Global Commercial Vehicle Cruise Control System Market 2017-2021
About Commercial Vehicle Cruise Control System
Cruise control system aims at providing assistance that spans over safety, comfort, and convenience for drivers of modern day automobiles. The motive of a conventional cruise control system is to provide the ability to maintain a constant speed of the vehicle. The driver should intervene when traffic, road, or weather conditions change and determine when it is safe to use the cruise control system or disengage. The conventional cruise control system has been in use in commercial vehicles for more than 30 years. Governments and public safety organizations continue to inspect the risks and benefits of using cruise control system.
Technavio’s analysts forecast the global commercial vehicle cruise control system market to grow at a CAGR of 5.89% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global commercial vehicle cruise control system market for 2017-2021. To calculate the market size, the report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Commercial Vehicle Cruise Control System Market 2017-2021
Technavio recognizes the following companies as the key players in the global commercial vehicle cruise control system market: Delphi, DENSO CORPORATION, Robert Bosch, and Valeo.
Other Prominent Vendors in the market are: Autoliv, WABCO, and ZF Friedrichshafen.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is growing number of fatalities leading to adoption of cruise control system. Accidents due to drowsiness are common and frequent with drivers of commercial vehicles, especially in heavy-duty transportation where long-haul travel is a common phenomenon. Accidents due to drowsiness and fatigue have become a major concern for fleet operators of commercial vehicles as well as consumers. In case of pedestrian deaths, almost 80% of all motor vehicle fatalities are due to the fault of the driver, globally.”
According to the report, one driver in the market is growing focus of OEMs on autonomous vehicles. OEMs are focusing on developing autonomous vehicles, which 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 main factors that will attract consumers toward autonomous driving. Personal value and demographic shifts are likely to make autonomous vehicles as the preferred mode of transportation. Many auto manufacturers are focused toward developing a commercially available autonomous vehicle by 2019. It will give a big boost to the commercial vehicle cruise control market, as OEMs will focus on developing enhanced cruise control features such as adaptive cruise control and predictive and intelligent cruise control system.
Further, the report states that one challenge in the market is high costs associated with cruise control system. The high costs associated with the procurement and maintenance of technologies and systems, such as radars, cameras, sensors, and sensitive and complex image analysis algorithms, have increased the price of cruise control system and limited its use to the developed market. OEMs are reluctant to equip their vehicles with cruise control system, as it will significantly increase the price of the vehicle. Since consumers in APAC are price-sensitive, OEMs are not equipping their vehicles with cruise control system. As the technology matures, OEM will start equipping more vehicles with the cruise control system.
Delphi, DENSO CORPORATION, Robert Bosch, Valeo, Autoliv, WABCO, and ZF Friedrichshafen.
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