The global connected truck market is estimated to observe a substantial growth in the coming years, due to growing demand for in-vehicle safety features, vehicle connectivity in logistics and transportation sector, driver assistance system, infotainment system, electrification and digitization of vehicle components, and autonomous driving.
On the basis of service, the connected truck market is bifurcated into fleet management, and cybersecurity and updates. Of the two, fleet management is expected to hold a larger share in the market during the forecast period. The updates in telematic control unit (TCU) application and real-time over-the-air (OTA) data analytics are the major factors driving the growth of fleet management service.
On the basis of communication, the connected truck market is further segmented into vehicle-to-vehicle (V2V), vehicle to infrastructure (V2I), and vehicle to cloud (V2C). The V2C category is expected to grow significantly during the forecast period, owing to the increasing number of digital applications in trucks such as GPS tracking, fuel management, remote diagnostics, and driver information system. In addition, the increasing number of fleet management services by original equipment manufacturers (OEMs) will further drive the growth of V2C communication.
On the basis of range, the market is bifurcated into dedicated short-range communication (DSRC) and cellular. The DSRC category is expected to hold a larger share in the connected truck market during the forecast period, owing to its increasing driver assistance features such as adaptive cruise control, forward collision warning, blind spot warning, park assist system, lane departure warning, and emergency brake assist.
In terms of vehicle, the connected truck market is segmented into light commercial vehicle (LCV) and heavy commercial vehicle (HCV). LCVs are expected to hold a larger market share during the forecast period, driven by their high production, especially in developing countries such as China and India.
Globally, North America is projected to be the largest market for connected trucks, during 2018-2023. The growth of the market in this region is driven by various factors such as improved communication infrastructure, government mandates for vehicle safety and data security, increasing digitization in fleet management services, and concerns of cyber security and update.
Connected Truck Market Dynamics
Government mandates and increasing industry compliance norms for vehicle safety and security is a major factor driving the growth of the connected truck market. Connected trucks provide real time information about congestion and accidents, and automatically updates routes. Apart from this, interaction assistance and hazard warning, and automated parking suggestions make connected truck safer. In addition, advanced driver assistance systems and facility of regular vehicle data updates improve fleet efficiencies, streamline deliveries, and reduce the down-time of vehicles and fuel costs. These technologies also provide new and innovative functions such as platooning, preventive maintenance, and accident avoidance, thereby benefiting the market.
One of the major challenges for the connected truck market is threats to cybersecurity as connectivity exposes these vehicles to hackers. The common communication standard amongst connected trucks can lead to cyber-attacks on fleet services. Truck connectivity is driven by large amounts of telematics data which can be hacked. Maintaining adequate safety and security in connectivity remains a major challenge for the connected truck market.
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Connected Truck Market Competitive Landscape
The market is competitive, characterized by the presence of a considerable number of connected truck manufacturers. Robert Bosch, Continental AG, and ZF Friedrichshafen AG are globally established players and dominate the connected truck market. Some of the other important players in the industry include Verizon Communications Inc., NXP Semiconductors N.V., Sierra Wireless Inc., TomTom NV, Harman International Industries Inc, Trimble Inc, DENSO Corporation, ZF Friedrichshafen AG, Magna International Inc, and Delphi Technologies PLC.
This post was originally published on Technology Trend