Proficient Market unravels its new study titled “Global Connected Truck Market Communication Type (Vehicle to Vehicle (V2V), Vehicle to Cloud (V2C) & Vehicle to Infrastructure (V2I)) and by End-Users/Application (Light commercial vehicles & Heavy commercial vehicles) Global Market Share, Forecast Data, In-Depth Analysis, and Detailed Overview, and Forecast, 2015 – 2027″. Effective exploratory techniques such as qualitative and quantitative analysis have been used to discover accurate data.
According to the report, Global Connected Truck Market in 2019 stood at USD 19000 million and is expected to reach USD 42000 million by 2027 growing at a CAGR of 18.4% from 2020 to 2027.
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A connected truck is equipped with advance technology such as advanced driver assist system (ADAS) and fleet management system (FMS), which broadcast on the screen vehicle improvement, fuel management, driver assist system, and others. Connected trucks are employed with features that provide the driver instant status information and control of the vehicle remotely. In a connected truck, the driver can check the current fuel level, battery status, light status, and other information.
Connected Truck Market Key Players: The research study includes profiles of leading companies operating in the global connected truck market. Key players profiled in the report include:
Magna International Inc.
NXP Semiconductors Netherlands B.V.
Robert Bosch GmbH
Sierra Wireless Inc.
TomTom International BV
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Drivers for the Global Connected Truck Market: Rise in demand for technologically advanced systems in heavy vehicles is the key factor that is driving the connected truck market. The connected truck includes features such as lane keep assist system (LKAS), blind spot detection (BSD), lane departure warning (LDW), and emergency brake assist (EBA), which provides safety to the drivers as well as pedestrians and other cars. This is boosting the connected truck market. Government regulation on safety concerns for heavy commercial vehicles across the globe are also driving the connected truck market. Thus all these factors are driving the connected truck market,
Opportunities for the Global Connected Truck Market: The automotive industry is estimated to witness an increase in adoption of the connected truck due to technological advancements in the automotive industry. Connected trucks are expected to play significant role in the development of autonomous trucks, thereby providing opportunities for automotive manufacturers. While Government regulation on safety concerns for heavy commercial vehicles across the globe are also expected to drive the connected truck market during forecast period. Thus all these factors are providing lucrative opportunities for the growth of the connected truck market.
Restrains for the Global Connected Truck Market: Limited network infrastructure is a key factor that is hampering the growth of the connected truck market. While rising costs are the major drawback of this market which is creating a negative impact at the growth of the market. Other factors like high installation , high setup cost & complicated setup led to restrain the growth of the connected truck market. Also the government norms, stringent policies & research & development activities are majorly restraining the growth. Hence all these factors are responsible for hampering the growth of the connected truck market.
Region Wise, Global Connected Truck Market Analysis: Report covers the region wise analysis, global Connected truck market can be segmented into North America, Europe, Asia Pacific, Latin America, Middle East and Africa. Among all, North America leads the global Connected truck market share followed by Asia Pacific and Europe. While the North America leads the global Connected truck market due to the expansion of the automotive sector in these regions, leading to an increased number of connected truck. While higher adoption rate and improved infrastructure are boosting the growth of the market in this region. While Awareness on safety while driving and government safety regulation are empowering the automotive industry thereby driving the connected truck market in North-America region.
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Global Connected Truck Market: Product analysis
On the basis of type, The vehicle-to-cloud (V2C) communication accounted for largest share of total revenue generated due to the increasing number of connected devices in trucks. Various automotive OEMs, especially in North America and Europe, are offering connected devices for short-range communication in their vehicles. Original equipment manufacturer such as General Motors (US), Daimler (Germany), Volvo (Sweden), and Volkswagen AG (Germany) provide connected devices in their commercial vehicle models. Thus all these factors are boosting the growth of the market segment.
Global Connected Truck Market: Application analysis
Light Commercial Vehicles
Heavy Commercial Vehicles
The demand of Global Connected Truck Market is highest from heavy commercial vehicles , due to the infrastructure advancement and increased application in heavy commercial vehicle. Rise in demand for technologically advanced systems in heavy vehicles is the key factor that is driving the connected truck market. The connected truck includes features such as lane keep assist system (LKAS), blind spot detection (BSD), lane departure warning (LDW), and emergency brake assist (EBA), which provides safety to the drivers as well as pedestrians and other cars. This is boosting the connected truck market. Government regulation on safety concerns for heavy commercial vehicles across the globe are also driving the connected truck market.
Global Connected Truck Market: Region analysis
North America: U.S., Canada, Mexico
Europe: U.K., France, Germany, Spain, Italy, Rest of Europe
Asia Pacific: China, Japan, South Korea, ASEAN, India
Rest of Asia Pacific: Latin America, Brazil, Argentina, Colombia, Rest of L.A.
Middle East and Africa: Turkey, GCC, UAE, South Africa, Rest of Middle East
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