Global Connected Truck Market Set for Remarkable Growth, Poised to Reach $63.12 Billion by 2028

Dublin, May 10, 2024 (GLOBE NEWSWIRE) -- The "Connected Truck Global Market Report 2024" report has been added to's offering.

The connected truck market is witnessing an unprecedented phase of growth and innovation. The market, valued at $30.1 billion in 2023, is projected to escalate to $35.34 billion in 2024, demonstrating a robust compound annual growth rate (CAGR) of 17.4%. This surge is attributed to the integration of advanced telematics, the quest for fuel efficiency, adherence to safety and emission standards, and the optimization of fleet management practices.

Forecast Period Expectations

In the forthcoming years, the connected truck market is estimated to expand to $63.12 billion by 2028, growing at a CAGR of 15.6%. Driving forces behind this growth include the adoption of autonomous driving technologies, predictive maintenance, smart city initiatives, environmental sustainability, and data monetization opportunities. Key industry trends, such as predictive maintenance and IoT integration, are catalyzing the evolution of the market.

Technological Advancements

Technological innovations are a driving force in the market expansion. For instance, Volvo Trucks North America recently introduced the Connected Vehicle Analytics tool, which validates the industry’s stride towards embracing cutting-edge technologies. Additionally, major players are forming strategic partnerships to enhance their services, as seen with PACCAR Inc.'s alliance with telematics provider, Platform Science.

Regional Market Insights

North America maintained its position as the leading region in the connected truck market in 2023, with Europe forecasted to be the fastest-growing region. The substantial growth in these regions underpins the global market's momentum.

Market Composition

The market is segmented by vehicle type, with light commercial vehicles (LCVs) and heavy commercial vehicles holding distinct positions. Communication technology used in connected trucks spans dedicated short-range, long-range, V2V (vehicle-to-vehicle), V2C (vehicle-to-cloud), and V2I (vehicle-to-infrastructure), which play essential roles in various applications, from driver assistance to vehicle management.

Market Definition

Comprising revenues from entities offering remote diagnostics and predictive services, the connected truck market's value reflects factory gate values and includes associated goods and services. The market's value is indicative of the enterprise revenues within a set geography and market scope, exclusive of resales along the supply chain.

This analysis provides an in-depth perspective on the connected truck market's current dynamics and future outlook, reflecting the industry's potential for sustained growth and the technological advancements that continue to drive it forward.

A selection of companies mentioned in this report includes, but is not limited to:

  • 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

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