LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global commercial vehicle anti-lock braking system market to grow at a CAGR of more than 6% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global commercial vehicle anti-lock braking system market for 2016-2020. Market size data for commercial vehicle anti-lock braking systems are based on ABS deployed in the commercial vehicles (LCVs and HCVs).
|The market for ABS in commercial vehicles is wholly attributed to regulatory enforcement. This has led to the market achieving its full potential in the developed regions while the developing regions are to witness increased uptake in the forecast period. Also, the prevailing cost constraints faced by the commercial vehicle OEMs have also predominantly contributed to the lower penetration levels in the developing regions. These include India and China among others in APAC that form the highest growing market for commercial vehicles.|
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Technavio automotive analysts highlight the following three factors that are contributing to the growth of the global software defines storage market:
- Need for making safer vehicles to curb road accidents
- Increasing demand for safety solutions
- Emergence of connected truck technologies - upgradation to higher SAE automation levels
Need for making safer vehicles to curb road accidents
It is estimated that 90% of the fatalities in accidents occur in low and middle-income countries through these countries account for only half of the world's vehicle population. Further, it is also estimated that road traffic accidents are likely to become the seventh leading cause of death by 2030 with the road traffic crashes costing countries approximately 3%-5% of their gross national product.
Siddharth Jaiswal, a lead automotive electronics analyst at Technavio, says, “The entire automotive ecosystem that consists of OEMs, Tier-I suppliers, regulatory bodies, the government, and safety rating agencies have affirmed that ABS is a certain automotive safety device that is essential for curbing commercial vehicle crashes and pedestrian strikes.”
Increasing demand for safety solutions
Safety systems provide regular alerts to drivers to keep them and their vehicles out of potentially dangerous situations. They prevent vehicle accidents during critical situations and protect passengers from injuries. Various active and passive automotive safety systems are being increasingly used. The automobile manufacturers are constantly focusing on improving the integration of passive safety systems with active safety systems, especially side airbags, seat belts, ABS, advanced emergency braking systems, and NVS as they reduce the impact of accidents.
“With new technology innovations and growing competition in the automotive industry, there has been an influx of vehicle safety solutions from luxury vehicles to entry level vehicles. In addition, there has been advocacy from safety agencies such as NCAP, country-specific government bodies, and general awareness among consumers, which has played a key role in increasing adoption of safety features across vehicle classes,” adds Siddharth.
Emergence of connected truck technologies - upgradation to higher SAE automation levels
The existing cost pressures faced by OEMs have confronted the penetration of ABS in commercial vehicles in the developing regions such as APAC and Latin America. Simultaneously, there has been an increasing focus on fleet safety and the potential reduction in financial loss. This has been triggered due to a result of accidents that have led the fleet operators to prioritize on safety technologies for their commercial vehicle fleet.
Truck platooning is a concept devised from connected truck technologies. It can be enabled in trucks that are engineered with automation Level 2. Developments in Cooperative Adaptive Cruise Control (CACC) technology (these stems from Level 1 and Level 2 automation accomplishments in trucks) have resulted in the emergence of truck platooning.
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