Connected Truck Market
A connected truck is equipped with advanced technologies like Advanced Driver Assist System (ADAS) and fleet management system (FMS), which broadcast on the screen vehicle improvement, fuel management, driver assist system, and others. In a connected truck, the driver can check the current fuel level, battery status, and other information. The rise in digitization and the increase in value-added integration are likely to boost the growth of the connected trucks market. Through connected truck technology, fleet operators are anticipating to optimize factors such as fuel, maintenance, and driver wages, which together contribute more than 60% of the total cost of ownership. In the GCC alone, cost of parts of a heavy commercial vehicle can exceed USD 3,000 per year. Usage of predictive maintenance can reduce this by nearly 20%. Combined with the potential to decrease the traffic and heavy vehicle-related causalities, this will open up opportunities for local and foreign players in the region.
Market Dynamics Impacting the Growth of the Connected Trucks Market
Growing demand for technologically advanced systems in heavy vehicles is expected to be a significant factor, which is expected to drive the connected truck market during the forecast period. The connected truck includes features such as blind spot detection (BSD), lane keep assist system (LKAS), lane departure warning (LDW), and emergency brake assist (EBA), which give safety to the drivers, as well as pedestrians and other cars. The implementation of government regulations regarding safety concerns for heavy commercial vehicles across the globe is also likely to drive the connected truck market. The connected truck is integrated with features that can reduce the time for the workshop by providing exact location and can pass on any diagnostic trouble codes to the technician, thereby making the truck more efficient. The automotive industry is projected to see an increase in the adoption of the connected truck due to technological advancements in the automotive industry. Connected trucks are expected to play a significant role in the development of autonomous trucks, thereby providing opportunities for automotive manufacturers even though the limited network infrastructure is expected to be a significant factor that is likely to hinder the connected truck market over the forecast period.
Major Trends in Connected Truck Market
By the end of the forecast period, more than 35 million trucks globally are expected to be connected. Nearly 40% of fleet managers believe that connected trucks are necessary as different countries are making smart roads and smart cities. Some of the latest trends in the market are, Internet of Things in trucks, artificial intelligence, autonomous technologies, 3D printing, and its impact and value proposition to the global logistics industry. The increasing use of telematics in the truck is also one of the significant trends in the market. Global expansion by established telematics service providers (TSPs), such as Verizon, TomTom Telematics, Omnitracs, and Trimble, is happening as they look for alternate revenue opportunities including app-based ecosystems, digital freight brokering, and video safety. A number of Tier 1 suppliers like Goodyear, Continental, and Michelin, etc., are also entering the connected truck market.
Geographical Analysis of Connected Truck Market
Geographically, Europe and North America hold the major shares of the connected truck market owing to the expansion of the automotive sector in these regions, leading to an increase in the number of the connected trucks. Connected trucks in the developed regions are anticipated to register a significant growth over the forecast period due to higher adoption rate and improved infrastructure. Awareness on safety while driving and government safety regulations are empowering the automotive industry, thereby driving the connected truck market in these regions during the forecast period.
Key Developments in the Connected Truck Market
- Jun 2018: Volvo Trucks North America and US delivery company FedEx have partnered up to begin testing truck platooning technology in North Carolina.
- Oct 2017: Ford is investing money in electric, connected trucks and SUVs.
Connected Truck Market Major Players:
- Robert Bosch
- Continental AG
- Denso Corporation
- ZF Friedrichshafen AG
- NXP Semiconductors NV.
Reasons to Purchase Connected Truck Market Report
- Various perspectives of the market with the help of Porter’s five forces analysis
- The vehicle type that is expected to dominate the market
- The countries that are expected to witness the fastest growth during the forecast period
- The latest developments, market shares, and strategies employed by the major market players
- 3 months analyst support, along with the Market Estimate sheet (in Excel)
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1.1 Scope of the market
1.2 Executive Summary
2. Research Methodology
2.1 Study Deliverables
2.2 Study Assumptions
2.3 Research Phases
3. Market Insights
3.1 Industry Attractiveness - Porters Five force Analysis
3.1.1 Bargaining Power of Suppliers
3.1.2 Bargaining Power of Consumers
3.1.3 Threat of New Entrants
3.1.4 Threat of Substitute Products and Services
3.1.5 Degree of Competition
3.2 Technology Trends
4. Market Dynamics
4.1 Connected Truck Market Drivers
4.1.1 Growing Demand for Connected Technologies
4.2 Connected Truck Market Restraints
4.2.1 Threats of Cyber Security
4.3 Connected Truck Market Opportunities
5. Market Segmentation and Analysis (Market Size, Growth, and Forecast)
5.1 Connected Truck Market By Vehicle Type
5.1.1 Light Commercial Vehicles
5.1.2 Heavy Commercial Vehicles
5.2 Connected Truck Market By Range
5.2.1 Dedicated Short Range Communication (ADAS)
5.2.2 Long Range (Telematics Control Unit)
5.3 Connected Truck Market By Communication type
5.3.1 Vehicle to Vehicle (V2V)
5.3.2 Vehicle to Cloud (V2C)
5.3.3 Vehicle to Infrastructure (V2I)
6. Regional Market Analysis (Market Size, Growth, and Forecast)
6.1 North America
6.4 Rest of the World
7. Future of the Connected Truck Market
8. Connected Truck Market Competitive Landscape
8.2 Market Share Analysis**
9. Connected Truck Market Companies (Overview, Financials**, Products & Services, and Recent Developments)
9.1 Robert Bosch
9.2 Continental AG
9.3 Denso Corporation
9.4 Aptiv PLC
9.5 ZF Friedrichshafen AG
9.6 NXP Semiconductors N.V.
9.7 Magna International Inc.
9.8 Sierra Wireless
*List not Exhaustive
**Subject to Availability on Public Domain