Connected Truck Global Market Report 2024

The connected truck market 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 observed in the historic period can be attributed to several factors, including the increased integration of telematics, a focus on improved fuel efficiency and emission compliance, a heightened demand for enhanced safety features, optimization of fleet management practices, and adherence to regulatory compliance standards. These elements collectively contributed to the advancement and expansion of the connected truck market during the historical period.

The connected truck market 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 anticipated growth in the forecast period is expected to be driven by several key factors, including the increasing adoption of autonomous and semi-autonomous driving technologies, the implementation of predictive maintenance solutions, smart city initiatives, a focus on achieving environmental sustainability goals, and the exploration of opportunities for data monetization. Major trends in this period encompass the widespread adoption of predictive maintenance solutions, advancements in telematics and fleet management practices, the integration of IoT sensors for enhanced connectivity, the promotion of eco-friendly solutions, and the implementation of driver assistance systems. These trends collectively contribute to the continued development and evolution of the connected truck market.

The anticipated increase in the average fuel efficiency is poised to propel the expansion of the connected trucks market. Fuel efficiency pertains to the distance covered per unit of fuel consumed. Connected trucks play a pivotal role in enhancing fuel efficiency by optimizing routes and circumventing traffic congestion, thereby reducing fuel consumption and enhancing overall operational efficiency. As of 2021, the Department of Energy reported a rise in the average fuel economy for the sedan class to 31.7 mpg in the United States. This surge in fuel efficiency is a key driver for the growth of the connected trucks market.

The upsurge in digitalization is expected to drive the growth of the connected truck market in the foreseeable future. Digitalization involves leveraging digital technologies to transform business models and create new sources of revenue and value. Connected trucks are integral to the digital transformation of the transportation industry, providing real-time data and insights to enhance operational efficiency, safety, and sustainability through improved communication between trucks. In November 2022, a report by Zippia revealed that globally, 70% of organizations have adopted digitalization strategies, with 56% of CEOs acknowledging enhanced profits due to digital improvements. This escalating trend in digitalization is a significant factor fueling the expansion of the connected trucks market.

Technological advancements emerge as a prominent trend gaining traction within the connected truck market. Key industry players are actively embracing new technologies to fortify their market positions. A noteworthy example is Volvo Trucks North America, a US-based truck company, which, in March 2023, introduced the Connected Vehicle Analytics (CVA) tool. This tool collects real-time data from fleet operations, encompassing details such as truck configurations, daily routes, average speed, and fuel consumption. The CVA tool empowers dealers to monitor fleet utilization, identify opportunities for optimization, and enhance efficiency and productivity. Volvo Trucks' CVA tool provides quantitative insights into a customer's fleet performance, aiding in informed decision-making when considering updates or adjustments to truck specifications.

Major players in the connected truck sector are actively pursuing collaboration and partnerships to deliver reliable services to their customers. A strategic partnership, characterized by structured affiliations through business agreements or contracts, is a key focus. PACCAR Inc., a US-based manufacturer of large commercial trucks, exemplified this approach in January 2023 by partnering with Platform Science, a US-based provider of telematics and fleet management tools. This collaboration integrates Platform Science's Virtual Vehicle technology with the PACCAR Connect telematics system, offering standardized telematics operating systems and an application store. This integration allows trucks to access software solutions, real-time vehicle data, and third-party applications directly.

In April 2021, Volvo Autonomous Solutions, a Sweden-based company specializing in autonomous solutions for on-road and off-road applications, forged a strategic partnership with Aurora Innovation Inc. This collaboration, undertaken for an undisclosed amount, aims to jointly develop on-highway autonomous trucks, reinforcing their portfolios in the transport-as-a-service solution space. Aurora Innovation Inc., a US-based manufacturer of self-driving automobiles, including connected trucks, aligns with Volvo Autonomous Solutions to advance the capabilities of autonomous trucking for both on-road and off-road applications.

Major companies operating in the connected truck market report are Robert Bosch GmbH, Continental AG, Denso Corporation, ZF Friedrichshafen AG, Magna International Inc., Daimler AG, Harman International, Aptiv Global Operations Limited, Sierra Wireless Inc., Mercedes-Benz Group AG, Aktiebolaget Volvo, NXP Semiconductors NV, Verizon Communications Inc., Trimble Inc., Borgwarner Inc., Geotab Inc., Mix Telematics, TomTom International BV, Traton SE, Tata Motors Ltd., PACCAR Inc., DAF Trucks N.V., WABCO Vehicle Control Systems, Stoneridge Inc., Navistar International Corporation, Scania AB, Iveco Group NV, AT&T Fleet Complete, KeepTruckin Inc., Omnitracs LLC.

North America was the largest region in the connected truck market in 2023. Europe is expected to be the fastest-growing region in the global connected truck market report during the forecast period. The regions covered in the connected truck market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the connected truck market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Connected trucks come in two main types, light commercial vehicles (LCVs) and heavy commercial vehicles. LCVs are generally smaller and lighter than heavy commercial vehicles, such as trucks and buses. They are commonly used for various commercial purposes, including delivery vehicles, passenger vans, and small business utility vehicles. The communication ranges in connected trucks are achieved through dedicated short-range and long-range or cellular networks, forming different communication channels such as vehicle-to-vehicle (V2V), vehicle-to-cloud (V2C), and vehicle-to-infrastructure (V2I). These connected features find applications in various areas, including driver assistance, safety, entertainment, well-being, vehicle management, and mobility management.

The connected truck market research report provides connected truck market statistics, including connected truck industry global market size, regional shares, competitors with a connected truck market share, detailed connected truck market segments, market trends and opportunities, and any further data you may need to thrive in the connected truck industry. This connected truck market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The connected truck market consists of revenues earned by entities by providing remote diagnostics of vehicles, software uptime services, predictive services of trucks, and diagnostic-related advice. The market value includes the value of related goods sold by the service provider or included within the service offering. The connected truck market also includes sales of 3D accelerometers, monitor doors, trunks, hatches, and motion sensors. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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