LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global commercial vehicle cruise control system market to grow at a CAGR of close to 6% during the forecast period, according to their latest report.
The report further segments the global commercial vehicle cruise control system market by application (LCV and M&HCV (medium and heavy commercial vehicles)) and by geography (the Americas, EMEA, and APAC).
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Technavio analysts highlight the following three market drivers that are contributing to the growth of the global commercial vehicle cruise control system market:
- Growing focus of OEMs on autonomous vehicles
- Growing emphasis on truck platooning
- Regulatory push regarding safety enhancement leading to increased adoption of cruise control system
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Growing focus of OEMs on autonomous vehicles
OEMs are focusing on developing autonomous vehicles. This is a key driver leading to innovation in the cruise control system market. Population shift from rural to urban areas is considered as one of the major factors that will attract consumers towards autonomous driving. Personal value and demographic shifts are expected to make autonomous vehicles as the preferred mode of transportation. Many auto manufacturers are focused towards developing a commercially available autonomous vehicle by 2019. It will give a big boost to the commercial vehicle cruise control market.
According to Raj Gaurav Singh, a lead analyst at Technavio for automotive electronics research, “Autonomous vehicles can deliver lane alignment, handle parking, and brake without human intervention. Commercial vehicles are expected to be launched on the road with self-driving capability by 2020. Even other OEMs such as Ford, Mercedes-Benz, and Tesla are focusing on developing autonomous cars. Advanced driver assistance system feature will become more sophisticated and will be integrated with the global positioning system. Thus, adaptive cruise control will automatically adjust the speed of the vehicle by taking inputs from GPS and navigation systems.”
Growing emphasis on truck platooning
Freight companies are keen on employing truck platooning systems. Truck platooning is the linking of two or more trucks using connectivity technology and ADAS. Cruise control system will be essential for employing truck platooning systems because it will help in automatically maintaining a distance between two vehicles. The trailing trucks will follow the truck at the head of the platoon and thus, require little or no action from drivers.
The truck platooning system has several benefits such as truck platooning enhances the fuel economy and lowers carbon emission, and the aero-drag friction can be significantly reduced, as the vehicles travel closer to each other.
Regulatory push regarding safety enhancement leading to increased adoption of cruise control system
The pursuit of automobile safety is considered as one of the key drivers in the development of cruise control systems. Previously, the advanced safety and security features were limited to the luxury cars segment. But, they are now being adopted in the commercial vehicle segment. Consumers are now more aware of safety features and technologies. Consequently, electronic equipment such as cameras and sensors are now being installed, even in commercial vehicles, to provide a hassle-free drive. Cruise control systems aid in minimizing fatalities, reducing the number of collisions, and improving the overall vehicle safety.
“The growing concerns about pedestrian safety have obligated manufacturers to equip their vehicles with various driver assistance and safety systems such as cruise control system, advanced driver assistance system, and pedestrian protection systems. The several benefits of equipping commercial vehicles with a cruise control system are the reduction in brake wear, reduction in fuel consumption, reduction in vehicle downtime, and managing a safe distance from the front vehicle,” says Raj.
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