Connected Truck Telematics Market Outlook, Opportunity and Demand Analysis, Forecast 2018 – 2026
Telematics system is hardly a niche concept for advanced commercial vehicle operators, and it’s common enough to find truck fleets decked out with little black boxes. The level of connectivity swirling around trucks, drivers, and the businesses operating them is on the rise, through telematics and other connected systems. Telematics technology is becoming more and more important to the trucking industry, and it could soon become the default standard for heavy trucks with hardware included, as discussed by panelists at the Technology and Maintenance Council of American Trucking Associations’ October event in Philadelphia. For this to happen, manufacturers will have to agree on a common data network so that telematics providers can make sure their software functions in sync with all trucks.
Steady expansion of the connected truck market is creating significant opportunities in commercial vehicle telematics for original equipment manufacturers, suppliers, software and analytics companies, dealers, and fleets operator. These solutions are still considered comparatively high-priced, and fleets have a low understanding of telematics as part of fleet management solutions; however, the possibility of converting massive data analytics into actionable solutions is too attractive for fleets, OEMs, suppliers, and dealers to ignore.
The global connected truck telematics market can be segmented based on component,technology, vehicle, and region. In terms of component, the connected truck telematics market can be divided into RADAR-based collision mitigation and four other segments. Rise in adoption of advanced driver-assistance systems in connected truck telematics has fueled the RADAR-based collision mitigation segment. The system not only aids the vehicle in collision detection, warning, avoidance, and mitigation, but also in lane change assistance, pedestrian protection systems, and blind spot monitoring. These features are expected to rise in demand for RADAR-based collision mitigation segment during the forecast period. The other segments are also estimated to expand significantly in the next few years. In terms of on technology, the connected truck telematics market can be classified into DSRS vehicle–to-vehicle communication and four more segments. The DSRS vehicle–to-vehicle communication segment is expected to hold a major share of the global connected truck telematics market during the forecast period. Automobile manufacturers and technical vendors are investing in vehicle-to-vehicle communication in order to gain competitive advantage in the connected truck telematics market. Based on vehicle, the connected truck telematics market can be bifurcated into light commercial vehicle and heavy commercial vehicle. Increase in urbanization is estimated to boost the heavy commercial vehicle segment during the forecast period.
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Based on geography, the global connected truck telematics market can be segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Europe is a mature region of the automotive sector; thus, it holds high potential for the connected truck telematics market. The region is well-placed in terms of smart mobility and developed ICT infrastructure. The market in Europe is anticipated to expand substantially during the forecast period owing to the implementation of favorable regulatory mandates in the region.
Key players operating in the global connected truck telematics market include Daimler AG, Scania AB, AB Volvo, Peloton Technology, DAF, OTTO MOTORS, Bendix Commercial Vehicles Systems LLC, Meritor WABCO, and Continental AG.
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