Connected Trucks Market - Forecast(2024 - 2030)

Report Code: ATR 0103 Report Format: PDF + Excel

Connected Trucks Market Overview

The global Connected Trucks market size is forecast to reach $34.2 billion by 2026, growing at CAGR 13.7% from 2021 to 2026. This growth is mainly attributed to the increasing demand for telematics in commercial vehicle industry. This technology helps in enhancing the safety level of trucks, by offering adaptive cruise control, blind spot warning, lane departure warning, park assist system, emergency roadside assistance, emergency brake assist, telematics control unit and others. The increasing production of Light commercial vehicle plays a major role in accelerating the growth of connected truck market. Furthermore, increasing government norms related to safety of vehicles are increasing the demand for connected trucks. This technology also helps in optimizing various factors including fuel usage, maintenance of the trucks and others. Moreover, high implementation rate of various advanced technology including AI, ML, Advanced driver-assistance systems and others; in commercial vehicle industry and increasing demand for autonomous trucks are affecting the growth of this market positively. Hence, the above-mentioned factors are set to boost the market growth for Connected Trucks industry during the forecast period 2021-2026.

Report Coverage

The report: Connected Trucks Market– Forecast (2021-2026)”, by IndustryARC covers an in-depth analysis of the following segments of the Connected Trucks Market.

By Range: Dedicated Short-Range Communication (Adaptive Cruise Control, Blind Spot Warning, Lane Departure Warning, Park Assist System, and Emergency Brake Assist), Long Range (Telematics Control Unit, Emergency Roadside Assistance, Infotainment Systems, Others).
By Component Type: Hardware (Radar & Lidar Sensors, Microcontrollers), Software (Vehicle to Vehicle, Vehicle to Infrastructure and Vehicle to Cloud).
By Communication type: Vehicle to Vehicle (V2V), Vehicle to Infrastructure (V2I), Vehicle to Cloud (V2C).
By Services: Fleet Management Service (Tracking & Monitoring, Fleet Analytics, Driver Information System, Remote Diagnostics, Fuel Management System and others), and Maintenance Service (Light Commercial Vehicle and Heavy Commercial Vehicle).
By Vehicle type: Light Commercial Vehicle (LCV), Heavy Commercial Vehicle (HCV).
By Geography: North America (U.S, Canada, Mexico), South America (Brazil, Argentina and others), Europe (Germany, UK, France, Italy, Spain, Russia and Others), APAC (China, Japan India, South Korea, Australia and Others), and RoW (Middle east and Africa)

Key Takeaways

  • Light commercial vehicle is analysed to witness significant market growth during 2021-2026, due to the growing demand for good carriage vehicles across industries.
  • North America dominated the market in 2020 and analyzed to witness significant growth in the forecast period, due to the early adoption of this technology, massive investments for developing advanced technologies, and presence of major market players.
  • The market of Connected Trucks is estimated to witness significant upsurge during the forecast period, owing to the high penetration of wireless technologies and telematic in automotive industry.
  • This industry is consolidated with top market players including Continental AG, Delphi Technologies, ZF Friedrichshafen AG, Verizon Communications, Denso Corporation and others.

Connected Trucks Market Value Share, by Geography, 2020 (%)

Connected Trucks Market Value Share

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Connected Trucks Market Segment Analysis - By Range

By range, connected truck market is segmented into Dedicated Short-Range Communication and Long Range. The short-range communication is further segmented into Adaptive Cruise Control, Blind Spot Warning, Lane Departure Warning, Park Assist System, and Emergency Brake Assist and the long range is segmented into Telematics Control Unit, Emergency Roadside Assistance, Infotainment Systems, Others. Dedicated short range communication held the major Connected Trucks market share, around 34% in 2020, expected to grow with a CAGR of 15.4% among the entire segment of range, during the forecast period 2021-2026. DSRC, a wireless technology, offers higher flexibility, greater scalability, collision avoidance assistance, secure communication high speed and many others benefits and it also allows the vehicle to communicate with its surrounding infrastructure, without the access to a cellular network. Such benefits drive the demand for DSRC technology, which in turn drives the growth of the market. Furthermore, in April 2018, Toyota and Lexus collaborated to deploy Dedicated Short-Range Communications (DSRC) systems on vehicles in order to create a safer and more efficient driving ecosystem while advancing connected and automated technology deployment. Such vehicles are available for sale in the United States from the start of 2021. Such developments will accelerate the growth rate of this market during the forecast period 2021-2026.

