Big Growth Anticipated in Connected Truck Market
A new report suggests that the connected truck market is projected to grow at a compound annual growth rate of 15.14% during the forecast period, to reach USD 37.64 Billion by 2022 from an estimated USD 18.60 Billion in 2017.
Driving the trend are industry compliance norms and government mandates supporting connected technology of trucks, coupled with increasing customer satisfaction.
Further, according to the report’s authors at MarketsandMarkets, the regular vehicle data updates, which are generated by the telematics control unit (TCU) of a truck, are expected to reduce the overall recalling cost for OEMs.
In terms of geography, North America is projected to be the largest Connected Truck Market from 2017 to 2022. The market growth in the region can be attributed to various factors such as increasing connected devices in trucks, increasing digitization of various services in fleet management, and concerns of cybersecurity and updates.
Also, strategic alliances between OEMs and non-automotive companies, exceptional communication infrastructure, and government regulations for vehicle data security are expected to fuel the demand for connected trucks.
Category: General Update, News
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