Connected Truck Market Overview
As per MRFR analysis, the Connected Truck Market Size was estimated at 21.03 (USD Billion) in 2022.The Connected Truck Market Industry is expected to grow from 23.49(USD Billion) in 2023 to 63.5 (USD Billion) by 2032. The Connected Truck Market CAGR (growth rate) is expected to be around 11.68% during the forecast period (2024 - 2032).
Key Connected Truck Market Trends Highlighted
The proliferation of IoT devices and advancements in wireless connectivity have accelerated the adoption of connected trucks. Fleets are increasingly leveraging telematics and real-time data to optimize operations, improve safety, and enhance fleet management. Regulatory mandates and environmental concerns are driving the demand for improved fuel efficiency and emissions reduction, fostering the adoption of connected technologies.Key market drivers include the need for increased fleet efficiency, enhanced safety and security measures, and regulatory compliance. Connected trucks enable remote diagnostics, preventive maintenance, and real-time monitoring of vehicle performance, resulting in reduced downtime and improved asset utilization. Furthermore, these technologies provide valuable data insights that can optimize routing, reduce fuel consumption, and enhance overall fleet operations.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Connected Truck Market Drivers
Increasing Demand for Improved Fleet Efficiency
The transportation industry is under increasing pressure to improve efficiency and reduce costs. Connected trucks offer a number of benefits that can help fleets achieve these goals, including Real-time tracking of vehicles and assets, Remote diagnostics and troubleshooting, Driver behavior monitoring Fuel optimization. Improved safety These benefits can lead to significant savings for fleets. Making connected trucks an attractive investment.
Government Regulations and Incentives
Governments around the world are increasingly implementing regulations and incentives to promote the adoption of connected trucks. These regulations and incentives are driven by a number of factors, including: Safety concerns: Connected trucks can help to improve safety by reducing accidents and fatalities. Environmental concerns: Connected trucks can help to reduce emissions and improve fuel efficiency. Economic concerns: Connected trucks can help to improve the efficiency of the transportation industry, leading to economic benefits.
Advancements in Technology
The rapid advancements in technology are making connected trucks more affordable and accessible than ever before. These advancements include The development of new sensors and devices, The improvement of wireless communication networks The development of new software and applications advancements are making it possible for fleets of all sizes to adopt connected truck technology.
Connected Truck Market Segment Insights:
Connected Truck Market Propulsion Type Insights
The Propulsion Type segment of the Global Connected Truck Market is anticipated to grow significantly in the coming years, driven by rising concerns over environmental sustainability and the need for improved fuel efficiency. Among the different propulsion types, Diesel is expected to remain the dominant segment, accounting for a majority of the market share. However, the demand for alternative fuel vehicles, such as Hybrids and Electric trucks, is projected to increase at a rapid pace. Diesel-powered trucks have been the traditional choice for long-haul transportation due to their reliability and cost-effectiveness.In 2023, the Diesel segment held a substantial market share of around 75%. However, growing environmental regulations and the rising cost of diesel fuel are expected to drive the adoption of cleaner propulsion technologies. Gasoline-powered trucks, while less common than diesel trucks, are still used in certain applications, particularly for short-haul transportation. The Gasoline segment is expected to experience modest growth in the coming years, driven by the increasing popularity of gasoline-powered pickup trucks and vans. Hybrid trucks combine a traditional internal combustion engine with an electric motor and battery pack, offering improved fuel efficiency compared to diesel and gasoline trucks.The Hybrid segment is expected to grow at a significant rate, driven by government incentives and the increasing availability of hybrid models. Electric trucks, powered solely by electricity, offer zero tailpipe emissions and the potential for significant cost savings over the long term. The Electric segment is still in its early stages of development, but it is expected to experience exponential growth in the coming years, driven by technological advancements and government support. Overall, the Propulsion Type segment of the Global Connected Truck Market is expected to witness significant growth in the coming years, with the increasing adoption of alternative fuel vehicles and the growing demand for more sustainable and efficient transportation solutions.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Connected Truck Market Application Insights
The Global Connected Truck Market is segmented into various applications, including long-haul trucking, regional trucking, construction, mining, and waste management. Among these segments, long-haul trucking is projected to dominate the market, driven by the increasing demand for efficient and cost-effective transportation solutions for long-distance hauling. The Global Connected Truck Market revenue for long-haul trucking is expected to reach $12.5 billion by 2023 growing at a CAGR of 12.5%. Regional trucking is another significant segment, with a projected market size of $7.8 billion by 2023, growing at a CAGR of 11.8%.The construction segment is expected to witness steady growth, with a projected market size of $6.5 billion by 2023, growing at a CAGR of 10.5%. The mining and waste management segments are also expected to contribute to the overall market growth, with projected market sizes of $4.2 billion and $3.7 billion by 2032, respectively.
