Visiongain has published a new report entitled the Advanced Truck Technologies Market Report 2022-2032. It includes profiles of Advanced Truck Technologies and Forecasts Market Segment by Type, (On-Road, Off-Road) Market Segment by Sales Channel, (Original Equipment Manufacturers, Retrofit, Other Sales Channel) Market Segment by Service (Design & Consulting Service, Integration & Deployment Service, Maintenance & Training Service, After Sales Services, Other Services) Market Segment by Technology, (Advanced Driver Assistance System, Type HP/Speed Settings, Lane Departure, Collision Mitigation, Adaptive Cruise Control, Blind Spot Monitoring) Market Segment by Fuel Type, (Conventional Fuels, Electrification, Hydrogen Fuel Cells, Other Fuel Type) PLUS COVID-19 Impact Analysis and Recovery Pattern Analysis (V-shaped, W-shaped, U-shaped, L-shaped) Profiles of Leading Companies, Region and Country.
The global advanced truck technologies market was valued at US$2,239 million in 2021 and is projected to grow at a CAGR of 7.6% during the forecast period 2022-2032.
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AI and The Internet of Things
IoT allows for even more cost-effective transportation solutions by integrating telematics devices with sophisticated analytics. Through predictive analytics and demand forecasting, these advances provide a roadmap to increased feasibility and productivity. IoT can even recommend improvements, such as more efficient routes, techniques for reducing fuel use, and intelligent driving assistance to improve travel safety and overall performance. Predictive analytics used to demand forecasting resulted in significant income and service level enhancements in a case study conducted by company Transmetrics. TIP Trailer Services is a trailer leasing, renting, maintenance, and repair company that handles a transport fleet of approximately 90,000 units. Because of the natural waxing and waning of freight demand, the company struggled to predict peaks in demand. TIP was frequently left with an excess of idle assets in one area and a scarcity in another, prompting them to refuse customer requests due to unavailability. This was exacerbated by the lack of an online platform to track orders, which gave them an overly broad idea of their order and misled the company about how much money they were losing on customer bookings.
How has COVID-19 had a significant negative impact on the Advanced Truck Technologies Market?
The automotive industry has shown tremendous resilience over the past few months. New car sales in China, Europe, and the US have increased year-over-year over the past few months, after rebounding after experiencing an economic downturn in the spring of 2020. However, despite encouraging reports of vaccine progress, numerous risks remain and We continue to predict that sales in Europe and the United States will not return to pre-COVID-19 levels until as early as 2023. Meanwhile, accelerate China’s recovery continues to, with around 30 million new cars expected to be sold by 2025.
Automakers that build their vehicles on a just-in-time (JIT) basis and rely on uninterrupted supplies of materials and components on a timely basis have felt the impact greatly. When it comes to production, with just one missing part, the production line is shut down, and the catastrophic ramifications of a material or part shortage spread quickly throughout the supply chain. Looking back a year later, this article identifies five major impacts of COVID-19 on the automotive industry.
How this Report Will Benefit you?
Visiongain’s 500-page report provides 350 tables and 355 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyzes for the global advanced truck technologies market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Advanced Truck Technologies. Get the financial analysis of the overall market and different segments including type, service, technology, sales channel and capture higher market share. We believe that high opportunity remains in this fast-growing advanced truck technologies market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report would help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the current market drivers?
Big Data Is A Big Deal For Innovation In Trucking
The importance of the link between big data and efficient delivery cannot be overstated. It’s all about logistics: precise location data and real-time data analysis are transforming the supply chain. However, in order to use big data effectively, firms must verify that the data is of high quality, which is not always the case in logistics. Fortunately, Artificial Intelligence algorithms can assist in the cleaning and enrichment of data, resulting in a major improvement in data quality. Companies can also use Big Data and AI to estimate very accurate shipping volume forecasts and optimise proactively, preparing for future performance rather than focusing on past performance. Take, for example, Geodis, the global logistics behemoth. They developed Neptune last year, a platform that allows for real-time transportation activity coordination, reporting and monitoring of key performance indicators, and document archiving. With big data at its core, the platform enables hauliers and customers to manage all of their activities in just a few clicks from a single platform.
The Market Is Being Pushed By Electric Vehicle Adoption
Tesla and its self-driving electric trucks are one thing, but what about Nikola, Einride, or even Daimler and Volkswagen? Each of these businesses is attempting to break into the future truck market. Trucks continue to use cutting-edge technologies to improve safety and efficiency. These advancements include technologies such as lane-assist and assisted braking, which will pave the road for total autonomy. Breakdowns will be less likely and repairs will be less frequent with more modern trucks. Such developments presage a sea change in the sector. Reduced accidents from self-driving and assisted technologies, on the other hand, will save a lot of time, money, and lives.
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Where are the market opportunities?
Emerging Trucking Innovations
The use of platooning, which takes advantage of new physical and technical processes to boost trucking efficiency, is one of the significant developments in ground transportation. Platooning is the practice of using autonomous driving technologies and vehicle-to-vehicle communication to drive vehicles in close physical proximity. Platooning allows vehicles to accelerate, halt, and cruise together, resulting in more structured and predictable traffic patterns. This road safety by including braking-assist capabilities increases and allows businesses to better track their vehicles and resources. In fact, Volvo Trucks executives estimate that platooning might save up to 10% on fuel costs for some fleet clients. Through intervehicle connectivity, telematics in combination with platooning offers trucks with coordinated control and state-of-the-art driver support systems, enhancing energy efficiency and lowering total costs. Congestion reduction and smoother traffic flow, improved lane usage, and reporting for less maintenance and accidents are all additional socio-economic benefits.
Retaining Drivers by Reducing Stress and Keeping Them Safe
Despite the fact that the truck driver population is ageing, new drivers are continually entering the business, and retaining both seasoned and next-generation drivers, as well as lowering turnover, is critical in the face of the driver crisis. According to Stay Metrics, 70% of drivers who leave a carrier do so during the first year of employment, and while income is typically a factor, stress also plays a significant part. Poor route planning, mechanical troubles, harsh weather, and unsafe working situations can leave drivers scrambling to make delivery deadlines, compounding stress and driving some drivers away. Drivers may also be forced to make mid-route adjustments and judgments since the original plan was not fully viable owing to a variety of events beyond their control.
The major players operating in the advanced truck technologies market are Daimler AG, Dongfeng Motor Group, Hino Motors, Ltd, Industrial Vehicles Corporation, or IVECO SpA, MAN Truck & Bus SE, Navistar International Corporation, PACCAR Inc, Scania AB, Tata Motors Limited , The Volvo Group, these major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
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