Foreign media see China's innovation consciousness will help the truck market to pick up
As the world's largest truck market, foreign media has always been very concerned about the trend of the Chinese truck market. A recent Frost & Sullivan industry research organization published their views on the Chinese truck market.
Frost & Sullivan stated that China's commercial vehicle market will benefit from the Chinese government's investment in infrastructure construction. In 2022, China's commercial vehicle market will reach 3.63 million vehicles. They believe that the current sluggish truck market in China is due to the slowdown in China's economic growth and the lack of innovation in truck companies.
Although China's truck market is currently sluggish, Frost & Sullivan said that China's commercial trade is constantly growing, and e-commerce trade has swept across the country, adding many opportunities for the postal and logistics industries. Therefore, in the future, China's heavy truck market and the last-mile delivery vehicle market will likely grow again.
At the same time, the purchasing power of customers is gradually increasing. The trucks needed by end-users, logistics fleets and the leasing industry are no longer just trucks for basic models. They need more high-tech trucks. Frost & Sullivan believes that if truck companies want to further expand their market share, they must strengthen after-sales services and enhance the technical content of vehicles. Chinese truck manufacturers should now rethink their product strategy.
Frost & Sullivan also gave some suggestions to Chinese truck companies. They believe that Chinese truck companies should increase the added value of their products. The added value of the products is focused on vehicle services, maintenance, finance, insurance, and fleet management technologies. Although domestic customers are now more inclined to purchase domestic trucks, Frost & Sullivan believes that Chinese companies should be more in line with foreign advanced companies, which will help them improve the technical level of their trucks.
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