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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