Connected Truck Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Connected Truck Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Connected Truck Global Market Report 2024, The connected truck market size has grown rapidly in recent years. It will grow from $30.1 billion in 2023 to $35.34 billion in 2024 at a compound annual growth rate (CAGR) of 17.4%. The growth in the historic period can be attributed to increased telematics integration, increased fuel efficiency and emission compliance, demand for enhanced safety, fleet management optimization, regulatory compliance.

The connected truck market size is expected to see rapid growth in the next few years. It will grow to $63.12 billion in 2028 at a compound annual growth rate (CAGR) of 15.6%. The growth in the forecast period can be attributed to increasing autonomous and semi-autonomous driving, predictive maintenance solutions, smart city initiatives, environmental sustainability goals, data monetization opportunities. Major trends in the forecast period include predictive maintenance solutions, enhanced telematics and fleet management, integration of iot sensors, eco-friendly solutions, driver assistance systems.

The rise in the fuel-efficient average is expected to propel the growth of the connected trucks market going forward. Fuel-efficient vehicles refer to the distance traveled per unit of fuel consumed. Connected trucks can be helpful for fuel efficiency by optimizing routing and avoiding traffic slowdowns, which can reduce fuel consumption and improve efficiency. For instance, according to the Department of Energy, a US-based government department, by 2021, the average fuel economy for the sedan class had risen to 31.7 mpg. Therefore, the rise in the fuel-efficient average is driving the connected trucks market.

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The connected truck market covered in this report is segmented –

1) By Vehicle Type: Light Commercial Vehicles, Heavy Commercial Vehicles
2) By Range: Dedicated Short Range, Long Range Or Cellular Network
3) By Communication Type: Vehicle to Vehicle (V2V), Vehicle to Cloud (V2C), Vehicle to Infrastructure (V2I)
4) By Application: Driver Assistance, Safety, Entertainment, Well-being, Vehicle Management, Mobility Management

Technological advancements are a key trend gaining popularity in the connected truck market. Major companies operating in the connected truck market are adopting new technologies to sustain their position in the market. For instance, in March 2023, Volvo Trucks North America, a US-based truck company launched Connected Vehicle Analytics (CVA) tool that gathers actual data from fleet operations, such as current truck configurations, daily routes, average speed, and fuel usage. With the help of the CVA tool, dealers can keep an eye on how fleet clients are using their Volvo vehicles and identify areas where better spicing could increase their efficiency and productivity. Dealers can gain quantitative insights about a customer’s fleet’s performance and what updates and adjustments can be made to the specifications when investing in new trucks using Volvo Trucks’ CVA tool. Data are supplied on a variety of factors that may impact how much fuel a vehicle uses and consumes.

The connected truck market report table of contents includes:

1. Executive Summary
2. Connected Truck Market Characteristics
3. Connected Truck Market Trends And Strategies
4.Connected Truck Impact Of Market analysis
5. Connected Truck Market Size And Growth
6.Connected Truck Segmentation
7.Connected Truck Regional And Country Analysis
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27. Connected TruckCompetitive Landscape And Company Profiles
28.Connected Truck Key Mergers And Acquisitions
29. Connected Truck Future Outlook and Potential Analysis

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