Connected Trucks Market Size & Share, By Component (Hardware, Software, Service), Connectivity (Vehicle-to-Infrastructure, Vehicle-to-Cloud, Vehicle-to-Vehicle), Range (Dedicated Short Range Communication, Long Range), Vehicle, Application, Regional Forecast, Industry Players, Growth Statistics Report 2024-2032

Market Outlook:

Connected Trucks Market surpassed USD 24.54 Billion in 2023 and is estimated to exceed USD 83.66 Billion by end of the year 2032, growing at over 14.6% CAGR between 2024 and 2032.

• Base Year Value (2023): USD 24.54 Billion
• CAGR (2024-2032): 14.6%
• Forecast Year Value (2032): USD 83.66 Billion
• Historical Data Period: 2019-2023
• Largest Region: North America
• Forecast Period: 2024-2032

Market Dynamics:

Growth Drivers & Opportunity:

The Connected Trucks Market is expected to witness significant growth due to the increasing demand for real-time data tracking and monitoring in the transportation industry. As logistics companies aim to enhance efficiency and reduce operational costs, the adoption of connected truck solutions is anticipated to grow steadily. Moreover, the integration of advanced technologies such as IoT and AI in connected trucks is creating new avenues for growth and innovation in the market.

Report Scope

Report Coverage	Details
Segments Covered	Component, Connectivity, Range, Vehicle, Application
Regions Covered	• North America (United States, Canada, Mexico) • Europe (Germany, United Kingdom, France, Italy, Spain, Rest of Europe) • Asia Pacific (China, Japan, South Korea, Singapore, India, Australia, Rest of APAC) • Latin America (Argentina, Brazil, Rest of South America) • Middle East & Africa (GCC, South Africa, Rest of MEA)
Company Profiled	Bosch Connected Industry, CalAmp, Continental AG, Daimler AG, Fleet Complete, Geotab, MiX Telematics, Navistar International, Omnitracs, PACCAR, Samsara Networks, Scania AB, Telefonaktiebolaget L, M Ericsson, Teletrac Navman, TomTom Telematics, Trimble, Verizon Connect, Volvo Group, WABCO Holdings, ZF Friedrichshafen AG

Industry Restraints:

The high initial investment required for deploying connected truck solutions is a major restraint in the market. Many small and medium-sized logistics companies may find it challenging to invest in expensive technologies, thereby limiting the overall adoption rate. Additionally, concerns related to data security and privacy pose a significant barrier to the expansion of the connected trucks market. As sensitive information is transmitted and stored in connected trucks, ensuring robust cybersecurity measures is essential to mitigate risks and build customer trust.

Regional Forecast:

North America:

The North America connected trucks market is expected to experience significant growth, driven by the increasing demand for advanced technologies in the transportation industry. The U.S. and Canada are the key countries driving this growth, with a focus on improving operational efficiency, fleet management, and overall safety on the roads.

Asia Pacific:

In Asia Pacific, countries like China, Japan, and South Korea are witnessing a surge in the adoption of connected trucks. The region's booming e-commerce sector and increasing focus on supply chain optimization are driving the demand for advanced telematics and connectivity solutions in the trucking industry. China, in particular, is leading the market in terms of sheer volume and investment in connected truck technologies.

Europe:

Europe, including the United Kingdom, Germany, and France, is also experiencing robust growth in the connected trucks market. The region's strict regulations regarding emissions and road safety are prompting truck manufacturers to invest in connected technologies to meet compliance standards. The increasing need for real-time data monitoring, route optimization, and driver safety is fueling the adoption of connected truck solutions in these countries.

Segmentation Analysis:

In terms of segmentation, the global Connected Trucks market is analyzed on the basis of Component, Connectivity, Range, Vehicle, Application.

Connected Trucks Market:

Hardware:

The hardware component of the connected trucks market includes telematics devices, sensors, and other physical components that enable connectivity and communication within the truck. Hardware plays a crucial role in collecting data and transmitting it to the software for analysis and decision-making.

Software:

The software segment of the connected trucks market consists of applications, platforms, and algorithms that process the data collected by the hardware components. This software is essential for fleet management, predictive maintenance, and optimizing truck operations.

Service:

The service segment of the connected trucks market includes maintenance, support, and other services provided to ensure the smooth operation of connected truck systems. Service providers play a critical role in ensuring that the hardware and software components function effectively.

Connectivity:

The connectivity of connected trucks can be categorized into vehicle-to-infrastructure, vehicle-to-cloud, and vehicle-to-vehicle communication. These different modes of connectivity enable trucks to communicate with other vehicles, infrastructure, and cloud platforms for real-time data sharing and decision-making.

Range:

The range of connectivity in connected trucks can vary from short-range communication, such as dedicated short-range communication (DSRC), to long-range communication technologies. The range of connectivity determines the distance over which trucks can communicate with other vehicles and infrastructure.

Vehicle:

The connected trucks market includes various types of vehicles, such as light commercial vehicles, heavy-duty trucks, and buses. These different types of vehicles have unique connectivity and communication requirements based on their size, load capacity, and operational needs.

Application:

The application segment of the connected trucks market encompasses a wide range of use cases, including fleet management, remote diagnostics, predictive maintenance, and driver behavior monitoring. These applications leverage the hardware, software, and connectivity technologies to improve truck efficiency and safety.

Competitive Landscape:

The competitive landscape of the Connected Trucks Market is characterized by a mix of established automotive manufacturers and technology companies striving to leverage advancements in IoT, AI, and big data analytics to enhance vehicle connectivity, optimize fleet management, and improve overall operational efficiency. Key players are forming strategic partnerships and investing in R&D to develop innovative solutions that address safety, compliance, and fuel efficiency. As consumer demand for smart transportation solutions grows, companies are also focusing on expanding their product portfolios and enhancing user experience. The landscape is marked by rapid technological advancements and increasing investment in connected vehicle infrastructure, leading to intense competition and the emergence of new players.

Top Market Players

- Daimler AG

- Volvo Group

- Scania AB

- MAN Truck & Bus

- PACCAR Inc

- Navistar International Corporation

- Ford Motor Company

- Bosch Mobility Solutions

- Continental AG

- WABCO Holdings