Wilmington, Delaware, Nov. 01, 2023 (GLOBE NEWSWIRE) -- Allied Market Research recently published a report, titled, “Connected Truck Market by Communication Type (Vehicle-To-Vehicle, Vehicle-To-Infrastructure, Vehicle-To-Cloud), by Range (Long Range/Cellular Network and Dedicated Short Range), by Vehicle Type (Heavy Commercial Vehicles and Light Commercial Vehicles), by Application (Safety, Driver Assistance, Entertainment, Mobility Management, Well-being, Vehicle Management): Global Opportunity Analysis and Industry Forecast, 2021-2031.” According to the report, the global connected truck industry is projected to gain $97.38 billion by 2031, having witnessed a value of $22.20 billion in 2021, exhibiting a CAGR of 16.1% from 2022 to 2031.
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Prime Determinants of Market Growth:
The global connected truck market growth is attributed to the rise of automotive telematics and ease of vehicle diagnostics. However, a lack of consistent and efficient web connectivity, as well as the proliferation of cyber-attacks hindered the market growth to some extent. On the contrary, the development of autonomous trucks has the potential to create new avenues for the growth of the automotive industry in the upcoming years.
Connected Truck Industry - Leading Companies:
- Magna International Inc.
- Continental AG
- Geotab Inc.
- Robert Bosch GmbH
- ZF Friedrichshafen AG
- Verizon Communications
- Sierra Wireless
- AB Volvo
- Trimble Inc.
- Denso Corporation
- TomTom International BV
- Mix Telematics
- BorgWarner Inc. (Delphi Technologies Plc)
- HARMAN International
This report analyzes the strategies employed by the leading players in the global connected truck market to expand their reach and strengthen their position in the market. These strategies include geographical expansion, the launch of new products, alliances, and joint ventures. The report helps the stakeholders in determining the market performance, top market segment, product portfolios, and contributions made by each player to the market growth.
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The vehicle-to-vehicle segment to maintain its leadership status throughout the forecast timeframe-
By communication type, the vehicle-to-vehicle segment held the major market share in 2021, contributing to nearly two-fifths of the global connected truck market revenue, and is expected to maintain its leadership status throughout the forecast period. It is widely accepted that communication between vehicles is a fundamental detail of the ITS system. Furthermore, ITS uses vehicle-to-vehicle communication to enhance traffic management by enabling vehicles to interact with roadside services such as traffic signals and road signage. On the other hand, the vehicle-to-infrastructure segment would showcase the fastest CAGR of 17.7% throughout the projection period. This is due to the government's commitment to digital road infrastructure development and the implementation of stringent government regulations concerning road safety.
The dedicated short-range segment to lead the trail by 2031-
By range, the dedicated short-range segment held the largest market share in 2021, accounting for more than three-fifths of the global connected truck market revenue, and is projected to lead the trail during the forecast period. The same segment would also exhibit the fastest CAGR of 16.7% throughout the projection period. The growth is attributed to the segment’s low latency, high interoperability, and security. Additionally, the dedicated short-range also receives less interference in extreme weather conditions.
The light commercial vehicle segment to contribute lion's share throughout the forecast period-
By vehicle type, the light commercial vehicle segment held the major market share in 2021, contributing to more than two-thirds of the global connected truck market revenue, and is anticipated to maintain its lion's share during the forecast timeframe. The growth of the market is attributed to the introduction of connected trucks by major automobile manufacturers. However, the heavy commercial vehicles segment would cite the fastest CAGR of 18.6% throughout the projection period. This is due to due to the development of infrastructure and the increasing use of heavy commercial vehicles.
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North America to retain its dominance by 2031-
By region, the market across the North American region held the highest share in 2021, holding nearly two-fifths of the global connected truck market revenue, and is projected to retain its dominance during the forecast period. Owing to the digitization of fleet management services, cybersecurity, and updates, as well as the increasing presence of connected car devices in commercial vehicles. On the other hand, the market across the Asia-Pacific region would display the fastest CAGR of 17.6% throughout the projection period. Owing to the growth of communication and IT infrastructure, including 4G, LTE, and 5G, as well as the surge in the number of connected car devices in vehicles.
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