Connected Truck Market Strategies and Forecast by 2031

The connected truck market is expected to register a CAGR of 15.6% during 2023–2031. The evolution of advanced technologies, like the integration of the Internet of Things (IoT) in trucks, is likely to remain a key trend in the market.

Connected Truck Market Analysis

• The increasing demand for automotive cybersecurity, high-end connectivity of vehicles and digitalization has led to significant growth in the global connected truck market.
• The growing chances of cyber threats have increased as vehicles are getting more advanced and sophisticated features such as safety features, autonomous driving capabilities, and a variety of sensors. Owing to this, there has been an increase in demand for advanced technology solutions to protect trucks and their occupants from possible cyberattacks.

Connected Truck Market Overview

• The connected truck market is anticipated to be boosted by a number of factors, such as the mounting number of electronic control units (ECUs) in electric vehicles for enhanced performance and sophistication, the upsurge in cyberattacks targeting the automotive industry, and the growing number of connected and autonomous vehicles.
• Vehicle safety solution providers are working with other key stakeholders and investing broadly in the development of advanced automotive solutions in order to combat the growing number of road accidents and hazards.
•  Due to original equipment manufacturers' (OEMs)' growing concerns about vehicle security, the connected truck market is expected to grow significantly over the upcoming years.

Connected Truck Market: Strategic Insights

Connected Truck Market Drivers and Opportunities

Growing Focus on Technological Advancement in Vehicles to Favor the Market

• The market for connected truck is developing as an outcome of the widespread application of connected vehicle technology.
• With features such as infotainment systems, telematics, remote diagnostics, and over-the-air (OTA) software updates, modern trucks are getting more connected. Although these features improve driving and have many advantages, they also make users more vulnerable to online threats. For the purpose of exchanging data with outside systems and services, connected trucks rely on a variety of communication interfaces and networks.

Emergence of Software-Defined Vehicles

• The automotive industry has begun to focus more on vehicles that are software-centric.
• Automotive software is primarily responsible for enabling the features and functions of these vehicles. Most automotive manufacturers would likely procure cybersecurity products from suppliers and integrate them into their trucks’s hardware.
• The weak internal capabilities of most automakers at the plant or in technical centers may create significant vulnerabilities during the delay. This will lead to a rise in the demand for software-defined vehicles, which will create growth opportunities for the connected truck market.

Connected Truck Market Report Segmentation Analysis

Key segments that contributed to the derivation of the connected truck market analysis are component, range, and communication type.

• Based on the components, the connected truck market is divided into hardware, software, and services.
• On the basis of the security type, the market is divided into network security, endpoint security, application security, cloud security and others.
• Based on range, the connected truck market is divided into dedicated short-range communication and long-range communication.
• On the basis of the communication type, the market is divided into vehicle-to-vehicle (V2V), vehicle-to-infrastructure (V2I), and vehicle-to-cloud (V2C).

Connected Truck Market Share Analysis by Geography

• The connected truck market report comprises a detailed analysis of five major geographic regions, which includes current and historical market size and forecasts for 2021 to 2031, covering North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), and South & Central America.
• Each region is further sub-segmented into respective countries. This report provides analysis and forecasts of 18+ countries, covering connected truck market dynamics such as drivers, trends, and opportunities that are impacting the markets at the regional level.
• Also, the report covers PEST analysis, which involves the study of major factors that influence the connected truck market in these regions.

The regional trends and factors influencing the Connected Truck Market throughout the forecast period have been thoroughly explained by the analysts at The Insight Partners. This section also discusses Connected Truck Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Connected Truck Market Report Scope

Connected Truck Market Players Density: Understanding Its Impact on Business Dynamics

The Connected Truck Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Connected Truck Market News and Recent Developments

The connected truck market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the connected truck market are listed below:

• Geotab, the global leader in connected transportation, and Daimler Truck North America (DTNA) are partnering to simplify fleet management. Through the integration of direct truck data from Freightliner trucks via DTNA’s data-as-a-service (DaaS) technology and Geotab’s advanced fleet management platform, MyGeotab, fleets can now benefit from a solution that marries technology and convenience, thus solving the previously complex issue of collecting and transforming data from multiple sources into actionable insights. (Source: Geotab, Company Website, February 2024)
• Daimler Truck Holding AG (“Daimler Truck”), Mitsubishi Fuso Truck and Bus Corporation (“MFTBC”), Hino Motors Ltd. (“Hino”) and Toyota Motor Corporation (“Toyota”) today concluded a Memorandum of Understanding (MoU) on accelerating the development of advanced technologies and merging MFTBC and Hino. Daimler Truck, MFTBC, Hino, and Toyota will collaborate toward achieving carbon neutrality and creating a prosperous mobility society by developing CASE technologies (Connected/Autonomous & Automated/Shared/Electric) and strengthening the commercial vehicle business on a global scale. (Source: Mitsubishi Fuso, Company Website, May 2023)

Connected Truck Market Report Coverage and Deliverables

The “Connected Truck Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

• Connected truck market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Connected truck market trends as well as market dynamics such as drivers, restraints, and key opportunities
• Detailed PEST/Porter’s Five Forces and SWOT analysis
• Connected truck market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the connected truck market
• Detailed company profiles