The growth of advanced autonomous vehicles, including trucks, means a new industry will be quickly forming to handle maintenance and service. While (AVs) autonomous vehicles promise to drastically reduce operating expenses, there have been concerns about the aftermarket for services. Companies are offering myriad services for AVs, employing innovative business models threatening the dominance of OEMs (original-equipment manufacturers) for this segment of the market.
A recent analysis by Frost & Sullivan indicates that the autonomous vehicle services market is expected to grow from a mere $1.1 billion in 2019 to $202.5 billion in 2030 at a compound annual growth rate of 60.1%.
Of all the AV services, peripheral services will roughly account for 55% of the market in 2030. The mobility services market is expected to grow from $0.01 million in 2019 to $22.41 billion in 2030, showcasing the most drastic cluster for expansion in the next decade. The autonomous logistic services market is also predicted to develop at 41.7% in the same time frame, driven by consumer demand for faster delivery.
OEMs and service providers operating in this sector can explore opportunities in:
- Realigning business models along the lines of internet and software companies for better implementation of subscription or pay-as-you-go models.
- Mining shared data from OEMs and data aggregators to create new service offerings, analyze efficient vehicle routing, and ensure optimal fleet utilization.
- Partnering and investing in appropriate technology companies to optimize the movement of goods within the supply chain ecosystem.
- Integrating real-time data tracking systems to enable value-added, in-vehicle, on-demand services suited to passenger preferences.
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