Albany, NY -- (SBWIRE) -- 07/31/2018 -- 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.
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.
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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.
Based on vehicle type, the connected truck market can be classified into two types. Among vehicle types, the heavy commercial vehicles segment accounts for larger share of the connected truck market, as compared to the other segment. This is due to infrastructure advancement and increased application in heavy commercial vehicle.
Based on sales channel, the connected truck market can be bifurcated into two types. The original equipment manufacturers (OEMs) segment holds prominent share of the market owing to the introduction stage of the connected truck. Awareness about safety and technological developments are expected to boost the OEMs segment of connected truck during forecast period.
Based on range type, the connected truck market can be segregated into three types. Among which the long range type segment accounts for a major share of the market as compared to the other segment. The long range type provide better safety of both the driver and the vehicle and are expected to witness significant growth during the forecast period.
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In terms of geography, the connected truck market can be segmented into five types. Among the region, North America and Europe account for a major share of the global connected truck market due to the expansion of the automotive sector in these regions, leading to an increased number of connected truck. Connected trucks in these regions are expected to witness significant growth during the forecast period owing to higher adoption rate and improved infrastructure. Awareness on safety while driving and government safety regulation are empowering the automotive industry thereby driving the connected truck market in these regions during the forecast period.
Key players operating in the global connected truck market include Robert Bosch GmbH, Continental AG, ZF Friedrichshafen, Daimler AG, Volvo, Delphi Technologies, and Denso Corporation.