Connected Truck Market Size (2024 - 2029)

The connected truck market is experiencing significant expansion, driven by the integration of advanced technologies in the transportation and logistics sectors. This growth is characterized by an increasing demand for telematics, IoT connectivity, and data analytics in commercial vehicles, which enhance fleet management, safety, and regulatory compliance. The market's expansion is further supported by the rise of e-commerce and industrialization, leading to a greater need for real-time tracking and predictive maintenance. While North America and Europe currently lead the market due to their infrastructure and regulatory support, the Asia-Pacific region is emerging as a promising area for growth. Despite challenges such as data security and implementation costs, technological advancements and supportive government initiatives are expected to maintain the market's positive growth trajectory.

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Market Size of Connected Truck Industry

Connected Truck Market Summary
Study Period 2019 - 2029
Market Size (2024) USD 29.34 Billion
Market Size (2029) USD 62.49 Billion
CAGR (2024 - 2029) 16.33 %
Fastest Growing Market Europe
Largest Market North America

Major Players

Connected Truck Market Major Players

*Disclaimer: Major Players sorted in no particular order

Connected Truck Market Analysis

The Connected Truck Market size is estimated at USD 29.34 billion in 2024, and is expected to reach USD 62.49 billion by 2029, growing at a CAGR of 16.33% during the forecast period (2024-2029).

Over the medium term, the connected truck market is expected to grow rapidly, driven by the integration of advanced technologies into the transportation and logistics sector. There is increasing demand for telematics solutions, IoT-enabled connectivity, and data analytics applications in commercial vehicles. Key drivers of this growth include the need for improved fleet management efficiency, enhanced safety, and compliance with strict emissions and regulatory standards.

The rise of e-commerce and increasing industrialization are driving the demand for real-time tracking, remote diagnostics, and predictive maintenance in commercial vehicles. Fleet operators are adopting connected truck technologies to optimize routes, monitor driver behavior, and minimize downtime, thus improving overall operational efficiency.

Through connected truck technology, fleet operators anticipate optimizing factors such as fuel, maintenance, and driver wages, which contribute more than 60% of the total cost of ownership. More than 35 million trucks globally are expected to be connected within the next five years.

North America and Europe lead the connected truck market, while Asia-Pacific is gaining traction. Competition is intense, with major players focusing on collaborations, partnerships, and innovations to stay competitive.

Connected Truck Industry Segmentation

Connected trucks are equipped with several sensors and advanced technology, including an advanced driver assistance system, fleet management system, fuel management system, and vehicle maintenance system. These technologies assist in monitoring vehicle conditions and reducing commercial vehicle downtime.

The connected truck market is segmented by vehicle type, range, communication type, and geography. By vehicle type, the market is segmented into light commercial vehicles and heavy commercial vehicles. By range, the market is segmented into dedicated short-range communication (DSRC) and long range (telematics control unit). By dedicated short-range communication (DSRC), the market is further segmented into blind spot warning (BSW), forward collision warning (FCW), lane departure warning (LDW), emergency brake assist (EBA), and other dedicated short ranges. By communication type, the market is segmented into vehicle-to-vehicle (V2V), vehicle-to-cloud (V2C), and vehicle-to-infrastructure (V2I). By geography, the market is segmented into North America, Europe, Asia-Pacific, and Rest of the World. For each segment, the market sizing and forecast have been done based on value (USD).

By Vehicle Type
Light Commercial Vehicles
Heavy Commercial Vehicles
By Range
Dedicated Short-range Communication (DSRC)
Blind Spot Warning (BSW)
Forward Collision Warning (FCW)
Lane Departure Warning (LDW)
Emergency Brake Assist (EBA)
Other Short Ranges
Long Range (Telematics Control Unit)
By Communication Type
Vehicle-to-Vehicle (V2V)
Vehicle-to-Cloud (V2C)
Vehicle-to-Infrastructure (V2I)
By Geography
North America
United States
Canada
Rest of North America
Europe
Germany
United Kingdom
France
Italy
Spain
Rest of Europe
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
Rest of the World
South America
Middle East and Africa
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Connected Truck Market Size Summary

