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3. Bosch (Germany) and Continental (Germany) are the Key Players in the Connected Truck Market

Factors such as booming transportation sector, increasing number of connected devices per vehicle, increasing cloud-based services, and government mandates and regulations related to active and passive safety of vehicle and vehicle data security have boosted the connected truck market. The global connected truck market is estimated to be USD 18.60 Billion in 2017 and is projected to reach USD 37.64 Billion by 2022, growing at a CAGR of 15.14% during the forecast period. The connected truck market is dominated by a few global players and comprises of several regional players. The key players in the connected truck market are Bosch (Germany), Continental (Germany), and Trimble (US). New product development is the key strategy adopted by these players to gain traction in the connected truck market.

Bosch (Germany) has adopted new product development as a key strategy to retain its position in the connected truck market. For instance, in the last two years, Bosch has introduced three new products that are specifically dedicated to connected vehicles. In February 2017, the company launched connected vehicle solutions for trucks and passenger cars in India. The solutions help the owners to track, race, and geofence their vehicle as well as get custom alerts in case of any deviations. These solutions can be installed in all vehicles that are covered under BS-II, BS-III, and BS-IV norms. In June 2017, Bosch collaborated with TomTom International BV (Netherlands) to develop a high-resolution map for automated driving. The new map, named “Radar Road Signature,” uses radar signals to guide the vehicle and identify the correct route to reach the desired destination. This map would be helpful for autonomous driving as it is capable of working at night and in poor visibility conditions. It would be initially launched in the US and Europe in 2020. In September 2016, the company expanded in Southeast Asia by starting new offices in Philippines and Indonesia with an approximate expenditure of USD 90 million. The company is also expanding its manufacturing capacity to offer mobility solutions in Malaysia and Vietnam.

Continental (Germany) adopted a mix of several strategies such as partnership, expansion, and new product development to strengthen its market position. In August 2017, Continental launched an application named VoicR app, which enables V2X connectivity for trucks This application (VoicR) uses direct communications like predefined public channels as well as personalized channels to help service providers implement quick and tailored customer demands. In June 2017, it partnered with Carnegie Technologies (US) to offer ‘Network Convergence Platform’ for fast, reliable, and uninterrupted connectivity solutions. In January 2017, Continental collaborated with NTT DoCoMo Inc. (Japan) to develop advanced 5G networks to enhance the cellular based vehicle-to-everything (V2X) wireless technology. Under this collaboration, the company aimed to achieve 10 Gbps of downlink speed with reduced response time to ensure high-quality standards. In April 2017, it expanded its research and development capabilities with the opening of a 65,000 square foot center in Silicon Valley, California.

Trimble (US) has adopted new product development and acquisition as key strategies to strengthen its position in the connected truck market. The company has introduced more than five new product developments in the last three years in the areas of fleet management solution, mobile application, software, and many more. In April 2016, Trimble launched “Trimble Pulse Suite,” which is a comprehensive portfolio of end-to-end field service management solution. This solution would enable businesses to deliver field service excellence across a range of industries, including construction, agriculture, telecommunications, and utilities. In June 2016, Trimble updated the capabilities of “Trimble Work Management 4.2”, an important parameter of Trimble Pulse Suite, by importing fully automated scheduling techniques. Trimble Work Management 4.2 increases the productivity of mobile workforces with intelligent scheduling tools, state-of-the-art performance analytics, and mobile apps. The company spends around 15% of its total revenue on R&D for product and technology innovation, which has resulted in a number of new product developments in the past few years.

Related Reports:

Connected Truck Market by Range (DSRC and Cellular), Service (Fleet Management and Cybersecurity & Updates), Component (Hardware and Software), Communication (V2V, V2I, and V2C), Vehicle (LCV and HCV), and Region - Global Forecast to 2022

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