Global Connected Trucks Market to Reach US$62.8 Billion by the Year 2027
Amid the COVID-19 crisis, the global market for Connected Trucks estimated at US$24 Billion in the year 2020, is projected to reach a revised size of US$62.8 Billion by 2027, growing at a CAGR of 14.7% over the period 2020-2027.Dedicated Short Range, one of the segments analyzed in the report, is projected to grow at a 16.4% CAGR to reach US$49 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Long Range/Cellular Network segment is readjusted to a revised 10% CAGR for the next 7-year period. This segment currently accounts for a 29.3% share of the global Connected Trucks market.
The U.S. Accounts for Over 29.6% of Global Market Size in 2020, While China is Forecast to Grow at a 14% CAGR for the Period of 2020-2027
The Connected Trucks market in the U.S. is estimated at US$7.1 Billion in the year 2020. The country currently accounts for a 29.59% share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of US$10.8 Billion in the year 2027 trailing a CAGR of 14.1% through 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 12.9% and 12.5% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 10.7% CAGR while Rest of European market (as defined in the study) will reach US$10.8 Billion by the year 2027.We bring years of research experience to this 7th edition of our report. The 175-page report presents concise insights into how the pandemic has impacted production and the buy side for 2020 and 2021. A short-term phased recovery by key geography is also addressed.
- Competitors identified in this market include, among others,
- APTIV PLC
- Continental AG
- Denso Corporation
- HARMAN International
- Magna International Inc.
- NXP Semiconductors Netherlands B.V.
- Robert Bosch GmbH
- Sierra Wireless, Inc.
- TomTom International BV
- Trimble Inc.
- Verizon Connect
- ZF Friedrichshafen AG