Type, Vehicle Type, and Region are Studied
By communication type, the market is segmented into Vehicle to Infrastructure (V2I), Vehicle to Cloud (V2C), and Vehicle to Vehicle (V2V). As per vehicle type, it is bifurcated into heavy commercial vehicle and light commercial vehicle. Geographically, it is clubbed into North America, Europe, Asia Pacific, and the rest of the world.
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The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving & restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
Drivers and Restraints
Low Operational Costs of Trucks to Spike Market Development
The demand for the product is expected to increase due to its lower operational costs and increased productivity. It provides data regarding the details of the operation and enables organizations to improve their operations and achieve organizational goals. Further, the rising demand for technology that enables companies to improve functioning is expected to foster the product demand. The rising adoption of connected truck in heavy trucks is expected to fuel its sales from the automotive sector. In addition, stringent government regulations regarding the safety of heavy commercial automobiles may promote the usage of the technology. These factors may drive the connected truck market growth.
However, limited network infrastructure for the technology is expected to hinder the market’s progress.
Rising Adoption of Smart Trucks to Propel Market Growth in North America
North America is expected to dominate the connected truck market share due to the rising adoption of the technology in smart trucks. The market in North America stood at USD 7.90 billion in 2020 and is expected to grow significantly in the coming years. The rising adoption of the product for safety concerns is expected to boost the industry.
In Europe, the early adoption of ADAS systems in smart trucks is expected to foster the product demand. In addition, stringent government norms regarding comfort and driver & passenger safety is expected to foster market development.
In Asia Pacific, the rapidly changing automotive industry and rising awareness regarding smart trucks’ benefits are expected to boost market development. Additionally, road safety and real-time tracking are expected to boost market development.
Lack of Consumer Demand will Impede Market Development
The market is expected to be negatively affected during the COVID-19 pandemic due to lack of demand for the product. The rapid surge in COVID-19 cases led to stringent norms by governments globally. This factor led to the shutdown of manufacturing activities, affecting the product adoption. The halt on transportation activities impedes demand for sensors. Moreover, the global semiconductor shortage is expected to disrupt supply chains. However, the adoption of reduced capacities, part-time shifts, and technologically advanced production machinery reduces labor and enhances production. These factors might positively impact the global market during the pandemic.
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Companies Develop Advanced Solutions to Expand Market Reach
Prominent companies operating in the market develop advanced and novel solutions to boost their brand image and expand their market reach. For example, Volvo Autonomous Solutions and Aurora announced their long-haul VNL model developed by a joint venture by the companies in September 2021. The prototype truck is integrated with Aurora Driver technology and is a crucial step for announcing autonomous class 8 and fully connected trucks in North America. This launch will enable the companies to expand their market reach and boost brand image.
- June 2020- Ford Commercial Solutions introduced Ford Telematics, a web-based software platform and subscription service that provides fleet managers access to connected vehicles' data. Ford Telematics allows commercial vehicle clients to track and geofence their fleets, get real-time vehicle health warnings to plan and limit downtime, set vehicle repair reminders, evaluate driver behavior, and potentially save money on fuel.
List of Key Players Profiled in the Report
- Robert Bosch GmbH (Germany)
- Continental AG (Germany)
- ZF Friedrichshafen AG (Germany)
- Daimler AG (Germany)
- Volvo AB (Sweden)
- Delphi Technologies (U.K.)
- Denso Corporation (Japan)
- HARMAN International (U.S.)
- Sierra Wireless, Inc. (Canada)
- Magna International Inc. (Canada)
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Major Table of Contents:
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments - Merger, Acquisitions, and Partnerships
- Distribution Analysis
- Porter’s Five Forces Analysis
- PEST Analysis
- Technological Developments
- Impact of COVID-19
- Global Connected Truck Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Communication Type
- Vehicle to Vehicle(V2V)
- Vehicle to Cloud(V2C)
- Vehicle to Infrastructure(V2I)
- Market Analysis, Insights and Forecast – By Vehicle Type
- Market Analysis, Insights and Forecast – By Region
- North America Connected Truck Market Analysis, Insights and Forecast, 2017-2028
- Market Analysis – By Communication Type
- Market Analysis – By Vehicle Type
- Market Analysis – By Country
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