Market Size of Connected Truck Industry
| Study Period | 2019-2029 |
| Market Size (2024) | USD 29.34 Billion |
| Market Size (2029) | USD 62.49 Billion |
| CAGR (2024 - 2029) | 16.33 % |
| Fastest Growing Market | Europe |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Connected Truck Market Analysis
The Connected Truck Market size is estimated at USD 29.34 billion in 2024, and is expected to reach USD 62.49 billion by 2029, growing at a CAGR of 16.33% during the forecast period (2024-2029).
The connected truck market is experiencing robust growth, fuelled by the rapid integration of advanced technologies into the transportation and logistics sector. A surge in demand for telematics solutions, IoT-enabled connectivity, and data analytics applications in commercial vehicles characterizes the market. Key drivers include the need for enhanced fleet management efficiency, improved safety, and compliance with stringent emissions and regulatory standards.
The rise of e-commerce and increasing industrialization are driving the demand for real-time tracking, remote diagnostics, and predictive maintenance in commercial vehicles. Fleet operators increasingly adopt connected truck technologies to optimize routes, monitor driver behavior, and minimize downtime, improving overall operational efficiency. Through connected truck technology, fleet operators anticipate optimizing factors, such as fuel, maintenance, and wages of drivers, which together contribute more than 60% of the total cost of ownership. More than 35 million trucks globally are expected to be connected within the next five years.
Furthermore, North America and Europe dominate the connected truck market, propelled by established infrastructure and regulatory frameworks. However, the Asia-Pacific region is emerging as a potential market with the increasing adoption of connected solutions in emerging economies. The market landscape is characterized by intense competition, with major players focusing on strategic collaborations, partnerships, and product innovations to gain a competitive edge. For instance,
In May 2023, Daimler Truck, MFTBC, Hino, and Toyota joined hands to achieve carbon neutrality and create a prosperous mobility society by developing CASE technologies (Connected / Autonomous & Automated / Shared / Electric) and strengthening the commercial vehicle business on a global scale. MFTBC and Hino would create synergies and enhance the competitiveness of Japanese truck manufacturers.
Despite the promising growth, challenges such as data security concerns, interoperability issues, and initial implementation costs pose potential barriers to market expansion. However, ongoing technological advancements and favorable government initiatives promoting smart transportation are expected to sustain the positive trajectory of the connected truck market.
