Microfiltration Membrane Market Forecasts to 2028 – Global Analysis By Type (Polysulfones, Fluorinated Polymers and Other Types), Filtration Mode (Direct Flow and Cross Flow), Material (Organic, Inorganic, Other Materials), Configuration (Hollow Fiber, Tu

Microfiltration Membrane Market Forecasts to 2028 – Global Analysis By Type (Polysulfones, Fluorinated Polymers and Other Types), Filtration Mode (Direct Flow and Cross Flow), Material (Organic, Inorganic, Other Materials), Configuration (Hollow Fiber, Tubular, Flat Sheet), Application and By Geography

According to Stratistics MRC, the Global Connected Truck Market is accounted for $24.91 billion in 2022 and is expected to reach $70.76 billion by 2028 growing at a CAGR of 19.0% during the forecast period. A connected truck is outfitted with numerous sensors and contemporary technologies, like a fleet management system (FMS) and an advanced driver assist system (ADAS), which display vehicle upgrades, driver-support systems, fuel management, and other information on the screen. Connectivity improves fleet management and cuts down on vehicle downtime.

According to the European Union Manufacturers Association, registrations of light commercial vehicles with connected technology increased by 8.2% in the region. Similarly, the manufacture of these vehicles is expanding throughout North America. According to Toyota research, V2V technology can minimize accidents by 70% to 80%. Furthermore, this technology significantly influences traffic congestion and carbon emissions.

Market Dynamics:

Driver:

Increasing in demand for technologically advanced systems

The market for connected vehicles is being propelled by a rise in demand for technologically advanced systems in large trucks. The components of the smart truck that safeguard the safety of drivers, pedestrians, and other vehicles include the lane keeping assist system (LKAS), blind spot detection (BSD), lane departure warning (LDW), and emergency brake assist (EBA). As a result, there is an increase in demand for these trucks.

Restraint:

Limited network infrastructure to hamper the market's growth

A lack of network infrastructure is a major stumbling block to the market's growth. While growing, prices are the primary disadvantage of this industry, they negatively influence its growth. Moreover, other factors such as expensive installation costs and complicated setup have hampered the connected truck market growth.

Opportunity:

Government mandates and increasing industry compliance norms

Most of the countries has set up government mandates and rising industry compliance standards for vehicle safety and security which are growing opportunities for the connected truck market's expansion. Connected trucks automatically update routes and offer real-time information about traffic and accidents. In addition, connected trucks are safer because to interaction aid, hazard alert, and automated parking advice. Advanced driver assistance systems and the availability of routine vehicle data updates can increase fleet efficiency, streamline deliveries, minimize vehicle downtime, and save fuel costs. Hence, as these technologies offer the market-beneficial new and novel features like platooning, preventative maintenance, and accident avoidance it leads to the market expansion.

Threat:

Risk of cyber attacks

Cybersecurity concerns are one of the biggest issues facing the connected truck business since connectivity makes these vehicles vulnerable to hackers. Cyber attacks on fleet services may result from the connected trucks' shared communication protocol. Large volumes of telemetry data that can be hijacked power truck connectivity. For the connected truck sector, maintaining proper safety and security in connectivity continues to be a big concern.

Covid-19 Impact

The market for connected trucks has been significantly impacted by the COVID-19 outbreak. The production and sale of new vehicles, including these kinds of trucks, have been stopped due to global shutdown bans. Manufacturing lags resulted from the lack of raw materials required to produce various car parts as a result of supply chain interruptions. The outcome has been a sharp drop in the manufacturing sector of the economy. Due to an increasing global trend toward cleaner mobility, the industry does, however, expect a revenue rebound following the COVID-19 epidemic.

The light commercial vehicles segment is expected to be the largest during the forecast period

The light commercial vehicles segment is estimated to have a lucrative growth, due to increased demand for these vehicles in developing markets. End-user demand for safety and comfort features has increased concurrently with an increase in the manufacturing of light commercial vehicles. Additionally, developing countries like China and India have experienced rapid economic development, which has increased demand for commercial cars equipped with connected devices to enhance fleet safety and reduce operating costs.