Connected Trucks Market Segment Analysis - By Vehicle Type

Based on vehicle-type, Connected Trucks market is segmented into Light Commercial Vehicle (LCV), Heavy Commercial Vehicle (HCV). According to Connected Trucks market report of IndustryARC, light commercial vehicle segment is anticipated to witness a significant amount of growth with a CAGR of 14.2% in the forecast period 2021-2026. These types of commercial vehicles are highly being used as a carriage of goods, which is creating the demand for LCVs across the industries, thereby providing incentives to the market players to introduce new light commercial vehicles. In August 2020, an electric vehicle start-up company, Etrio announced about the launch of India’s first retrofitted electric light commercial vehicle (eLCV). Similarly, in June 2019, Eicher Trucks and Buses launched Eicher Pro 2000 Series, India’s first BS-VI compliant range of light duty trucks. This series of trucks are equipped with Bluetooth connectivity, touch-screen infotainment along with smart cabin with two driver configurations. Such launches will create a prominent upsurge in demand of LCVs in the forecast period 2021-2026.

Connected Trucks Market Segment Analysis - By Geography

North America held the major Connected Trucks market share of around 33% in 2020 and is estimated to grow with a CAGR of 12.6% during the forecast period 2021-2026, owning to the early adoption of this technology and increasing investments of the development of such technologically advanced technologies. Furthermore, the growth rate of automotive sector coupled with high penetration rate of IoT in this industry creates a positive impact on the growth of this market. Moreover, growing safety awareness, governments initiatives in the form of safety regulations for enhancing the safety level and the presence of major market players are driving the growth of this industry. Additionally, various types of strategic steps such as investments, launches, acquisition, merger, partnerships and others; taken by the top markets players enhance the growth rate. For instance, in September 2021, PACCAR, a manufacturer of medium and heavy-duty truck, collaborated with Aurora, a leading autonomous driving technology company, and FedEx, a transportation and logistics company, for the launch of a commercial pilot of autonomous trucks in linehaul trucking operations. Such developments are set to boost the growth of this industry in North America.

Connected Trucks Market Drivers

High Penetration of Wireless Technology and Telematics in Automotive sector is set to boost the growth of this market

Growing penetration and increasing investment on wireless technology as well as the increasing demand of telematics in automotive sector are analysed to drive the growth of connected trucks market during the forecast period. Trucks with telematics and other wireless tools can get live traffic updates, smart routing, monitoring, tracking, roadside assistance during a breakdown, automatic toll transactions, and others. This in turn, enhances the operational efficiency of the fleets, including fuel cost reduction, resource optimization, and others; thereby, driving the demand for technologically advanced telematic services and other wireless technologies for automotive including trucks. In January 2021, Mix Telematics announced the launch of a new app-based tracking solution for fleets, specially designed for providing real-time monitoring capabilities to help the customers in improving the driver safety level and manage the risks. Similarly, in June 2020, Ford introduced its new web-based telematics platform and subscription-based services for commercial vehicle customers, specifically designed for granting the fleet managers an easy access to the important data collected from connected vehicles. Such launches of technologically advanced products for connected commercial vehicles are set to boost the market growth during 2021-2026.

