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The integration of advanced analytics and artificial intelligence (AI) is poised to revolutionize the connected trucks industry. This upcoming trend promises to elevate fleet management by enabling sophisticated data analysis, predictive analytics, and intelligent decision-making. In January 2024, RXO, a provider of asset-light transportation solutions, introduced an innovative artificial intelligence-enhanced check-in system for trucks arriving at warehouses and distribution centers. Utilizing visual AI technology, the system simplifies the check-in and security process by employing video to identify trucks and extract relevant image and video data.
Initially implemented at RXO's cross-border facility in Laredo, the visual AI technology has demonstrated positive outcomes, notably reducing gate wait times, expediting carrier processes, and aiding shippers in cost and time savings. AI algorithms help optimize routes, predict maintenance needs, and enhance overall operational efficiency, marking a significant leap forward in the capabilities of connected trucks to streamline operations and deliver data-driven insights for fleet managers.
The heavy commercial vehicle (HCV) segment held 57% share of the market share in 2023, owing to the growing emphasis on fleet management efficiency and the rapid integration of advanced technologies.
The market size of connected trucks reached USD 24.3 billion in 2023 and is set to grow at 14.5% CAGR from 2024 to 2032, propelled by the rising demand for operational efficiency and cost savings.
Some of the leading connected truck companies are Bosch Connected Industry, Continental AG, Daimler AG, Fleet Complete, Geotab, Omnitracs, PACCAR Inc., Samsara Networks Inc., Telefonaktiebolaget, LM Ericsson, Scania AB, TomTom Telematics, Verizon Connect, Volvo Group, and ZF Friedrichshafen AG
North America market accounted for more than 45% revenue share in 2023, owing to the presence of a robust logistics and transportation sector in the region.