The Vehicle-to-vehicle (V2V) segment is expected to have the highest CAGR during the forecast period

The Vehicle-to-vehicle (V2V) segment is anticipated to witness the fastest CAGR growth during the forecast period, as these technologies enable vehicles to create wireless networks spontaneously on the go while transferring data over ad-hoc mesh networks. Each vehicle communicates information regarding traffic and road conditions, position and speed, route direction, vehicle stability, and braking loss via V2V communication. Numerous businesses, like as Tesla, Toyota, and others, have made large investments in the study and advancement of vehicle communication technology. This technique will also lessen traffic congestion and carbon dioxide emissions.

Region with highest share:

North America is projected to hold the largest market share during the forecast period owing to the early adoption of this technology and increasing investments of the development of such technologically advanced technologies. Furthermore, this market's growth is positively impacted by the automotive sector's growth rate as well as the high rate of IoT adoption in this sector. Additionally, rising safety consciousness, government initiatives in the form of safety legislation for raising the level of safety, and the presence of significant market competitors are propelling this industry's expansion.

Region with highest CAGR:

Asia Pacific is projected to have the highest CAGR over the forecast period, owing to the increasing awareness about the benefits of smart type of trucks, including real-time tracking, road safety, and others. Additionally, the developed industrial sector in APAC is boosting the demand for logistics and transportation services, which is predicted to propel market expansion in the years to come.

Key players in the market

Some of the key players profiled in the Connected Truck Market include Aptiv Global Operations Limited, Continental AG, Denso Corporation, Daimler AG, Delphi Technologies, Denso Corporation, HARMAN International, Robert Bosch GmbH, Magna International Inc., Mercedes-Benz Group AG, Sierra Wireless, Volvo AB, ZF Friedrichshafen AG

Key Developments:

In April 2022, ZF announced that is investigating the commercial and heavy vehicle connectivity products market in Brazil. The company intends to soon introduce ZF-branded connectivity-related products to the region.

In March 2022, MAN Truck & Bus, Knorr-Bremse AG, Leoni AG, and Bosch announced a partnership to participate in ATLAS-L4 (Automated Transport between Logistics centers on highways, Level 4) research and development project. The project aims at the operation of autonomous trucks on public motorways and highways, contributing toward lessening congestion and accidents, reducing fuel consumption and CO2 emissions, increasing the flexibility of vehicle use, and demonstrating concepts to counter the driver shortage.

In January 2022, Aptiv PLC introduced a next-generation advanced driver-assistance system (ADAS) for autonomous and electric vehicles. This will aid in reducing the cost of software-driven vehicles due to Aptiv's scalable architecture.

In September 2021, Volvo Autonomous Solutions and Aurora revealed their jointly developed on-highway autonomous truck USA prototype truck, long-haul VNL model, integrated with Aurora Driver technology. Volvo is considered an important step to launch fully connected commercially and autonomous class 8 trucks in North America.

In June 2021, ZF Friedrichshafen AG and Goodyear formed a strategic partnership to develop a one-stop fleet management solution. Z.F.'s advanced Transics-branded Fleet Management Solutions are combined with Goodyear's high-performance tire portfolio and mobility solutions. They empower European fleets and trailer manufacturers with the tools they need to comply with the forthcoming E.U. General Safety Regulations. Vehicle safety and uptime, cargo security, and operating efficiency are improved.

In July 2020, Volvo Eicher Commercial Vehicles Ltd (VECV) announced the launch of its connected vehicle fleet management solution, Eicher LIVE for its BS 6 trucks and buses.

Vehicle Types Covered:
• Heavy Commercial Vehicles
• Light Commercial Vehicles

Ranges Covered:
• Dedicated Short-range Communication (DSRC)
• Long-range (Telematics Control Unit)

Communications Covered:
• Vehicle to Infrastructure (V2I)
• Vehicle to Cloud (V2C)
• Vehicle to Vehicle (V2V)

Components Covered:
• Hardware
• Software

Services Covered:
• Fleet Management Service
• Maintenance Service

Applications Covered:
• Driver Assistance
•Entertainment
•Vehicle Management
•Safety
•Well being
•Mobility Management

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements