PUNE, India, October 25, 2017 /PRNewswire/ --
The report "Connected Truck Market by Range (DSRC and Cellular), Service (Fleet Management and Cybersecurity & Updates), Component (Hardware and Software), Communication (V2V, V2I, and V2C), Vehicle (LCV and HCV), and Region - Global Forecast to 2022", published by MarketsandMarkets™. the market is projected to grow at a CAGR of 15.14% during the forecast period, to reach USD 37.64 Billion by 2022 from an estimated USD 18.60 Billion in 2017. Industry compliance norms and government mandates supporting connected technology of trucks, coupled with increasing customer satisfaction, drive the Connected Truck Market. Further, the regular vehicle data updates, which are generated by the telematics control unit (TCU) of a truck, are expected to reduce the overall recalling cost for OEMs.
Browse 54 Market Data Tables and 50 Figures spread through 145 Pages and in-depth TOC on "Connected Truck Market - Global Forecast to 2022"
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North America: Largest market for Connected Truck
North America is projected to be the largest Connected Truck Market from 2017 to 2022. The market growth in the region can be attributed to various factors such as increasing connected devices in trucks, increasing digitization of various services in fleet management, and concerns of cybersecurity & updates. Also, strategic alliances between OEMs and non-automotive companies, exceptional communication infrastructure, and government regulations for vehicle data security are expected to fuel the demand for connected trucks.
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Light Commercial Vehicle is estimated to hold the largest market share during the forecast period
Along with the rise in light commercial vehicle production, the demand for safety and comfort features has also increased among the end-users. According to the Organisation Internationale des Constructeurs d'Automobiles (OICA) statistics, the global light commercial vehicle production has increased from 19.9 million units (2011) to 22.8 million units (2016), at a CAGR of 2.76% over the period of five years. Also, developing countries such as China and India have witnessed significant economic growth, which in turn is increasing the demand for commercial trucks that are equipped with connected devices to increase safety and reduce the operating cost of fleets. The considerable rise in digital services in fleets and growing vehicle to cloud (V2C) communication have increased the demand for connected devices, which in turn would fuel the Connected Truck Market.
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Dedicates Short-Range Communication (DSRC) for connected truck is estimated to hold the largest market share from 2017 to 2022
The growth of the Connected Truck Market is anticipated to be driven by the increasing government mandates regarding safety regulations. Various automotive OEMs, especially in North America and Europe, are offering driver assistance systems such as adaptive cruise control, blind spot detection, lane departure warning, and park assist system as a standard application in their vehicles. OEMs such as General Motors (US), Daimler (Germany), Volvo (Germany), and Volkswagen (Germany) provide these safety devices in their truck models.
The Connected Truck Market is dominated by a few globally established players such as Bosch (Germany), Continental (Germany), and ZF Friedrichshafen AG (Germany).
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