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The global Connected Trucks market size is forecast to reach $34.2 billion by 2026, growing at CAGR 13.7% from 2021 to 2026. This growth is mainly attributed to the increasing demand for telematics in commercial vehicle industry. This technology helps in enhancing the safety level of trucks, by offering adaptive cruise control, blind spot warning, lane departure warning, park assist system, emergency roadside assistance, emergency brake assist, telematics control unit and others. The increasing production of Light commercial vehicle plays a major role in accelerating the growth of connected truck market. Furthermore, increasing government norms related to safety of vehicles are increasing the demand for connected trucks. This technology also helps in optimizing various factors including fuel usage, maintenance of the trucks and others. Moreover, high implementation rate of various advanced technology including AI, ML, Advanced driver-assistance systems and others; in commercial vehicle industry and increasing demand for autonomous trucks are affecting the growth of this market positively. Hence, the above-mentioned factors are set to boost the market growth for Connected Trucks industry during the forecast period 2021-2026.
Connected Trucks Market Segment Analysis – By Range
By range, connected truck market is segmented into Dedicated Short-Range Communication and Long Range. The short-range communication is further segmented into Adaptive Cruise Control, Blind Spot Warning, Lane Departure Warning, Park Assist System, and Emergency Brake Assist and the long range is segmented into Telematics Control Unit, Emergency Roadside Assistance, Infotainment Systems, Others. Dedicated short range communication held the major Connected Trucks market share, around 34% in 2020, expected to grow with a CAGR of 15.4% among the entire segment of range, during the forecast period 2021-2026. DSRC, a wireless technology, offers higher flexibility, greater scalability, collision avoidance assistance, secure communication high speed and many others benefits and it also allows the vehicle to communicate with its surrounding infrastructure, without the access to a cellular network. Such benefits drive the demand for DSRC technology, which in turn drives the growth of the market. Furthermore, in April 2018, Toyota and Lexus collaborated to deploy Dedicated Short-Range Communications (DSRC) systems on vehicles in order to create a safer and more efficient driving ecosystem while advancing connected and automated technology deployment. Such vehicles are available for sale in the United States from the start of 2021. Such developments will accelerate the growth rate of this market during the forecast period 2021-2026.
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Connected Trucks Market Segment Analysis – By Vehicle Type
Based on vehicle-type, Connected Trucks market is segmented into Light Commercial Vehicle (LCV), Heavy Commercial Vehicle (HCV). According to Connected Trucks market report of IndustryARC, light commercial vehicle segment is anticipated to witness a significant amount of growth with a CAGR of 14.2% in the forecast period 2021-2026. These types of commercial vehicles are highly being used as a carriage of goods, which is creating the demand for LCVs across the industries, thereby providing incentives to the market players to introduce new light commercial vehicles. In August 2020, an electric vehicle start-up company, Etrio announced about the launch of India’s first retrofitted electric light commercial vehicle (eLCV). Similarly, in June 2019, Eicher Trucks and Buses launched Eicher Pro 2000 Series, India’s first BS-VI compliant range of light duty trucks. This series of trucks are equipped with Bluetooth connectivity, touch-screen infotainment along with smart cabin with two driver configurations. Such launches will create a prominent upsurge in demand of LCVs in the forecast period 2021-2026.
Connected Trucks Market Segment Analysis – By Geography
North America held the major Connected Trucks market share of around 33% in 2020 and is estimated to grow with a CAGR of 12.6% during the forecast period 2021-2026, owning to the early adoption of this technology and increasing investments of the development of such technologically advanced technologies. Furthermore, the growth rate of automotive sector coupled with high penetration rate of IoT in this industry creates a positive impact on the growth of this market. Moreover, growing safety awareness, governments initiatives in the form of safety regulations for enhancing the safety level and the presence of major market players are driving the growth of this industry. Additionally, various types of strategic steps such as investments, launches, acquisition, merger, partnerships and others; taken by the top markets players enhance the growth rate. For instance, in September 2021, PACCAR, a manufacturer of medium and heavy-duty truck, collaborated with Aurora, a leading autonomous driving technology company, and FedEx, a transportation and logistics company, for the launch of a commercial pilot of autonomous trucks in linehaul trucking operations. Such developments are set to boost the growth of this industry in North America.
Connected Trucks Market Drivers
High Penetration of Wireless Technology and Telematics in Automotive sector is set to boost the growth of this market
Growing penetration and increasing investment on wireless technology as well as the increasing demand of telematics in automotive sector are analysed to drive the growth of connected trucks market during the forecast period. Trucks with telematics and other wireless tools can get live traffic updates, smart routing, monitoring, tracking, roadside assistance during a breakdown, automatic toll transactions, and others. This in turn, enhances the operational efficiency of the fleets, including fuel cost reduction, resource optimization, and others; thereby, driving the demand for technologically advanced telematic services and other wireless technologies for automotive including trucks. In January 2021, Mix Telematics announced the launch of a new app-based tracking solution for fleets, specially designed for providing real-time monitoring capabilities to help the customers in improving the driver safety level and manage the risks. Similarly, in June 2020, Ford introduced its new web-based telematics platform and subscription-based services for commercial vehicle customers, specifically designed for granting the fleet managers an easy access to the important data collected from connected vehicles. Such launches of technologically advanced products for connected commercial vehicles are set to boost the market growth during 2021-2026.
Strategic steps taken by the market players will fuel the growth:
The players of this market are taking more strategic steps for the expansion of the market through new product launches, acquisition, investments and others, which is set to drive the growth of connected truck market during the forecast period 2021-2026. In October 2020, KeepTruckin launched the Smart Load Board, an intelligent freight matching solution, to connect network of more than 1 million truck drivers with industry leading brokers. In August 2020, Mahindra Truck and Bus (MTB) announced the launch of its revolutionary telematic connected vehicle technology iMAXX for transforming the Indian vehicle fleet management market. In March 2019, I.D. Systems entered into an acquisition agreement to acquire Israeli telematics and mobile IoT solutions provider, Pointer Telocation for $140 million to expand its business in mobile IoT and connected vehicle market. Pointer technology is being deployed in more than 3 million light and heavy commercial vehicles across 80 countries. Hence, these types of strategic developments taken by the market players are analysed to boost the growth rate of connected trucks market during the forecast period 2021-2026.
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Connected Trucks Market Challenges
Risk of Cyber-attacks is Harming the growth of Connected Truck Market
With high penetration of IoT, and various types of communication methods such as Vehicle to Vehicle (V2V), Vehicle to Infrastructure (V2I), Vehicle to Cloud (V2C) and others, the connected truck market is growing rapidly, but some security issues are present in the market, which is hampering the growth of this market. Cyber security is one of the major concerns related to the growth of this market. In May 2021, US-based truck company, Navistar International had suffered from a data breach. The files and the stolen data were offered and auction on Marketo, a marketplace for stolen data. The stolen data included financial details, contracts and other internal documents. Such, threats are hampering the growth of this market during the forecast period 2021-2026.
Connected Trucks Market Landscape
Partnerships and acquisitions along with product launches are the key strategies adopted by the players in the Connected Trucks Market. As of 2020, the market for Connected Trucks industry outlook is consolidated with the top market players. Connected Trucks top 10 companies include:
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Relevant Report Titles:
A. Commercial Automotive Telematics Market
B. Commercial Vehicle Telematics Market
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