New York, June 09, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Connected Truck Global Market Report 2023" - https://www.reportlinker.com/p06466701/?utm_source=GNW
, Mercedes-Benz Group AG, Aktiebolaget Volvo, NXP Semiconductors NV, Verizon Communications Inc., and Trimble Inc.
The global connected truck market is expected to grow from $25.59 billion in 2022 to $30.10 billion in 2023 at a compound annual growth rate (CAGR) of 17.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The connected truck market is expected to reach $54.68 billion in 2027 at a CAGR of 16%.
The connected truck market consists of revenues earned by entities by providing remote diagnostics of vehicles, software uptime services, predictive services of trucks, and diagnostic-related advice.The market value includes the value of related goods sold by the service provider or included within the service offering.
The connected truck market also includes sales of 3D accelerometers, monitor doors, trunks, hatches, and motion sensors.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
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.
North America was the largest region in the connected truck market in 2022.Europe is expected to be the fastest-growing region in the forecast period.
The regions covered in connected truck report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of connected trucks are light commercial vehicles and heavy commercial vehicles.Light commercial vehicles (LCVs) refer to a type of commercial vehicle that are generally smaller in size and weight compared to heavy commercial vehicles such as trucks and buses and they are used for commercial purposes such as delivery vehicles, passenger vans, and small business utility vehicles.
The ranges provided are dedicated short-range and long-range or cellular networks to form different communications such as vehicle-to-vehicle (V2V), vehicle-to-cloud (V2C), vehicle-to-infrastructure (V2I). It is used in various applications such as driver assistance, safety, entertainment, well-being, vehicle management, and mobility management.
The rise in digitalization is expected to propel the growth of the connected truck market going forward.Digitalization is the use of digital technologies to alter a business model and generate new revenue and value.
Connect trucks are used in the digitalized transportation industry to provide businesses with real-time data and insights to improve their efficiency, safety, and sustainability by enhancing the bi-directional communication between the trucks.For instance, in November 2022, according to an article published by Zippia, a US-based online recruitment services provider company, globally 70% of the organization have digitalization strategies and 56% of CEOs agreed to have improved profits because of digital improvements.
Therefore, the rise in digitalization is driving the growth of the connected trucks market.
Technological advancements are a key trend gaining popularity in the connected truck market.Major companies operating in the connected truck market are adopting new technologies to sustain their position in the market.
For instance, in March 2023, Volvo Trucks North America, a US-based truck company launched Connected Vehicle Analytics (CVA) tool that gathers actual data from fleet operations, such as current truck configurations, daily routes, average speed, and fuel usage.With the help of the CVA tool, dealers can keep an eye on how fleet clients are using their Volvo vehicles and identify areas where better spicing could increase their efficiency and productivity.
Dealers can gain quantitative insights about a customer’s fleet’s performance and what updates and adjustments can be made to the specifications when investing in new trucks using Volvo Trucks’ CVA tool. Data are supplied on a variety of factors that may impact how much fuel a vehicle uses and consumes.
In April 2021, Volvo Autonomous Solutions, a Sweden-based company operating in autonomous solutions for on-road and off-road applications partnered with Aurora Innovation, Inc for an undisclosed amount.Through this partnership, both companies aim to develop on-highway autonomous trucks and strengthen their portfolio in transport as a service solution.
Aurora Innovation, Inc is a US-based manufacturer of self-driving automobiles such as connected trucks.
The countries covered in the connected truck market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The connected truck market research report is one of a series of new reports that provides connected truck market statistics, including connected truck industry global market size, regional shares, competitors with a connected truck market share, detailed connected truck market segments, market trends and opportunities, and any further data you may need to thrive in the connected truck industry. This connected truck market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06466701/?utm_source=GNW
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