Ottawa, Aug. 01, 2024 (GLOBE NEWSWIRE) -- The global connected trucks market size is predicted to grow from USD 29.08 billion in 2023 to approximately USD 103.24 billion by 2033, a study published by Towards Automotive a sister firm of Precedence Statistics.
Maximize your time with our condensed report insights! Access Here: https://www.towardsautomotive.com/insight-sample/1290
Connected trucks, also known as smart trucks or intelligent trucks, leverage these technologies to enable real-time monitoring, diagnostics, and management of various aspects of truck operations. The connected trucks market involves a diverse array of technologies and solutions aimed at enhancing the efficiency, safety, and sustainability of commercial trucking operations.
At its core, connected trucks use telematics, Internet of Things (IoT), and artificial intelligence (AI) to enable real-time data transmission, remote monitoring, predictive maintenance and intelligent fleet management. This merging of digital innovations has led to transformative changes in the way fleets are managed, optimized, and controlled.
The connected trucks market is propelled by several key drivers that highlight its rapid growth and transformative potential. Fleet operators, driven by efficiency imperatives, are increasingly turning to connected truck solutions to optimize their operations and enhance profitability.
You can place an order or ask any questions, please feel free to contact us at sales@towardsautomotive.com
Key Trends and Findings
- Integration of connected trucks with autonomous driving technologies is a prominent trend, enabling features like platooning and semi-autonomous driving capabilities to enhance safety and efficiency.
- Advanced analytics and AI algorithms are increasingly being used to predict maintenance needs, analyze operational data, and provide real-time insights, empowering fleet managers to make informed decisions and optimize operations.
- With the proliferation of IoT devices and advancements in connectivity technologies like 5G, connected trucks are becoming more interconnected, facilitating seamless communication between vehicles, infrastructure, and backend systems.
- As connected trucks become more reliant on digital technologies and data exchange, there's an increased focus on cybersecurity measures to protect against cyber threats and ensure the integrity and confidentiality of data.
- The dedicated short-range communication segment is anticipated to dominate the segment for connected trucks market since it significantly helps in improving overall safety on the roads.
- North America is expected to lead the market, holding over 43.58% of the market share in 2023, driven by the technological advancement and widespread adoption of connected technologies.
- Asia Pacific is expected to grow at a fastest growth rate of 15.90% fueled by robust economic growth, leading to increased demand for transportation and logistics services.
Get exactly what you need with a bespoke report! Request Now: https://www.towardsautomotive.com/contact-us
Market Drivers
Demand for Efficiency Enhancement
Connected trucks revolutionize fleet operations through a suite of efficiency-enhancing features. Real-time monitoring enables fleet managers to track vehicle performance, identify inefficiencies, and respond promptly to issues. Predictive maintenance utilizes data analytics to forecast potential equipment failures, allowing proactive maintenance scheduling and minimizing downtime. Route optimization optimizes travel routes based on factors like traffic conditions, weather, and delivery schedules, reducing fuel consumption and delivery times. These features collectively streamline operations, maximize resource utilization, and enhance overall efficiency in fleet management.
Advanced Safety Features in Connected Trucks
Connected trucks prioritize driver safety with advanced safety features that mitigate risks and ensure compliance with regulatory standards. Collision detection systems use sensors and cameras to detect potential collisions and alert drivers, providing crucial reaction time to prevent accidents. Lane departure warnings notify drivers when they unintentionally drift out of their lane, reducing the likelihood of lane departure accidents. These safety enhancements not only protect drivers and passengers but also safeguard other road users and valuable cargo. By promoting safer driving behaviours and reducing accident rates, connected trucks contribute to lower insurance costs, improved regulatory compliance, and enhanced brand reputation for fleet operators.
Market Restraints
Initial Investment Costs
The initial investment costs of deploying connected truck solutions constitute a significant restraint for fleet operators. These costs encompass a range of expenses, including the procurement of hardware components such as telematics devices and on-board sensors, acquisition of software licenses, and investment in infrastructure upgrades to support data transmission and storage. For many fleet operators, particularly small and medium-sized enterprises (SMEs), the financial burden associated with these upfront costs can be prohibitive, hindering their ability to adopt connected truck technologies. Moreover, uncertainties surrounding the return on investment (ROI) and the long-term benefits of these solutions may further deter investment.
