Evolving regulations offer huge potential for the growth of safety systems in the class 6-8 truck OE market in North America.
Additionally, the market will likely benefit from declining safety-system prices and the currently low installation rates in Class 6-8 trucks. Overall, as large truck fleet operators wish to avoid rising accident costs, the market will experience increased demand.
New analysis from Frost & Sullivan, North American Class 6-8 Truck OE Safety Systems - Investment Analysis, finds that the market earned revenues of $356.4 million in 2006 and projects this market to earn revenues of $516.2 million in 2010.
“The huge costs incurred through loss of property, life, productivity, litigation, and reputation have compelled regulatory bodies such as the National Highway Traffic Safety Administration (NHTSA) and the Federal Motor Carrier Safety Administration (FMCSA) to promote the adoption of safety systems,” says Frost & Sullivan Research Analyst Sethuraman Arunachalam. “The introduction of bill number HR 3820 in the 110th U.S. Congress in October 2007 paved the way for renewed efforts toward mandating the implementation of advanced safety technologies in all commercial vehicles including Class 6-8 trucks.”
He said that to stay competitive in this emerging and fast-growing market, Class 6-8 fleet operators in North America have to focus on improving the functional efficiency of safety products. They can retain market shares as well as truck drivers by using emerging safety technologies and systems as product differentiators and driver retention tools.
“The majority of these safety technologies are currently in their evolutionary stages and therefore have not been able to establish themselves in the market as credible and electronically reliable products,” notes Arunachalam. “Safety system companies need to design and manufacture systems that are fault-proof under all circumstances by improving their electronic reliability.”
Safety system manufacturers could also catalyze higher uptake by spreading awareness about the utility and features of these systems.