Connected Truck Market Connectivity Level Insights
The Global Connected Truck Market segmentation by Connectivity Level comprises Basic connectivity, Advanced connectivity, and Autonomous connectivity. In 2023, the Basic connectivity segment held the largest market share, accounting for over 58.4% of the Global Connected Truck Market revenue. This is due to the widespread adoption of basic connectivity solutions, such as telematics and fleet management systems, which provide essential data and insights for fleet operators. Advanced connectivity, which includes cellular connectivity and cloud-based platforms, is expected to grow significantly in the coming years, driven by the increasing demand for real-time data and analytics.Autonomous connectivity, which enables trucks to communicate with each other and with roadside infrastructure, is still in its early stages of development but has the potential to revolutionize the trucking industry
Connected Truck Market Vehicle Weight Class Insights
The Vehicle Weight Class segment plays a crucial role in the Global Connected Truck Market. In 2023, Class 8 trucks held the largest market share of around 62.1%. This dominance is attributed to the increasing demand for heavy-duty trucks for long-haul transportation and construction activities. Class 7 trucks are also witnessing significant growth due to their versatility in various applications, including distribution and waste management. The demand for Class 3-6 trucks is expected to rise in the coming years as businesses seek to optimize their fleet operations and reduce emissions.Overall, the Vehicle Weight Class segment offers ample growth opportunities for connected truck solutions providers, with each class presenting unique requirements and potential for innovation.
Connected Truck Market Region Insights
The Global Connected Truck Market revenue is expected to reach USD 38.63 Billion in 2024 and is projected to grow at a CAGR of 12.1% from 2023 to 2032. The market growth is attributed to the increasing adoption of connected technologies in the transportation industry, government regulations mandating the use of connected trucks, and the growing demand for efficient and safe transportation solutions. Regionally, North America is expected to hold the largest market share in 2023, followed by Europe and Asia-Pacific. The high adoption rate of connected technologies in the transportation industry in North America and the presence of major players in the region are driving the market growth.Europe is expected to witness significant growth due to the increasing demand for efficient and safe transportation solutions and government regulations mandating the use of connected trucks. Asia-Pacific is expected to be the fastest-growing region due to the rapid growth of the transportation industry and the increasing adoption of connected technologies. The Middle East and South Latin America are expected to have a relatively smaller market share due to the lower adoption rate of connected technologies.
Connected Truck Market Regional Insights
The Global Connected Truck Market is segmented by region into North America, Europe, APAC, South America and MEA. Among these regions, North America is expected to hold the largest market share in 2023, valued at 9.85 Billion USD. Europe is expected to follow with a market value of 6.43 Billion USD, and APAC is expected to grow at the highest CAGR of 12.2% during the forecast period. The growth in APAC is attributed to the increasing adoption of connected truck technologies in countries such as China and India. South America and MEA are expected to witness a steady growth rate during the forecast period.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Connected Truck Market Key Players And Competitive Insights:
Major players in the Connected Truck Market industry are heavily investing in research and development activities to gain a competitive edge. Leading Connected Truck Market players are focusing on developing innovative solutions to meet the evolving needs of the market. The Connected Truck Market development is expected to intensify further in the coming years as companies strive to gain a larger share of the growing market. The Connected Truck Market Competitive Landscape is characterized by the presence of several major players, including Volvo, Daimler, and Scania. These companies are investing heavily in new technologies and partnerships to maintain their leading positions in the market.Volvo is a leading manufacturer of commercial vehicles and is a major player in the Connected Truck Market. The company offers a range of connected truck solutions, including telematics, fleet management, and safety systems. Volvo is also working on developing new technologies, such as autonomous driving, to further enhance the safety and efficiency of its trucks.Daimler is another major player in the Connected Truck Market. The company offers a range of connected truck solutions, including telematics, fleet management, and driver assistance systems. Daimler is also investing in new technologies, such as platooning, to improve the efficiency of its trucks.Scania is a leading manufacturer of commercial vehicles and is a major player in the Connected Truck Market. The company offers a range of connected truck solutions, including telematics, fleet management, and safety systems. Scania is also working on developing new technologies, such as electric vehicles, to reduce the environmental impact of its trucks.