Data Security Concerns
The proliferation of connected trucks has raised significant data security concerns within the transportation industry. These concerns stem from the large volumes of sensitive data generated and transmitted by connected trucks, including vehicle diagnostics, location information, and driver behavior metrics. Fleet operators and technology providers must contend with the risk of data breaches, unauthorized access, and cyberattacks that could compromise the confidentiality, integrity, and availability of data. Moreover, compliance with data privacy regulations such as the General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA) adds another layer of complexity to data security management. Failure to adequately address data security concerns can erode customer trust, expose organizations to legal liabilities, and damage their reputation.
Market Opportunities
Advancements in Telematics, IoT, and AI technologies
Rapid advancements in telematics, IoT, and AI technologies are propelling the evolution of connected trucks, unlocking new opportunities for enhanced efficiency and innovation. Telematics systems provide real-time monitoring and data collection capabilities, enabling fleet managers to track vehicle performance and optimize operations.
Integration with IoT devices facilitates seamless communication between various components of the truck ecosystem, enabling predictive maintenance and proactive decision-making. Additionally, AI-driven analytics algorithms analyze vast amounts of data to identify patterns, optimize routes, and improve fuel efficiency. These technological advancements also enable integration with autonomous driving systems, paving the way for safer and more efficient transportation solutions.
Market Expansion
The increasing demand for efficient, safe, and sustainable transportation solutions presents significant growth opportunities for the connected trucks market. As businesses worldwide prioritize efficiency and environmental responsibility, there is a growing recognition of the benefits offered by connected truck technologies. Emerging economies, in particular, represent fertile ground for market expansion, as they seek to modernize their transportation infrastructure and improve logistics efficiency. Additionally, the shift towards sustainability and regulatory compliance drives further market expansion, as companies seek solutions that reduce emissions, optimize fuel consumption, and enhance overall operational efficiency.
Key Segment Analysis
Range Segment Analysis Preview
The dedicated short-range communication segment captured a substantial market share of 61.36%%, primarily driven by the rising interest in sustainable transportation. DSRC has been a well-established technology in the automotive industry for facilitating vehicle-to-vehicle (V2V) and vehicle-to-infrastructure (V2I) communication. Its reliability and effectiveness in enabling direct communication between vehicles and infrastructure make it a preferred choice for connected truck systems. It further offers interoperability between different vehicle manufacturers and infrastructure providers, ensuring seamless communication and compatibility across diverse systems.
Vehicle Segment Analysis Preview
The heavy commercial vehicle segment dominated the market with share of 59.63%. This is owing to the emphasis on fleet management efficiency has propelled the adoption of connected technologies in the HCV sector. Furthermore, the HCV segment's substantial market share can be attributed to the significant role these vehicles play in long-haul transportation, logistics, and heavy-duty applications, where the benefits of connected technologies in improving efficiency and reducing operational costs are particularly prominent.
Connectivity Segment Analysis Preview
The vehicle-to-cloud (V2C) communication segment dominated the market in 2023. V2C communication enables seamless and efficient data transmission between vehicles and cloud-based platforms, facilitating real-time monitoring, analytics, and decision-making. Furthermore, the scalability and flexibility offered by cloud-based communication solutions make them well-suited for addressing the diverse needs and requirements of the connected trucks market.
Regional Insights
North America dominated the global connected trucks market with 43.58% of the share of the total market in 2023. This is owing to its technological advancement and widespread adoption of connected technologies in the transportation industry. The region has a well-developed internet infrastructure, characterized by high-speed connectivity and extensive network coverage, providing a robust foundation for the deployment of connected truck solutions.
Europe is likely to grow at a substantial CAGR of 12.75% in the connected trucks market during the forecast period. This is due to the widespread adoption of Internet of Things (IoT) and telematics technologies for remote fleet monitoring by fleet owners. The region's transportation industry has witnessed a significant shift towards digitization and connectivity, fueled by the imperative to enhance operational efficiency, improve fleet management practices, and comply with stringent regulatory requirements.
Recent Developments by Key Market Players
- October, 2023: Volvo Trucks North America has introduced a cutting-edge fleet management portal, enabling access to Volvo Trucks' digital services. This innovative platform offers fleets nearly real-time insights into the health and performance of their trucks in operation. Known as Volvo Connect, the new portal offers a comprehensive suite of digital services, analytics, and reports.
- September, 2023: Daimler Truck, Accelera by Cummins, and PACCAR announced their joint venture to accelerate battery cell production in the United States. Each partner will own 30% of the joint venture, focusing on lithium-iron-phosphate (LFP) battery technology initially. The total investment is estimated to be $2-3 billion for a 21-gigawatt hour (GWh) factory. The joint venture aims to create highly desirable manufacturing jobs and advance clean technology.
