A connected truck is equipped with advance technology such as advanced driver assist system (ADAS) and fleet management system (FMS), which broadcast on the screen vehicle improvement, fuel management, driver assist system, and others. Connected trucks are employed with features that provide the driver instant status information and control of the vehicle remotely. In a connected truck, the driver can check the current fuel level, battery status, light status, and other information. Major truck manufacturers such as Daimler AG, MAN AG, Scania, Volvo, Renault, DAF Trucks, and IVECO have developed connected trucks and are planning to upgrade the connected trucks with improved technologies.
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Rise in demand for technologically advanced systems in heavy vehicles is expected to be a key factor that is likely to drive the connected truck market during the forecast period. The connected truck includes features such as lane keep assist system (LKAS), blind spot detection (BSD), lane departure warning (LDW), and emergency brake assist (EBA), which provides safety to the drivers as well as pedestrians and other cars. This is expected to boost the connected truck market during forecast period. Government regulation on safety concerns for heavy commercial vehicles across the globe are also expected to drive the connected truck market. The connected truck is incorporated with features that reduce time for workshop by providing exact location and the chassis ID and can pass on any diagnostic trouble codes to the technician, thereby making the truck more efficient. The automotive industry is estimated to witness an increase in adoption of the connected truck due to technological advancements in the automotive industry. Connected trucks are expected to play significant role in the development of autonomous trucks, thereby providing opportunities for automotive manufacturers. However, limited network infrastructure is anticipated be a key factor that is likely to hamper the connected truck market during the forecast period.
The connected truck market can be segmented based on components, vehicle type, sales channel, range type, and region. Based on components, the connected truck market can be segmented into two types. Among which hardware segment holds major market share of connected trucks. The hardware segment can be further sub-segmented into sensors, cameras, electronic components, and others. Higher adoption rate and easy availability of components is expected to drive the connected truck market during the forecast period.
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