Connected Trucks Market size is expected to show significant growth over the forecast period due to growing demand for fleet management solutions in the transportation & logistics sector. The fleet management solutions have evolved to offer a wide array of telematics services such as roadside assistance and Usage-Based Insurance (UBI). These telematics solutions coupled with the decrease in the pricing of telematics systems are proliferating the connected trucks market.
The Asia Pacific connected trucks market is forecast to grow at the highest rate due to the expanding information & communication technology infrastructure. The supportive government initiatives & investments toward developing smart infrastructure, such as road and growing communication & information technology infrastructure including 4G LTE or 5G in the region, are expected to drive market growth over the forecast timeline. The developing countries in the region, such as India and China, have witnessed significant economic growth in recent years, which is fueling the connected trucks market demand to reduce the operating cost of the fleet and improve the safety of drivers.
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North America is estimated to hold the largest market share in the Connected Trucks market due to the increasing digitization of various services in fleet management, rise in the number of connected devices in commercial vehicles, and growing concerns over cybersecurity & OTA maintenance. The presence of key market players, such as General Motors, Harman International, and Verizon Communication, in the region will support the market growth.
The improving industry compliance norms and supportive government initiatives & investments toward developing connected infrastructures for the connected vehicle technology will drive the connected Trucks market. For instance, in November 2017, the UK government funded USD 67 million to develop a testing infrastructure for autonomous cars. The advent of trucks platooning due to developments in Cooperative Adaptive Cruise Control (CACC) fitted with ADAS such as anti-collision systems, emergency braking systems, and adaptive cruise control system will support the market growth. The new trends in autonomous vehicles, such as upgrading to higher SAE automation level, will boost the connected trucks market growth.
The digitization & electrification of various infotainment systems, components, telematics systems, and autonomous driving is becoming an integral part of high-end trucks. The global automakers are investing heftily in research & development activities to enhance cybersecurity & Over-The-Air (OTA) updates to rectify the bugs generated in the software of various applications, leading to an improvement in customer satisfaction & loyalty. The advancements in connected features will increase the overall operational efficiency and vehicle performance of fleet operators. These improvements and upgrades in trucks will boost the connected trucks market over the forecast timeline.
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The prominent market players are focusing on strategic alliances with other players to enhance their features and offerings in the connected trucks market. For instance, in November 2018, AT&T partnered with Daimler AG on connected trucks and fleet services. The partnership will enhance safety reporting and powertrain diagnostics and features over-the-air updates and fuel efficiency analytics capabilities for vehicles. The telematics is designed to boost efficiency, safety, and performance, as well as offer additional advantages for long-haul trucking fleets.
Some of the key players operating in the connected trucks market are Aptiv PLC, Continental AG, Daimler AG, Denso Corporation, Ford Motor Company, General Motors Group, Harman International, Mercedes-Benz, Robert Bosch GmbH, Verizon Communications, Volkswagen AG, Volvo Group, and ZF Friedrichshafen AG.
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