Connected Trucks Market Size - By Component (Hardware, Software, Service), Connectivity (Vehicle-to-Infrastructure, Vehicle-to-Cloud, Vehicle-to-Vehicle), Range (Dedicated Short Range Communication, Long Range), Vehicle, Application & Forecast, 2024 - 203

Connected Trucks Market Size - By Component (Hardware, Software, Service), Connectivity (Vehicle-to-Infrastructure, Vehicle-to-Cloud, Vehicle-to-Vehicle), Range (Dedicated Short Range Communication, Long Range), Vehicle, Application & Forecast, 2024 - 2032

Global Connected Trucks Market will grow at a 14.5% CAGR between 2024 and 2032, owing to the expansion of supply chain networks and technological advancements, alongside the introduction of new products. As global trade and e-commerce continue to flourish, the demand for efficient logistics solutions rises, prompting the expansion of connected truck systems. Moreover, ongoing innovations in connectivity, telematics, and data analytics enhance the capabilities of these vehicles, driving their adoption. With a focus on improving operational efficiency and reducing costs, businesses increasingly turn to connected trucks, propelling market expansion.

For instance, in September 2022, Tata Motors introduced India's inaugural CNG-powered Medium & Heavy Commercial Vehicle truck alongside an innovative ADAS. They also unveiled a new range of advanced Intermediate & Light Commercial Vehicle tippers and trucks, catering to the expanding logistics and infrastructure sectors.

The connected trucks industry is fragmented based on vehicle, range, and region.

The light commercial vehicle (LCV) segment will establish a substantial market foothold by 2032, attributed to its versatility and widespread use in urban and suburban transportation. With increasing demand for efficient last-mile delivery solutions and fleet management optimization, LCVs are the preferred choice for integration with connected technologies. Additionally, advancements in telematics and IoT solutions cater specifically to the needs of the LCV segment, further fueling its adoption. As businesses seek to enhance operational efficiency and streamline logistics, the LCV segment will stand as a key driver in the connected trucks market.

The long-range segment will capture a notable connected trucks market share by 2032, propelled by its critical role in addressing logistical challenges over vast distances. With increasing demand for efficient freight transportation, long-range vehicles equipped with advanced connectivity solutions offer unparalleled reliability and real-time monitoring capabilities. These trucks are well-suited for cross-country haulage, international shipping, and supply chain optimization. As businesses prioritize efficiency and cost-effectiveness, the long-range segment will emerge as the preferred choice for meeting the evolving demands of modern logistics and transportation.

Asia Pacific connected trucks industry will register a remarkable CAGR during 2024 and 2032, driven by burgeoning economies, increasing urbanization, and robust infrastructure development. The rapid expansion of the logistics sector, in line with the growing demand for efficient transportation solutions, fuels the adoption of connected truck technologies across the region. Additionally, supportive government initiatives and investments in smart transportation systems will further propel market growth. With its substantial market potential and conducive regulatory environment, Asia Pacific will emerge as a significant contributor to the connected trucks market.