The global connected truck market is estimated to be USD 18.60 Billion in 2017 and is projected to grow at a CAGR of 15.14% during the forecast period, to reach USD 37.64 Billion by 2022.
Some of the key market drivers are increasing industry compliance norms and government mandates supporting connected technology in commercial vehicles. Also, the vehicle data updates, which are generated by the telematics control unit (TCU), will help to reduce the overall recalling cost of OEMs and increase customer satisfaction.
The commercial vehicle manufacturers are taking several initiatives to expand the advanced innovation in their trucks. With the electrification and digitization of various components, infotainment, telematics systems, and autonomous driving are becoming an integral part of high-end automobiles. Most of these technologies use real-time data for live traffic, road conditions, and roadside help during a breakdown.
The commercial vehicle is increasingly equipped with advanced driver assistance systems (ADAS) such as adaptive cruise control (ACC), lane departure warning (LDW), blind spot detection, and park assist system to enhance the safety of drivers as well as pedestrians. Also, automakers are looking forward to enhance customer satisfaction with the help of cybersecurity & over-the-air (OTA) updates to rectify the bugs generated in the software of various applications. The advancement in connected features will increase the overall operational efficiency and vehicle performance of fleet operators.
Some of the major restraints identified in the global connected truck market are lack of supporting infrastructure in developing countries and threats to cybersecurity. These factors may hinder the growth of the connected truck market to some extent.
Some of the major players in the global connected truck market are Bosch (Germany), Continental (Germany), Verizon Communications (US), Harman International (US), Denso Corporation (Japan), ZF Friedrichshafen AG (Germany), Magna (Canada), and Delphi (UK).