LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global commercial vehicle market to grow at a CAGR of close to 5% during the period 2018-2022, according to their latest report.
In this report, Technavio highlights the integration of advanced safety technologies to gain higher safety ratings as one of the key emerging trends in the global commercial vehicle market. With the advent of advances in safety technologies, vehicles have become more safe and reliable on roads. OEMs are compelled to integrate new safety features to make commercial vehicles safer to drive owing to the high fatality rates and growing number of accidents. The penetration rate of such advanced safety systems, such as emergency brake assist, lane departure warning system, collision mitigation warning, blind spot detection, and automatic emergency braking system, is higher in premium trucks compared with entry-level trucks. Therefore, such safety technologies are being introduced in commercial vehicles on a larger scale.
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In this report, Technavio analysts highlight the increasing penetration of downsized engines to reduce the overall price of vehicles to be a key factor contributing to the growth of the global commercial vehicle market:
Increasing penetration of downsized engines will reduce the overall price of vehicles
In order to decrease weight, improve fuel efficiency, and reduce vehicle emission, vehicle manufacturers focus on developing downsized engine blocks. The power generated by downsized engines is equal to that of its higher-powered model. Majority of the vehicle manufacturers equip turbochargers with diesel and gasoline engines to facilitate more air intake for combustion. This allows more fuel to burn and produce high energy, matching that of the higher-power variant. Increasing penetration of turbocharged downsized engines of LCVs and M&HCVs will reduce the overall production cost of vehicles, which, in turn, will drive the market during the forecast period.
According to a senior analyst at Technavio for automotive manufacturers, “Turbocharger unit manufactured for diesel engines costs around USD150, whereas turbochargers built for gasoline engines cost approximately USD300 per unit. The weight of gasoline engine turbochargers is significantly more than their diesel engine counterparts. Most of the commercial vehicles are equipped with diesel engines, which is a benefit for the commercial vehicles as the cost of diesel turbocharger is low.”
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Global commercial vehicle market segmentation
This market research report segments the global commercial vehicle market into the following key regions, including the Americas, APAC, and EMEA.
The Americas was the leading region for the global commercial vehicle market in 2017, accounting for a market share of nearly 54%. By 2022, APAC is expected to grow at a higher rate than that of the Americas during the forecast period.
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