Connected Truck
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What Is the Expected CAGR for the Connected Truck Market Through 2025?
The market size of the connected truck has experienced rapid expansion in the past few years. It is projected to increase from $34.6 billion in 2024 to $40.13 billion in 2025, marking a compound annual growth rate (CAGR) of 16.0%. This growth during the historical time frame is due to factors such as the rise in telematics integration, improved fuel efficiency and emission compliance, heightened demand for enhanced safety, optimization of fleet management, and regulatory compliance.
What’s the Projected Size of the Global Connected Truck Market by 2029?
A significant expansion is anticipated in the upcoming years for the connected truck market, with projections estimating a value of “$74.47 billion by 2029, displaying a Compound Annual Growth Rate (CAGR) of 16.7%. Contributing factors to this growth during the forecast period may include the rise in autonomous and semi-autonomous driving, the implementation of predictive maintenance solutions, initiatives for smart cities, eco-sustainability ambitions, and possibilities for data monetization. Key market trends predicted for the forecast period consist of the increase in predictive maintenance solutions, upgraded telematics and fleet management, the inclusion of IoT sensors, eco-sensitive solutions, and driver assistance systems.
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Top Growth Drivers in the Connected Truck Industry: What’s Accelerating the Market?
The expected increase in the level of fuel efficiency is set to drive the expansion of the connected trucks market. Vehicles that are fuel-efficient are defined by the distance they can cover per unit of fuel used. By optimizing routes and dodging traffic congestion, connected trucks can enhance this fuel efficiency, thereby reducing fuel usage and boosting overall efficiency. For example, numerous vehicle categories recorded their best fuel economy ever in December 2023, as per data released by the US-based Environmental Protection Agency (EPA). This included sport utility vehicles that showed a fuel efficiency improvement of 2.4 mpg for the 2022 model year. Thus, this growth in average fuel efficiency is significantly propelling the connected trucks market forward.
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What Trends Will Shape the Connected Truck Market Through 2029 and Beyond?
In the connected truck market, emerging technologies play a crucial role as a prevalent trend. Major market players are utilizing innovative technologies to retain their market positioning. For instance, Volvo Trucks North America, a US-based enterprise, inaugurated its Connected Vehicle Analytics (CVA) tool in March 2023. This tool collects actual data from fleet operations, including current truck configurations, daily routes, average speed, and fuel utilization. With the CVA tool, dealers are enabled to monitor the usage of their Volvo vehicles by fleet clients and pinpoint areas where enhanced scheduling could augment efficiency and productivity. Leveraging Volvo Trucks’ CVA tool, dealers can obtain measurable data on the performance of a customer’s fleet and determine necessary upgrades and modifications when investing in new trucks. Data is provided on an array of aspects that could influence the fuel consumption and usage of a vehicle.
What Are the Main Segments in the Connected Truck Market?
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
Subsegments:
1) By Light Commercial Vehicles: Delivery Vans, Pickup Trucks, Small Cargo Vehicles
2) By Heavy Commercial Vehicles: Trucks, Trailers, Buses
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Which Top Companies are Driving Growth in the Connected Truck Market?
Major companies operating in the connected truck market include 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
Which Regions Will Dominate the Connected Truck Market Through 2029?
North America was the largest region in the connected truck market in 2024.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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