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Connected Car Market Research Report 2020 by Industry Demand

The global connected car market size was valued at $51,910.9 million in 2017 and is projected to reach $156,145.9 million by 2023, witnessing a CAGR of 20.7% during the forecast period. The demand for enhanced driving experience, growing concern for safety and security, and introduction of internet of things (IoT) in automotive industry are the major factors driving the market.

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Connected Car Market Research Report 2020 by Industry Demand

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  1. Connected Truck Market by Range, Service, Component, Communication, Vehicle, Geography and Forecast by 2013-2023

  2. The global connected truck market is estimated to observe a substantial growth in the coming years, due to growing demand for in-vehicle safety features, vehicle connectivity in logistics and transportation sector, driver assistance system, infotainment system, electrification and digitization of vehicle components, and autonomous driving. On the basis of service, the connected truck market is bifurcated into fleet management, and cybersecurity and updates. Of the two, fleet management is expected to hold a larger share in the market during the forecast period. The updates in telematic control unit (TCU) application and real-time over-the-air (OTA) data analytics are the major factors driving the growth of fleet management service.

  3. In terms of vehicle, the connected truck market is segmented into light commercial vehicle (LCV) and heavy commercial vehicle (HCV). LCVs are expected to hold a larger market share during the forecast period, driven by their high production, especially in developing countries such as China and India. Globally, North America is projected to be the largest market for connected trucks, during 2018-2023. The growth of the market in this region is driven by various factors such as improved communication infrastructure, government mandates for vehicle safety and data security, increasing digitization in fleet management services, and concerns of cyber security and update.

  4. Robert Bosch, Continental AG, and ZF Friedrichshafen AG are globally established players and dominate the connected truck market. Some of the other important players in the industry include Verizon Communications Inc., NXP Semiconductors N.V., Sierra Wireless Inc., TomTom NV, Harman International Industries Inc, Trimble Inc, DENSO Corporation, ZF Friedrichshafen AG, Magna International Inc, and Delphi Technologies PLC. Request to Get the Sample Report@ https://www.psmarketresearch.com/market-analysis/connected-truck-market/report-sample

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