V2V Communication is Likely to Drive the Global Connected Trucks Market
Growing
technological advancements, growing digitalization, growing demand for vehicles
overall operational efficiency, increasing focus on vehicles safety, to drive
the Global Connected Trucks Market through 2023
According to TechSci Research report, “Global
Connected Trucks Market, By Vehicle Type (Light Commercial Vehicles &
Heavy Commercial Vehicles), By Communication (V2V, V2I, & V2C), By Range
(DSRC & Cellular), By Services (Cybersecurity & Updates & Fleet
Management), By Company and By Geography, Forecast & Opportunities, 2022’’, Global Connected Trucks market stood at $ 16.6 Billion in
2016 and is projected to grow at a CAGR of over 15% during the forecast period,
in value terms. The key drivers for the market are growing demand for
in-vehicle safety features, increasing traffic problems and growing demand for
infotainment. Moreover, the vehicle-to-vehicle communication promises better
vehicle safety and is most important pillar of communication between the
vehicle in connected vehicle transport system. With the growing demand for
smart cities or connected vehicles, the demand for V2V communication is also
projected to dominate the connected truck market.
Moreover,
the increasing use of connectivity to manage automotive fleets and reducing the
downtimes of trucks are likely to drive the growth of the Global Connected
Trucks market during forecast period. Additionally, the growing popularity of
autonomous vehicles as well as the use of AI and IoT for connected trucks
application is anticipated to drive the growth of the market in the next five
years.
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Based on the range, the Global Connected Trucks Market has been segmented
into DSRC and Cellular. The Dedicated Short-Range Communication (DSRC) is
anticipated to lead the Global Connected Trucks Market between 2018 to 2023,
owing to the rising use of radar
and LiDAR-based safety systems like adaptive lane departure warning, blind spot
detection, cruise control, and parking assistance systems.
Denso Corporation, Robert Bosch, Continental, Harman, Magna,
Tomtom etc, are major companies operating in the Global Connected Trucks Market.
North America leads the Global Connected Trucks Market in
2017 and is expected to maintain its dominance from 2018 to 2023 owing to increasing
technological advancements in connected car devices for commercial vehicles, growing
digitization of services in fleet management. Moreover, the presence of major
OEMs in the region that are heavily investing in the research and development
of new technologies like IoT, 5G to develop autonomous trucks are expected to
drive the growth of the Connected Trucks Market
in the constituent countries like the United States and Canada.
“The technological
advancements in Information and Telecommunication infrastructure is likely to have a positive impact on the Connected Trucks Market,
with the introduction of 4G LTE & 5G. Moreover, the anticipated use of ICS
and Microcontrollers, coupled with the growing popularity of Big data analytics
as well as IoT are anticipated to drive the Connected Trucks market through
2023.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research
based global management consulting firm.
“Global
Connected
Trucks Market, By Vehicle Type (Light Commercial Vehicles & Heavy
Commercial Vehicles), By Communication (V2V, V2I, & V2C), By Range (DSRC
& Cellular), By Services (Cybersecurity & Updates & Fleet
Management), By Company and By Geography, Forecast & Opportunities, 2022” has evaluated the future growth
potential of Global Connected Trucks market and provides statistics and information
on market size, structure and future market growth. The report offers decision
makers superior market intelligence, thereby enabling them conduct thorough
investment appraisal. Besides, the report also analyzes the evolving market inclinations along
with indispensable drivers, challenges and opportunities in Global Connected
Trucks Market.
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