LONDON--(BUSINESS WIRE)--Aug 31, 2018-- analysts forecast the global connected truck market to grow at a CAGR of nearly 30% during the forecast period, according to their latest market research report.

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Technavio has published a new market research report on the global connected truck market from 2018-2022. (Graphic: Business Wire)

The upgrade to higher SAE automation levels and the advent of truck platooning are some of the major trends being witnessed in the . Truck platooning, which is a concept devised from connected truck technologies, can be enabled in trucks that are engineered with level 2 automation. Developments in the Cooperative Adaptive Cruise Control (CACC) technology has resulted in the emergence of truck platooning.

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According to Technavio analysts, one of the key factors contributing to the growth of the global connected truck market is the growing need for fleet management solutions:

Global connected truck market: Growing need for fleet management solutions

The logistics sector has been the largest contributor to fleet management services in the telematics industry. This is because of the increased consolidation of logistics players and demand for fleet tracking to mitigate transit losses. The demand for telematics in the logistics sector is driven by the need to reduce dual expenses. Fleet management services reduce the number of empty runs by the fleet, thereby reducing the overall fuel costs.

According to a senior analyst at Technavio for research on automotive manufacturing, “Fleet management solutions are used by several fleet owners to reduce the overall vehicle downtime. Fleet management solutions have significantly evolved over time. Traditional fleet management solutions offer basic telematics services, such as fleet tracking with the global positioning system and geographical information system. At present, fleet management solutions offer features that include vehicle management, load monitoring, driver management, and logistics management. In regions such as Europe, the growing need for effective fleet management services is driving the demand of telematics systems, including among small-fleet owners.”

Global connected truck market: Segmentation analysis

The global connected truck market research report provides market segmentation by application (light commercial vehicle and heavy commercial vehicle), and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.

The light commercial vehicle segment held the largest market share in 2017, accounting for nearly 70% of the market. This application segment is expected to dominate the global market throughout the forecast period.

The Americas led the market in 2017 with a market share of nearly 48%. This region is expected to dominate the market through 2022, however, there will be a decrease in its market share by nearly 5%.

Looking for more information on this market?

Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.

Some of the key topics covered in the report include:

Market Landscape

Market ecosystem Market characteristics Market segmentation analysis

Market Sizing

Market definition Market size and forecast

Five Forces Analysis

Market Segmentation

Geographical Segmentation

Regional comparison Key leading countries

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

Vendors covered Vendor classification Market positioning of vendors Competitive scenario

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SOURCE: Technavio Research

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PUB: 08/31/2018 08:29 AM/DISC: 08/31/2018 08:29 AM