The connected truck market is poised for significant expansion, driven by the integration of advanced technologies such as telematics, IoT-enabled connectivity, and data analytics into the transportation and logistics sectors. This growth is largely attributed to the increasing demand for enhanced fleet management, improved safety, and compliance with stringent regulatory standards. The rise of e-commerce and industrialization further fuels the need for real-time tracking, remote diagnostics, and predictive maintenance in commercial vehicles. Fleet operators are increasingly adopting connected truck technologies to optimize routes, monitor driver behavior, and reduce downtime, thereby improving operational efficiency and reducing total cost of ownership. The market is characterized by intense competition, with major players focusing on strategic collaborations and product innovations to maintain a competitive edge.

Geographically, North America and Europe dominate the connected truck market due to established infrastructure and regulatory frameworks that support the adoption of these technologies. The robust transportation networks and stringent regulations in these regions drive the need for advanced solutions that ensure safety, emissions compliance, and fuel efficiency. Meanwhile, the Asia-Pacific region is emerging as a potential growth market, with increasing adoption of connected solutions in rapidly developing economies. Despite challenges such as data security concerns and high initial implementation costs, ongoing technological advancements and favorable government initiatives are expected to sustain the market's positive trajectory. The market is consolidated, with major global players engaging in joint ventures, mergers, and product development to expand their presence and enhance their offerings.

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Connected Truck Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Drivers

      1. 1.1.1 Government Norms Mandating the Integration of Connected Technologies in Commercial Vehicles are Driving Growth

    2. 1.2 Market Restraints

      1. 1.2.1 Cyber Security Threats Remain a Concern for the Market

    3. 1.3 Industry Attractiveness - Porter's Five Forces Analysis

      1. 1.3.1 Threat of New Entrants

      2. 1.3.2 Bargaining Power of Buyers/Consumers

      3. 1.3.3 Bargaining Power of Suppliers

      4. 1.3.4 Threat of Substitute Products

      5. 1.3.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION (Market Size by Value - USD)

    1. 2.1 By Vehicle Type

      1. 2.1.1 Light Commercial Vehicles

      2. 2.1.2 Heavy Commercial Vehicles

    2. 2.2 By Range

      1. 2.2.1 Dedicated Short-range Communication (DSRC)

        1. 2.2.1.1 Blind Spot Warning (BSW)

        2. 2.2.1.2 Forward Collision Warning (FCW)

        3. 2.2.1.3 Lane Departure Warning (LDW)

        4. 2.2.1.4 Emergency Brake Assist (EBA)

        5. 2.2.1.5 Other Short Ranges

      2. 2.2.2 Long Range (Telematics Control Unit)

    3. 2.3 By Communication Type

      1. 2.3.1 Vehicle-to-Vehicle (V2V)

      2. 2.3.2 Vehicle-to-Cloud (V2C)

      3. 2.3.3 Vehicle-to-Infrastructure (V2I)

    4. 2.4 By Geography

      1. 2.4.1 North America

        1. 2.4.1.1 United States

        2. 2.4.1.2 Canada

        3. 2.4.1.3 Rest of North America

      2. 2.4.2 Europe

        1. 2.4.2.1 Germany

        2. 2.4.2.2 United Kingdom

        3. 2.4.2.3 France

        4. 2.4.2.4 Italy

        5. 2.4.2.5 Spain

        6. 2.4.2.6 Rest of Europe

      3. 2.4.3 Asia-Pacific

        1. 2.4.3.1 China

        2. 2.4.3.2 India

        3. 2.4.3.3 Japan

        4. 2.4.3.4 South Korea

        5. 2.4.3.5 Rest of Asia-Pacific

      4. 2.4.4 Rest of the World

        1. 2.4.4.1 South America

        2. 2.4.4.2 Middle East and Africa

Connected Truck Market Size FAQs

The Connected Truck Market size is expected to reach USD 29.34 billion in 2024 and grow at a CAGR of 16.33% to reach USD 62.49 billion by 2029.

In 2024, the Connected Truck Market size is expected to reach USD 29.34 billion.

Connected Truck Market Report Snapshots

Connected Truck Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)