Strategic steps taken by the market players will fuel the growth:

The players of this market are taking more strategic steps for the expansion of the market through new product launches, acquisition, investments and others, which is set to drive the growth of connected truck market during the forecast period 2021-2026. In October 2020, KeepTruckin launched the Smart Load Board, an intelligent freight matching solution, to connect network of more than 1 million truck drivers with industry leading brokers. In August 2020, Mahindra Truck and Bus (MTB) announced the launch of its revolutionary telematic connected vehicle technology iMAXX for transforming the Indian vehicle fleet management market. In March 2019, I.D. Systems entered into an acquisition agreement to acquire Israeli telematics and mobile IoT solutions provider, Pointer Telocation for $140 million to expand its business in mobile IoT and connected vehicle market. Pointer technology is being deployed in more than 3 million light and heavy commercial vehicles across 80 countries. Hence, these types of strategic developments taken by the market players are analysed to boost the growth rate of connected trucks market during the forecast period 2021-2026.

Connected Trucks Market Challenges

Risk of Cyber-attacks is Harming the growth of Connected Truck Market

With high penetration of IoT, and various types of communication methods such as Vehicle to Vehicle (V2V), Vehicle to Infrastructure (V2I), Vehicle to Cloud (V2C) and others, the connected truck market is growing rapidly, but some security issues are present in the market, which is hampering the growth of this market. Cyber security is one of the major concerns related to the growth of this market. In May 2021, US-based truck company, Navistar International had suffered from a data breach. The files and the stolen data were offered and auction on Marketo, a marketplace for stolen data. The stolen data included financial details, contracts and other internal documents. Such, threats are hampering the growth of this market during the forecast period 2021-2026. 

Connected Trucks Market Landscape

Partnerships and acquisitions along with product launches are the key strategies adopted by the players in the Connected Trucks Market. As of 2020, the market for Connected Trucks industry outlook is consolidated with the top market players. Connected Trucks top 10 companies include:

  1. Continental AG
  2. Delphi Technologies
  3. Denso Corporation 
  4. ZF Friedrichshafen AG
  5. Verizon Communications
  6. Harman International
  7. Robert Bosch Gmbh
  8. Sierra Wireless, Inc.
  9. Magna International Inc.
  10. Daimler AG 

Acquisitions/Technology Launches/Partnerships

  • In March 2021, Tata Motors launched its Ultra Sleek T-Series smart trucks in India to meet the growing requirements of the urban transportation. Three models of these light commercial as well as intermediate trucks are available in the market.
  • In July 2020, Volvo Eicher Commercial Vehicles Ltd (VECV) announced the launch of its connected vehicle fleet management solution, Eicher LIVE for its BS 6 trucks and buses.

Relevant Report Titles:

Commercial Automotive Telematics Market – Forecast (2021 - 2026)
Report Code: ATR 0014

Commercial Vehicle Telematics Market – Forecast (2021 - 2026)
Report Code: ATR 0110

