Connected Truck Market Forecast 2024-2033

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Overview and Scope
A connected truck is a commercial vehicle equipped with advanced technology known as connected vehicle technology that allows it to communicate with other vehicles, devices, and systems within its environment. It enables vehicles to communicate their locations in real-time with nearby vehicles and infrastructure to trigger an automated response to enhance the driving experience with more safety.

Sizing and Forecast
The connected truck market size has grown rapidly in recent years. It will grow from $30.1 billion in 2023 to $35.34 billion in 2024 at a compound annual growth rate (CAGR) of 17.4%. The growth in the historic period can be attributed to increased telematics integration, increased fuel efficiency and emission compliance, demand for enhanced safety, fleet management optimization, regulatory compliance.

The connected truck market size is expected to see rapid growth in the next few years. It will grow to $63.12 billion in 2028 at a compound annual growth rate (CAGR) of 15.6%. The growth in the forecast period can be attributed to increasing autonomous and semi-autonomous driving, predictive maintenance solutions, smart city initiatives, environmental sustainability goals, data monetization opportunities. Major trends in the forecast period include predictive maintenance solutions, enhanced telematics and fleet management, integration of iot sensors, eco-friendly solutions, driver assistance systems.

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Segmentation & Regional Insights
The connected truck market covered in this report is segmented –

1) By Vehicle Type: Light Commercial Vehicles, Heavy Commercial Vehicles
2) By Range: Dedicated Short Range, Long Range Or Cellular Network
3) By Communication Type: Vehicle to Vehicle (V2V), Vehicle to Cloud (V2C), Vehicle to Infrastructure (V2I)
4) By Application: Driver Assistance, Safety, Entertainment, Well-being, Vehicle Management, Mobility Management

North America was the largest region in the connected truck market in 2023. Europe is expected to be the fastest-growing region in the global connected truck market report during the forecast period. The regions covered in the connected truck market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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Major Driver Impacting Market Growth
The rise in the fuel-efficient average is expected to propel the growth of the connected trucks market going forward. Fuel-efficient vehicles refer to the distance traveled per unit of fuel consumed. Connected trucks can be helpful for fuel efficiency by optimizing routing and avoiding traffic slowdowns, which can reduce fuel consumption and improve efficiency. For instance, according to the Department of Energy, a US-based government department, by 2021, the average fuel economy for the sedan class had risen to 31.7 mpg. Therefore, the rise in the fuel-efficient average is driving the connected trucks market.

Key Industry Players
Major companies operating in the connected truck market report are Robert Bosch GmbH, Continental AG, Denso Corporation, ZF Friedrichshafen AG, Magna International Inc., Daimler AG, Harman International, Aptiv Global Operations Limited, Sierra Wireless Inc., Mercedes-Benz Group AG, Aktiebolaget Volvo, NXP Semiconductors NV, Verizon Communications Inc., Trimble Inc., Borgwarner Inc., Geotab Inc., Mix Telematics, TomTom International BV, Traton SE, Tata Motors Ltd., PACCAR Inc., DAF Trucks N.V., WABCO Vehicle Control Systems, Stoneridge Inc., Navistar International Corporation, Scania AB, Iveco Group NV, AT&T Fleet Complete, KeepTruckin Inc., Omnitracs LLC

The connected truck market report table of contents includes:

1. Executive Summary
2. Connected Truck Market Characteristics
3. Connected Truck Market Trends And Strategies
4. Connected Truck Market – Macro Economic Scenario
5. Global Connected Truck Market Size and Growth
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31. Global Connected Truck Market Competitive Benchmarking
32. Global Connected Truck Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Connected Truck Market
34. Connected Truck Market Future Outlook and Potential Analysis
35. Appendix

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