- January, 2023: PACCAR and Platform Science unveiled a partnership aimed at integrating Platform Science's Virtual Vehicle™ into Kenworth and Peterbilt trucks. This collaboration means that Kenworth and Peterbilt customers can harness a customizable platform via Virtual Vehicle™, providing fleets with an expansive canvas for innovation. This move enhances their ability to manage, deploy, and utilize digital applications, elevating their operational capabilities to new heights.
Market Companies
Some of the key players in connected trucks market are CalAmp, Daimler AG, Navistar International Corporation, PACCAR Inc., Fleet Complete, Geotab, MiX Telematics, Continental AG, Verizon Connect, Omnitracs, Volvo Group, Samsara Networks Inc., Scania AB, Teletrac Navman, Trimble Inc., WABCO Holdings Inc., TomTom Telematics, and ZF Friedrichshafen AG, among others.
More Insights into Towards Automotive
- The parcel sorting system market size was valued at USD 1.76 billion in 2023 and is expected to grow by USD 4.45 billion by 2032 at a CAGR of around 8.94% from 2024 to 2032.
- The ship plate market size was valued at USD 31.16 billion in 2023 and is expected to grow USD 42.12 billion by 2032 at a CAGR of around 2.97% from 2024 to 2032.
- The rolling stock market size was valued at USD 48.15 billion in 2023 and is expected to grow USD 80.4 billion by 2032 at a CAGR of around 5.02% from 2024 to 2032.
- The autonomous cars market size was valued at USD 1.88 trillion in 2023 and is expected to grow by USD 6.24 trillion by 2032 at a CAGR of around 11.39% from 2024 to 2032.
- The automotive embedded system market size was valued at USD 24.62 billion in 2023 and is expected to grow by USD 58.6 billion by 2032 at a CAGR of around 8.38% from 2024 to 2032.
- The truck-as-a-service market size was valued at USD 20.2 billion in 2023 and is expected to grow USD 252.3 billion by 2032 at a CAGR of around 20.82% from 2024 to 2032.
- The battery leasing service market size was valued at USD 267.25 million in 2023 and is expected to grow USD 1650.35 million by 2032 at a CAGR of around 16.39% from 2024 to 2032.
- The heavyweight motorcycles market size was valued at USD 24.62 billion in 2023 and is expected to grow USD 52.6 billion by 2032 at a CAGR of around 7.37% from 2024 to 2032.
- The automotive cybersecurity market size was valued at USD 2.53 billion in 2023 and is expected to grow USD 13.22 billion by 2032, increasing at a CAGR of around 15.14% from 2024 to 2032.
- The light duty truck market size was valued at USD 6.85 trillion in 2023 and is expected to grow by USD 22.6 trillion by 2032 at a CAGR of around 11.33% from 2024 to 2032.
Market Segments
By Component
- Software
- Hardware
- Service
By Range
- Dedicated Short Range Communication (DSRC)
- Long Range
By Connectivity
- Vehicle-to-Cloud (V2C) Communication
- Vehicle-to-Infrastructure (V2I) Communication
- Vehicle-to-Vehicle (V2V) Communication
By Vehicle
- Light Commercial Vehicle (LCV)
- Heavy Commercial Vehicle (HCV)
By Application
- Fleet Management
- Remote diagnostics & Maintenance
- Safety & Compliance
- Infotainment & Connectivity
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- U.K.
- France
- Germany
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- South-East Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Argentina
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
Acquire our comprehensive analysis today @ https://www.towardsautomotive.com/price/1290
You can place an order or ask any questions, please feel free to contact us at sales@towardsautomotive.com
Subscribe to our Annual Membership and gain access to the latest insights and statistics in the automotive industry. Stay updated on automotive industry segmentation with detailed reports, market trends, and expert analysis tailored to your needs. Stay ahead of the competition with valuable resources and strategic recommendations. Join today to unlock a wealth of knowledge and opportunities in the dynamic world of automotive: Get a Subscription
About Us
Towards Automotive is a premier research firm specializing in the automotive industry. Our experienced team provides comprehensive reports on market trends, technology, and consumer behaviour. We offer tailored research services for global corporations and start-ups, helping them navigate the complex automotive landscape. With a focus on accuracy and integrity, we empower clients with data-driven insights to make informed decisions and stay competitive. Join us on this revolutionary journey as we work together as a strategic partner to reinvent your success in this ever-changing packaging world.
Browse our Brand-New Journals:
https://www.towardspackaging.com
https://www.towardshealthcare.com
https://www.precedenceresearch.com
For Latest Update Follow Us: https://www.linkedin.com/company/towards-automotive
