The automotive sector is a critical component of economic development and a huge contributor to the GDP of major global economies. As advanced technologies percolate into the mainstream, global positioning systems (GPS), tracking, and platooning should be offered as standard features and not optional accessories. Autonomous driving, shared mobility, electrification, and connected vehicles are predicted to be new avenues of growth during the forecast period. Telematics is likely to transform truck fleets in the 21st century. Truck-as-a-service has evolved as truck makers aim to retain maximum market share through various strategies.
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Ferrying of Essential Goods Necessitates Truck-as-a-service Model Across Globe
Truck-as-a-service minimize accidents by constant monitoring of vehicle prognostics and driver awareness. Truck-as-a-service reduce maintenance costs and driver stress, making it an ideal solution in an era where fuel prices directly impact logistics. Daimler, Volvo, and Volkswagen are companies investing in the truck-as-a-service market and they have played a key role in helping truck companies boost their bottom lines. Increasing connectivity features, even in entry-level trucks, should increase the growth prospects for all stakeholders in the truck-as-a-service market. Although COVID-19 lockdowns did exacerbate the demand-supply imbalance in worldwide supply chains, the demand for trucks as carriers of essential goods ensures that the truck-as-a-service market retains its prominence in the minds of policymakers.
Digital Retailing Likely to be Norm and Not Exception in Post COVID-19 World
Truck dealers have demonstrated remarkable resilience while facing a triple whammy of economic recession, fluctuating fuel prices, and COVID-19 lockdowns. Dealers have taken the lead in adopting digital retail services, eliminating the need for salesmen. Experts believe that digital retail will be the new normal in the post COVID-19 era. Several OEM’s are investing in truck-as-service business models to meet the demand for digital retailing. In this business model, the OEM’s handle the ownership and maintenance of the trucks while guaranteeing uptime to operators who utilize this service. Truck-as-a-service is ideally suited for fleet management through sophisticated data analytics tools. Thus, the minimal incentive for capital needed to operate large fleets is anticipated to benefit the truck-as-a-service market for the foreseeable future.
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Limitless Potential for Ecommerce Explains Rise of Truck-as-a-service Model in APAC
North America is expected to retain its lead in the truck-as-a-service market as the number of connected devices there has skyrocketed in the last decade. Nonetheless, Asian economies should become increasingly important with the acceptance of smart devices in the truck industry there. The e-commerce boom and a desire for last-mile deliveries across the vast continent of Asia should fuel demand in the truck-as-a-service market during the forecast period. As connectivity becomes commonplace, data security will gain vital importance and the industry and governments alike must ensure that digitally enabled solutions are secure, safe, and sustainable.
Automation USP in Truck-as-a-service Market as Few Barriers to Prevent New Entrants
Intense competition due to frequent entry of new players characterises the truck-as-a-service market and venture capitalists have invested massive sums in the truck-as-a-service market. A few companies profiled in the truck-as-a-service market report are Daimler AG, MAN SE, Nikola Corporation, Fleet Advantage, Trimble Transportation Enterprise Solutions Inc., Traton SE, Tata Motors., Scania AB, PACCAR Inc., and Navistar International.
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