Overview of the global commercial vehicle cruise control system market
Mainly influenced by the population shift from rural to urban areas, original equipment manufacturers (OEMs) are focusing on the development of autonomous vehicles. Additionally, demographic shifts and personal value will increase the preference for autonomous vehicles. Technavio's market study identifies the increasing focus of OEMs on autonomous vehicles to be one of the primary growth factors for the commercial vehicle cruise control system market. OEMs are focused on developing enhanced cruise control features such as adaptive cruise control and predictive and intelligent cruise control system. Since autonomous systems facilitate quality vehicle functions without human intervention, there will be an increasing preference towards the adoption of commercial vehicle cruise control systems. Our market analysts estimate that by volume, this market will grow steadily at a CAGR of close to 6% by 2021.
Owing to technology developments and reasonable prices, OEMs are focusing on equipping their commercial vehicle fleet with cruise control system. Cruise control systems are equipped in light-duty and heavy-duty commercial vehicles to enhance comfort and safety to reduce the number of fatalities. Additionally, OEMs are also focusing on equipping the top variants of passenger cars with cruise control systems. According to our industry research and analysis, the deployment of cruise control in commercial vehicles will be one of the key trends that will gain traction in the commercial vehicle cruise control system market in the coming years.
Competitive landscape and key vendors
The commercial vehicle cruise control system market appears to be highly concentrated owing to the presence of several global and regional players. Key players dominate the automotive adaptive cruise control system market and have mass production facilities and established distribution networks. These players are investing significantly in R&D to meet the growing demand for advanced safety features. The competitive environment is intense and the vendors in this marketspace mainly compete based on factors such as quality, pricing, availability, and R&D.
The leading vendors in the market are
The other prominent vendors in the market are Autoliv, WABCO, and ZF Friedrichshafen.
Segmentation by application and analysis of the commercial vehicle cruise control system market
The LCV segment accounted for the major share of this automotive adaptive cruise control system market during 2016. Developed regions such as the US and European countries witness the high penetration of adaptive cruise control system that act as a collision prevention system. LCVs including panel vans, pickup trucks, and minivans are primarily used for business purposes as they facilitate last-mile connectivity and are equipped with cruise control system.
Geographical segmentation and analysis of the commercial vehicle cruise control system market
The Americas will be the major revenue contributor to the commercial vehicle cruise control system market due to the widespread adoption of cruise control system in this region. For instance, popular pickup trucks such as Ford F-series and Chevrolet Silverado are the top revenue-earning pickup trucks as they are equipped with cruise control technology. OEMs in the region are focusing on integrating upgraded cruise control systems to cater to the growing demand for cruise control systems in this region.
Key questions answered in the report include
What will the market size and the growth rate be in 2021?
What are the key factors driving the global commercial vehicle cruise control system market?
What are the key market trends impacting the growth of the global commercial vehicle cruise control system market?
What are the challenges to market growth?
Who are the key vendors in the global commercial vehicle cruise control system market?
What are the market opportunities and threats faced by the vendors in the global commercial vehicle cruise control system market?
Trending factors influencing the market shares of the Americas, APAC, and EMEA.
What are the key outcomes of the five forces analysis of the global commercial vehicle cruise control system market?
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This industry research report on the global commercial vehicle cruise control system market by Technavio is an integral part of the automotive portfolio and offers insights into the major trends and evolving drivers inducing the growth of the automotive electronics industry. The market research experts at Technavio also take into account the market forecast, market size, and increasing demand for various automotive electronics products and services and offers an all-inclusive picture of the global commercial vehicle cruise control system market for the estimated period of 2017-2021.
This upcoming market research report on the global commercial vehicle cruise control system market also covers vendors like Knorr Bremse, Bendix, DURR, DAF, WABCO, Delphi, Bosch, ZF, Autoliv Inc., Continental AG, and Denso. To offer clients the scope to identify potential market opportunities and expand in niche markets, this report on the global commercial vehicle cruise control system market also covers geographies like the Americas, APAC, and EMEA.
As per our market research experts, growth of autonomous vehicle and increase in driving convenience may influence the demand for commercial vehicle cruise control system in the coming years. Our market research analysis includes qualitative and quantitative research techniques like vendor analysis, drivers, challenges, and trend analysis. Additionally, an analysis of the market share and market size using statistical models is also carried out to help clients develop active growth strategies and keep pace with the frequently changing market landscape.
The upcoming industry report on the global commercial vehicle cruise control system market also offers insights into fast-growing segments within the automotive industry, including sectors like automotive manufacturing and wheels and tires. Furthermore, this report also presents insights into the varying competitive landscape to give clients a realistic picture of the future direction of the industry.
Our market research methodology for the commercial vehicle cruise control system market
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