In connected truck market to retain its position Bosch (Germany) has adopted new product development

connected truck market by Range (DSRC and Cellular), Service (Fleet Management and Cybersecurity & Updates), Component (Hardware and Software), Communication (V2V, V2I, and V2C), Vehicle (LCV and HCV), and Region - Global Forecast to 2022, Factors such as booming transportation sector, increasing number of connected devices per vehicle, increasing cloud-based services, and government mandates and regulations related to active and passive safety of vehicle and vehicle data security have boosted the connected truck market.

The connected truck market is estimated to be USD 16.78 Billion in 2016 and is projected to grow at a CAGR of 15.14% from 2017 to 2022, to reach USD 37.64 Billion by 2022.

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The dynamics of the automotive industry revolves around the evolution of connected vehicle technology. Growing safety and security concerns, rising fuel prices, and improved vehicular technology have accelerated the use of connectivity in vehicles. The automotive industry is transforming from a predominantly mechanical-based to an increasingly electronics-based industry. OEMs and Tier I suppliers are constantly expanding their product offerings.

The connected trucks offer a wide range of services such as navigation, cybersecurity, remote diagnostics, infotainment, emergency calling, fuel management, and vehicle tracking among others. With technological advancements in connectivity solutions for the automotive industry, the fast exchange of data would become a reality in the near future. With the emergence of 4G LTE and the development of 5G technology, a significant number of companies are collaborating to develop real-time 3D map technology. For instance, in 2017, Continental (Germany) partnered with NTT DoCoMo (Japan) to develop advanced 5G networks to enhance the cellular based vehicle-to-everything (V2X) technology.

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In addition to technological developments, third-party logistics (3PL) companies are continuously optimizing their fleets and services. These companies use data-driven technology for tracking and monitoring of transporting vehicles. Telematics data is being monitored for years. The availability of connected and real-time data is expected to make logistics smarter and reliable with benefits such as improved vehicle reliability, protected freight and assets, optimized fleet utilization, on-time performance, and predicted vehicle maintenance.

The connected technology is expected to usher 3PLs into a new era. For example, the global third-party logistics leader J.B. Hunt, in 2016, decided to fully equip its 7,600 highway trailers and intermodal container fleet with tracking systems by the end of 2018. For building smart operations, UPS Supply Chain Solutions is investing in a facility network that is connected by a propriety digital technology ecosystem.

Some of the major players in the global connected truck market are Bosch (Germany), Continental (Germany), Verizon Communications (US), Harman International (US), Denso Corporation (Japan), ZF Friedrichshafen AG (Germany), Magna (Canada), and Delphi (UK). The last chapter of this report covers a comprehensive study of the key vendors operating in the market.

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