Connected Trucks Market Size, Demand and Forecast 2034
A connected truck is outfitted with a variety of sensors and cutting-edge technology, including a fleet management system (FMS) and an advanced driver assistance system, fuel management, and other information are displayed on the screen. Connectivity helps with fleet management and reduces vehicle downtime. One of the primary drivers of demand is a growing global preference for efficient transportation services. Connected truck technology and electrification are two of the most critical innovations changing the trucking business. Increasing digitalization and integration of sophisticated technologies in the trucking industry are likely to drive up demand for smart vehicles throughout the forecast period. Smart trucks communicate and share data with other vehicles via the internet, improving road safety and productivity.
According to SPER market research, ‘Global Connected Trucks Market Size- By Propulsion Type, By Application, By Connectivity Level, By Vehicle Weight- Regional Outlook, Competitive Strategies and Segment Forecast to 2034’ state that the Global Connected Trucks Market is predicted to reach 129.15 billion by 2034 with a CAGR of 16.4%.
Drivers:
The growing need for huge vehicles with cutting-edge technology is driving the connected truck market. Lane keep assist (LKAS), blind spot detection (BSD), lane departure warning (LDW), and emergency brake assist (EBA) are among the safety features of the smart truck. As a result, there is a need for these trucks. Government laws on global safety issues for big commercial vehicles also drive the market. This market is therefore anticipated to grow over the course of the projected period. Telematics-enabled fleets have claimed increased productivity. Fleets may have to pay up to 12% more for labor if they do not have access to telematics data to increase efficiency.
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Restraints:
The global market for connected trucks has many significant challenges that could prevent it from growing and becoming widely used. Integrating contemporary technologies into the current transportation infrastructure is one of the biggest obstacles. Longer implementation times, increased costs, and possible operational disruptions are the results of many manufacturers' inability to efficiently integrate related features. For small businesses with little funding, this intricacy is particularly difficult. Cybersecurity is another big concern. Massive amounts of data about driver behavior, cargo condition, and vehicle performance are produced by connected trucks. Since connectivity puts these cars at risk of hacking, data breaches, and unauthorized access, it is imperative to ensure the privacy and security of this sensitive information.
North America dominates the connected truck industry, owing to a strong logistics sector and severe safety and emissions requirements. Some significant market players are Deutsche Telekom, Geotab, Huawei, Omnitracs, Samsara, Teletrac Navman and others.
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Connected Trucks Market Growth
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