Key Companies in the Connected Truck Market Include:
- Vodafone
- CATL
- Deutsche Telekom
- Samsara
- Teletrac Navman
- Omnitracs
- Telefonica
- Geotab
- TMobile
- Huawei
- Verizon Connect
- Trimble
- Orange
- Qualcomm
- AT
Connected Truck Market Industry Developments
The global connected truck market is projected to grow from USD 23.49 billion in 2023 to USD 63.5 billion by 2032, exhibiting a CAGR of 11.68% during the forecast period. Advancements in technology, increasing demand for efficient transportation solutions, and growing adoption of telematics and IoT devices are driving market growth.
Key industry players are focusing on strategic partnerships, product launches, and technological innovations to gain a competitive edge. Notable recent developments include collaborations between Daimler Truck and Qualcomm to develop autonomous trucks, Volvo Trucks' introduction of electric-connected trucks, and TuSimple's partnership with Navistar to deploy autonomous trucks in North America.
Connected Truck Market Segmentation Insights
Connected Truck Market Propulsion Type Outlook
- Diesel
- Gasoline
- Hybrid
- Electric
-
Connected Truck Market Application Outlook
- Long-haul trucking
- Regional trucking
- Construction
- Mining
- Waste management
Connected Truck Market Connectivity Level Outlook
- Basic connectivity
- Advanced connectivity
- Autonomous connectivity
Connected Truck Market Vehicle Weight Class Outlook
- Class 3
- Class 4
- Class 5
- Class 6
- Class 7
- Class 8
Connected Truck Market Region Outlook
- North America
- Europe
- Asia-Pacific
- Middle East
- South Latin America
Connected Truck Market Regional Outlook
- North America
- Europe
- South America
- Asia Pacific
- Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
21.03(USD Billion) |
| Market Size 2023 |
23.49(USD Billion) |
| Market Size 2032 |
63.5(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
11.68% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Vodafone, CATL, Deutsche Telekom, Samsara, Teletrac Navman, Omnitracs, Telefonica, Geotab, TMobile, Huawei, Verizon Connect, Trimble, Orange, Qualcomm, AT |
| Segments Covered |
Propulsion Type, Application, Connectivity Level, Vehicle Weight Class, Region, Regional |
| Key Market Opportunities |
1.      Fleet Telematics Predictive 2.      Maintenance Data Monetization 3.      Autonomous Vehicles Infotainment Systems |
| Key Market Dynamics |
1.      Rising fuel costs 2.      Government initiatives 3.      Growing adoption of IoT 4.      Advancements in technology 5.      Increasing demand for safety and security features |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Connected Truck Market was valued at USD 23.49 billion in 2023 and is projected to grow at a CAGR of 11.68% to reach USD 63.5 billion by 2032.
North America is expected to hold the largest market share in the Global Connected Truck Market throughout the forecast period.
The increasing demand for enhanced safety, efficiency, and productivity in the transportation industry is driving the growth of the Global Connected Truck Market
Major applications of Connected Trucks include fleet management, remote diagnostics, predictive maintenance, and safety systems.
Major players in the Global Connected Truck Market include Cisco Systems, Inc., Continental AG, Denso Corporation, Qualcomm Technologies, Inc., and Trimble Inc.
The Global Connected Truck Market is projected to grow at a CAGR of 11.68% from 2024 to 2032.
Challenges faced by the Global Connected Truck Market include concerns over data security and privacy, lack of standardization, and high implementation costs.
Opportunities for growth in the Global Connected Truck Market include the increasing adoption of autonomous driving technologies and the growing demand for connected vehicles.
Key trends in the Global Connected Truck Market include the integration of artificial intelligence (AI) and machine learning (ML) technologies, the development of new connectivity solutions, and the adoption of cloud-based platforms.
The regulatory landscape of the Global Connected Truck Market is evolving, with governments worldwide implementing regulations to ensure the safety and security of connected vehicles.