For more Automotive Market reports, please click here

1. Connected Trucks Market Overview
    1.1 Definitions and Scope
2. Connected Trucks Market - Executive Summary
    2.1 Market Revenue, Market Size and Key Trends by Company
    2.2 Key trends By Product Type
    2.3 Key trends segmented by Geography
3. Connected Trucks Market – Market Landscape
    3.1 Comparative Analysis
        3.1.1 Product/Company Benchmarking-Top 5 Companies
        3.1.2 Top 5 Financial Analysis
        3.1.3 Market Value Split by Top 5 Companies
        3.1.4 Patent Analysis
        3.1.5 Pricing Analysis (Comparison of General Price Offerings in the Market)
4. Connected Trucks Market – Industry Market Entry Scenario Premium (Premium)
    4.1 Regulatory Scenario
5. Connected Trucks Market – Startup Company Scenario (Premium)
    5.1 Venture Capital and Funding Scenario
    5.2 Startup Company Analysis
6. Connected Trucks Market Analysis (Enterprise License)
    6.1 Ease of Doing Business Index
    6.2 Case Studies
    6.3 Customer Analysis
    6.4 Market Share by Range
    6.5 Market Share by Component Type
    6.6 Market Share by Communication Type
    6.7 Market Share by Services
    6.8 Market Share by Vehicle Type
    6.9 Market Share by Country
    6.10 Competition Matrix
7. Connected Trucks Market - Market Forces
    7.1 Market Drivers
    7.2 Market Constraints
    7.3 Porters five force model
        7.3.1 Bargaining power of suppliers
        7.3.2 Bargaining powers of customers
        7.3.3 Threat of new entrants
        7.3.4 Rivalry among existing players
        7.3.5 Threat of substitutes
8. Connected Trucks Market – By Strategic Analysis (Market Size -$Million/Billion)
    8.1 Value Chain Analysis
    8.2 Opportunities Analysis
    8.3 Product Life Cycle/Market Life Cycle Analysis
    8.4 Suppliers and Distributors
9. Connected Trucks Market – By Range
    9.1 Dedicated Short-Range Communication
        9.1.1 Adaptive Cruise Control
        9.1.2 Blind Spot Warning
        9.1.3 Lane Departure Warning
        9.1.4 Park Assist System
        9.1.5 Emergency Brake Assist
    9.2 Long Range
        9.2.1 Telematics Control Unit
        9.2.2 Emergency Roadside Assistance
        9.2.3 Infotainment Systems
        9.2.4 Others
10. Connected Trucks Market – By Component Type
    10.1 Hardware
        10.1.1 Radar & Lidar Sensors
        10.1.2 Microcontrollers
    10.2 Software
        10.2.1 Vehicle to Vehicle
        10.2.2 Vehicle to Infrastructure
        10.2.3 Vehicle to Cloud
11. Connected Trucks Market – By Communication Type
    11.1 Vehicle to Vehicle (V2V)
    11.2 Vehicle to Infrastructure (V2I)
    11.3 Vehicle to Cloud (V2C)
12. Connected Trucks Market – By Services
    12.1 Fleet Management Service
        12.1.1 Tracking & Monitoring
        12.1.2 Fleet Analytics
        12.1.3 Driver Information System
        12.1.4 Remote Diagnostics
        12.1.5 Fuel Management System
        12.1.6 Others
    12.2 Maintenance Service
        12.2.1 Light Commercial Vehicle
        12.2.2 Heavy Commercial Vehicle
13. Connected Trucks Market – By Vehicle Type
    13.1 Light Commercial Vehicle (LCV)
    13.2 Heavy Commercial Vehicle (HCV)
14. Connected Trucks Market – By Geography
    14.1 North America
        14.1.1 U.S
        14.1.2 Canada
        14.1.3 Mexico
    14.2 Europe
        14.2.1 UK
        14.2.2 Germany
        14.2.3 Italy
        14.2.4 France
        14.2.5 Spain
        14.2.6 Rest of Europe
    14.3 APAC
        14.3.1 Japan
        14.3.2 China
        14.3.3 India
        14.3.4 South Korea
        14.3.5 Australia
        14.3.6 Rest of Asia-Pacific
    14.4 South America
        14.4.1 Brazil
        14.4.2 Argentina
        14.4.3 Rest of South America
    14.5 RoW
        14.5.1 Africa
        14.5.2 Middle East
15. Connected Trucks Market - Market Entropy
    15.1 New product launches
    15.2 M&A's, collaborations, JVs and partnerships
16. Connected Trucks Market – Industry Competition Landscape (Premium)
    16.1 Market Share Global
    16.2 Market Share – Top Regions
17. Connected Trucks Market – Key Company List by Country Premium (Premium)
18. Connected Trucks Market - Company Analysis
    18.1 Continental AG
    18.2 Delphi Technologies
    18.3 Denso Corporation 
    18.4 ZF Friedrichshafen AG
    18.5 Verizon Communications
    18.6 Company 6
    18.7 Company 7
    18.8 Company 8
    18.9 Company 9
    18.10 Company 10
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