Dublin, Nov. 23, 2023 (GLOBE NEWSWIRE) -- The "Connected Truck Global Market Report 2023" has been added to ResearchAndMarkets.com's offering.
This comprehensive report provides valuable insights into the connected truck market, including global market size, regional trends, competitive analysis, and growth projections.
Connected trucks encompass both light commercial vehicles (LCVs) and heavy commercial vehicles, with LCVs playing a crucial role in delivery, passenger transport, and small business operations. These vehicles utilize dedicated short-range and long-range or cellular networks to enable various forms of communication, such as vehicle-to-vehicle (V2V), vehicle-to-cloud (V2C), and vehicle-to-infrastructure (V2I). Their applications span from driver assistance and safety to entertainment, well-being, vehicle management, and mobility management.
The global connected truck market is poised for substantial growth, with a projected increase from $25.59 billion in 2022 to $30.10 billion in 2023, representing a remarkable compound annual growth rate (CAGR) of 17.6%. Furthermore, the market is anticipated to reach a staggering $54.68 billion by 2027, sustaining a robust CAGR of 16%.
Embracing Technology for Efficiency
Technological advancements are a driving force in the connected truck market, with leading companies adopting innovative solutions to maintain their market position. For example, Volvo Trucks North America recently launched the Connected Vehicle Analytics (CVA) tool, which gathers real-time data on fleet operations, enabling dealers to optimize truck configurations, routes, and fuel efficiency. Such tools empower businesses to enhance their operational efficiency and productivity.
In another example, Volvo Autonomous Solutions partnered with Aurora Innovation, Inc., to develop on-highway autonomous trucks, reflecting the industry's commitment to cutting-edge technologies.
Regional Dynamics
North America took the lead in the connected truck market in 2022, while Europe is poised to experience the fastest growth in the coming years. The report covers regions such as Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa. Key countries analyzed include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA.
Digitalization Fuels Growth
The rise of digitalization is expected to propel the connected truck market forward. Digital technologies are transforming the transportation industry by providing real-time data and insights to enhance efficiency, safety, and sustainability. Globally, organizations are adopting digitalization strategies, with 56% of CEOs reporting improved profits due to digital improvements.
Market Landscape
The connected truck market encompasses remote diagnostics, software uptime services, predictive services, and diagnostic-related advice. It also includes the sale of 3D accelerometers, monitor doors, trunks, hatches, and motion sensors.
Major players in the market include:
- Robert Bosch GmbH
- Continental AG
- Denso Corporation
- ZF Friedrichshafen
- Magna International Inc.
- Daimler AG
- Harman International
- Aptiv Global Operations Limited
- Delphi Technologies
- Sierra Wireless Inc.
- Mercedes-Benz Group AG
- Aktiebolaget Volvo
- NXP Semiconductors NV
- Verizon Communications Inc.
- Trimble Inc
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 275 |
| Forecast Period | 2023 - 2027 |
| Estimated Market Value (USD) in 2023 | $30.1 billion |
| Forecasted Market Value (USD) by 2027 | $54.68 billion |
| Compound Annual Growth Rate | 16.1% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/huu77c
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