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(IT-NEWSWIRE.COM, August 03, 2024 ) Pune, 03, August 2024: Connected Truck Market Size Was Valued at USD 54.17 Billion in 2023, and is Projected to Reach USD 187.45 Billion by 2032, Growing at a CAGR of 14.79% From 2024-2032. A linked truck is furnished with different sensors and contemporary technologies like a fleet management system (FMS) and an advanced driver assist system (ADAS), showcasing enhancements in the vehicle, driver aids, fuel management, and other data on the display. Connectivity helps guide their fleets and reduces vehicle idleness. The increasing demand worldwide for efficient transportation services is primarily driven by the growing preference for them. Two of the key changes reshaping the trucking industry are connected truck technology and electrification. The increasing use of advanced technologies in the trucking sector is predicted to boost the need for smart trucks in the coming years.
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Connected Truck Market Dynamics
Telematics in commercial vehicles drives connected truck market by enhancing supply chain logistics and fleet management. Real-time visibility and data optimization improve procedures, product integrity, shelf-life, and reduce losses and insurance risks in the supply chain. Telematics-enhanced fleets are more productive, saving up to 12% on labor costs. Managers can use vehicle usage data to study productivity and optimize routes with GPS tracking to reduce fuel expenses, a significant part of the budget. Utilized at RXO's cross-border site in Laredo, the visual AI technology has shown favorable results, notably cutting down gate wait times, speeding up carrier processes, and assisting shippers in saving costs and time. AI algorithms improve route efficiency, forecast maintenance requirements, and boost operational effectiveness for connected trucks, providing valuable insights for fleet managers.
Connected Truck Market Regional Insights
North America are leading the growth of the connected truck market due to the expansion of the automotive sector in these regions. The strong transportation infrastructures in both areas support the integration of connected technologies in trucking operations. Developed road networks and communication systems enable the implementation of telematics solutions, real-time tracking, and data-driven analytics in commercial vehicles. Stringent regulations in North America and Europe drive the adoption of connected truck solutions to meet safety, emissions, and fuel efficiency standards. Industry collaboration among truck manufacturers, technology providers, and fleet management companies accelerates the development and deployment of connected truck solutions. Telecom companies in North America are also partnering with connected truck companies to enhance their product offerings.
Connected Truck Market Segment Analysis
By Vehicle Type
Light Commercial Vehicle
Heavy Commercial Vehicle
Based on the Vehicle Type, Light commercial vehicles are expected to be the dominant force in the Connected Truck Market segment. Because of an increase in demand for these vehicles in emerging markets, this category will dominate the market. Simultaneously, there has been a rise in production of light commercial vehicles, leading to a higher demand from end-users for safety and comfort features. The European Union Manufacturers Association has announced an 8.2% rise in registrations of connected light commercial vehicles in the region. The manufacturing of these vehicles is also increasing throughout North America. Moreover, emerging economies such as China and India have seen fast economic growth, leading to an increased need for commercial vehicles with connected technologies to improve fleet safety and lower costs.
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By Communication Type
Vehicle to Vehicle (V2V)
Vehicle to Cloud (V2C)
Vehicle to Infrastructure (V2I)
CONNECTED TRUCK MARKET BY REGION
NORTH AMERICA
USA
Canada
Mexico
EASTERN EUROPE
Russia
Bulgaria
The Czech Republic
Hungary
Poland
Romania
Rest Of Eastern Europe
WESTERN EUROPE
Germany
United Kingdom
France
The Netherlands
Italy
Spain
Rest Of Western Europe
ASIA PACIFIC
China
India
Japan
South Korea
Malaysia
Thailand
Vietnam
The Philippines
Australia
New-Zealand
Rest Of APAC
MIDDLE EAST & AFRICA
Turkey
Bahrain
Kuwait
Saudi Arabia
Qatar
UAE
Israel
South Africa
SOUTH AMERICA
Brazil
Argentina
Rest of South America
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Connected Truck Key Competitors include:
General Electric Company (US)
Continental AG
AB Volvo
BorgWarner Inc.
Denso Corporation
Harman International
Magna International Inc.
Mercedes-Benz Group AG
Robert Bosch GmbH
Verizon Communications Inc.
ZF Friedrichshafen AG, and other major players
Key questions answered in Connected Truck Market report are:
Which market segment dominated the Connected Truck market in 2023?
What are the current global trends in the Connected Truck market?
What future industry applications and trends are emerging in the Connected Truck market?
What growth strategies are companies adopting to expand their presence in the Connected Truck market?
Who are the leading companies in the Connected Truck market, and what are their product portfolios?
What are the primary challenges that the Connected Truck market may face in the future?
Which region had the largest share of the Connected Truck market in 2023?
How is the regulatory environment influencing the Connected Truck market?
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Key Offerings:
Market Size, Share, Size & Forecast by Different Segments | 2024−2032
Connected Truck Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
Market Trend Analysis
Pestle Analysis
Porter’s Five Forces Analysis
Industry Value Chain Analysis
Ecosystem
Regulatory Landscape
Price Trend Analysis
Patent Analysis
Technology Evolution
Investment Pockets
Connected Truck Market Segmentation
Competitive Landscape – Profiles of selected key players in a strategic perspective
Competitive landscape – Competitive Benchmarking, Connected Truck Market Share by Manufacturer (2023), Industry BCG Matrix, Heat Map Analysis, Mergers & Acquisitions
Analyst Viewpoint and Conclusion
Introspective Market Research, an Automotive and Transport research firm, has released the following reports:
Logistics Automation Market: Logistics Automation Market Size Was Valued at USD 68.46 Billion in 2023, and is Projected to Reach USD 160.11 Billion by 2032, Growing at a CAGR of 9.90% From 2024-2032.
Dump Trucks Market: Dump Trucks Market Size is Valued at USD 9.48 Billion in 2023, and is Projected to Reach USD 16.29 Billion by 2032, Growing at a CAGR of 7.00% From 2024-2032.
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