WILMINGTON, Delaware, Nov. 01, 2023 (GLOBE NEWSWIRE) — Allied Market Research recently published a report titled, “Connected truck market By connection type (vehicle-to-vehicle, vehicle-to-infrastructure, vehicle-to-cloud), by range (long range/cellular and dedicated short range), by vehicle type (heavy commercial vehicles and light commercial vehicles), by application (safety, Driver Assistance, Entertainment, Mobility Management, Luxury, Vehicle Management): Global Opportunity Analysis and Industry Forecast, 2021-2031. According to the report, the global connected truck industry is expected to earn $97.38 billion by 2031, after witnessing a value of $22.20 billion in 2021, with a CAGR of 16.1% from 2022 to 2031.
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Key determinants of market growth:
The global growth of the connected truck market is attributed to the advent of automotive telematics technology and the ease of vehicle diagnosis. However, lack of consistent and efficient internet connectivity, as well as the prevalence of cyber attacks, has hampered the market growth to some extent. On the contrary, the development of self-driving trucks has the potential to create new horizons for the growth of the automobile industry in the coming years.
Connected Trucks Industry – Leading Companies:
- Magna International Company
- Continental AG
- Getab Company
- Robert Bosch GmbH
- ZF Friedrichshafen AG
- Verizon Communications
- Sierra Wireless
- AB Volvo
- Trimble Company
- Denso company
- TomTom International B.V
- Telematics mix
- BorgWarner (Delphi Technologies plc)
- Harman International
This report analyzes the strategies used by leading players in the global connected trucks market to expand their reach and strengthen their position in the market. These strategies include geographic expansion, new product launches, alliances, and joint ventures. The report helps stakeholders identify the market performance, top market segment, product portfolios and contributions made by each player to the market growth.
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Vehicle sector from one vehicle to another to maintain its leadership position throughout the expected time frame –
By connectivity type, the vehicle-to-vehicle segment accounted for the major market share in 2021, contributing nearly two-fifths of the global connected truck market revenue, and is expected to maintain its leadership position throughout the forecast period. It is widely accepted that communication between vehicles is one of the fundamental details of an intelligent transportation system (ITS). Furthermore, intelligent transportation systems use vehicle-to-vehicle communication to enhance traffic management by enabling vehicles to interact with roadside services such as traffic lights and road signage. On the other hand, the vehicle-to-infrastructure sector will display the fastest CAGR of 17.7% throughout the forecast period. This is due to the government’s commitment to developing digital road infrastructure and implementing stringent government regulations on road safety.
The short-term segment dedicated to leading the way by 2031.
In terms of scale, the short-term customized segment accounted for the largest market share in 2021, accounting for more than three-fifths of the global market. Connected Trucks Market RevenueIt is expected to lead the path during the forecast period. The same sector will also show the fastest CAGR of 16.7% throughout the forecast period. This growth is attributed to the sector’s low latency, high interoperability, and security. In addition, the dedicated short range also receives less interference in severe weather conditions.
The light commercial vehicle sector will contribute the lion’s share throughout the forecast period.
By vehicle type, the light commercial vehicle segment accounted for the major market share in 2021, contributing more than two-thirds of the global connected truck market revenue, and is expected to maintain the lion’s share over the forecast time frame. The market growth is attributed to the introduction of connected trucks by major automobile manufacturers. However, the heavy commercial vehicle segment will witness the fastest CAGR of 18.6% throughout the forecast period. This is due to the development of infrastructure and the increased use of heavy commercial vehicles.
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North America will retain its dominance by 2031
By Region, the market across the North America region held the highest share in 2021, accounting for nearly two-fifths of the global connected truck market revenue, and is expected to retain its dominance over the forecast period. Due to the digitalization of fleet management and cybersecurity services and upgrades, as well as the increasing presence of connected car devices in commercial vehicles. On the other hand, the market across the Asia Pacific region will exhibit the fastest CAGR of 17.6% throughout the forecast period. Due to the growth of telecommunications and IT infrastructure, including 4G, LTE and 5G, as well as the significant increase in the number of connected automotive devices in vehicles.
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