Connected Truck Market Report

Market Insights

“The connected truck market size was US$ 38.5 billion in 2023 and is likely to grow at a strong CAGR of 9.5% in the long run to reach US$ 104.4 billion in 2034.”

Market Dynamics

Introduction

A connected truck is equipped with various sensors and advanced technologies, including a fleet management system (FMS) and an advanced driver assistance system (ADAS), which display vehicle enhancements, driver-assistance systems, fuel management, and other data on the screen. Connectivity helps in the navigation of their fleets and reduces vehicle downtime. One of the primary reasons for demand is the increasing preference for efficient transportation services globally. Smart truck technology and electrification are two key trends revolutionizing the trucking space. The increased digitalization and adoption of cutting-edge technology in the trucking sector are poised to drive demand for intelligent trucks during the forecast period.

Via internet connectivity, intelligent trucks communicate and exchange information with other trucks, making road travel safer and more productive. Additionally, these trucks are easily traceable, with real-time access to their operating state, enabling the owner to optimally control logistics and transportation operations. Furthermore, amendments in government road safety regulations further raise the demand for intelligent trucks for the logistics and transport sectors. For example, the European Union implemented new standards and regulations in March 2019 for introducing Cooperative Intelligent Transport Systems (C-ITS) on Europe's roads. Deployment of C-ITS will enable vehicles to exchange data with other vehicles, roadside infrastructure, and other road users to facilitate safer road travel.

Segments Analysis

By Range Type

“Cellular is expected to remain dominant and the faster-growing range of the market during the forecast period.”

The connected truck market is segmented into DSRC and cellular. Cellular connectivity dominates the connected truck market over DSRC due to its broader network coverage, scalability, and compatibility with 4G/5G networks. Cellular technologies enable real-time data transmission across long distances, making them ideal for logistics operations that span regional and international boundaries. With the rollout of 5G, the performance gap between DSRC and cellular has widened further, offering ultra-low latency, enhanced bandwidth, and support for edge computing, critical features for future autonomous and V2X (vehicle-to-everything) applications.

By Service Type

“Fleet management is expected to remain the dominant and faster-growing service of the market during the forecast period.”

The market is segmented into fleet management and cybersecurity & updates. Fleet management services represent the largest share, driven by their immediate value in operational efficiency, cost savings, and compliance. These systems enable real-time monitoring of vehicle health, driver behavior, fuel consumption, and route optimization, delivering tangible ROI for logistics providers and fleet operators. While cybersecurity and updates are critical enablers of safe connectivity, they are more backend-focused and less visible to end users, making fleet management the more monetizable and widely adopted service type in the current market.

By Vehicle Type

“Light commercial vehicles are expected to remain the dominant and faster-growing vehicle type of the market during the forecast period.”

The market is classified as light commercial vehicles and heavy commercial vehicles. Light commercial vehicles are expected to remain the market's dominant and faster-growing vehicle type during the forecast period. The segment will capture the market in the forecast period because demand for these vehicles will rise in emerging markets. Demand for safety and comfort features by end-users has risen concurrently with the growth in light commercial vehicle manufacturing. In the region, registrations of light commercial vehicles with connected technology rose 8.2% as per the European Union Manufacturers Association.

Regional Analysis

“North America is expected to remain the largest market for connected trucks during the forecast period.”

North America's connected trucks market led the market. The logistics and transportation industry here is strong, which encourages enhanced use of cutting-edge technologies for better management of fleets and better efficiency. Higher regulatory norms with a focus on safety and emissions management propel the adoption of connected solutions.

Additionally, the wide geographical landscape requires advanced tracking and monitoring systems, thus requiring connected trucks to optimize logistics. High investments in infrastructure, the existence of major industry players, and a tech-savvy market all support the thriving ecosystem, placing North America at the center of the growth of the connected truck market.

Key Players

The market is highly fragmented, with over 500 players. Most of the major players compete in some of the governing factors, including price, service offerings, regional presence, etc. The following are the key players in the connected truck market.

Here is the list of the Top Players (Based on Alphabetical Order)

• Bosch Connected Industry
• Continental AG
• Daimler AG
• Omnitracs
• PACCAR Inc.
• Scania AB
• Teletrac Navman
• Verizon Connect
• Volvo Group
• ZF Friedrichshafen AG

Note: The above list does not necessarily include all the top players in the market.

Are you the leading player in this market? We would love to include your name. Please write to us at [email protected]

Report Features

This report provides market intelligence most comprehensively. The report structure has been kept so that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve.
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

The global connected truck market is segmented into the following categories. 

Connected Truck Market by Range Type

• DSRC (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
• Cellular (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)

Connected Truck Market by Service Type

• Fleet Management (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
• Cybersecurity & Updates (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)

Connected Truck Market by Vehicle Type

• Light Commercial Vehicle (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
• Heavy Commercial Vehicles (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)

Connected Truck Market by Region

• North America (Country Analysis: The USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, The UK, Russia, and the Rest of Europe)
• Asia-Pacific (Country Analysis: Japan, China, India, and Rest of Asia-Pacific)
• Rest of the World (Country Analysis: Brazil, Argentina, and Others)

Research Methodology

• This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects today’s connected truck market realities and future market possibilities for the forecast period. 
• The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market.
• The vital data/information provided in the report can play a crucial role for market participants and investors in identifying the low-hanging fruit available in the market and formulating growth strategies to expedite their growth process.
• This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
• More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
• We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respected clients:

Company Profiling

• Detailed profiling of additional market players (up to three players)
• SWOT analysis of key players (up to three players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Service portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to [email protected]