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Tuesday, October 3, 2023

Truck Safety Tech Industry Poised for Takeoff

Truck safety devices may have taken a backseat to emissions reduction technology over the last decade, but the market is poised for major growth.

That’s the verdict from global business research & consulting firm Frost & Sullivan, which says a tighter regulatory environment in the trucking industry, introduction of integrated safety systems (ISS) and availability of telematics-based safety applications are propelling the commercial vehicle upward over the next five to seven years.

To date, the continuing problem of too many class 4-8 truck safety technologies chasing too few consumer dollars has also stalled their market penetration, according to a report titled, Strategic Analysis of North American Class 4-8 Truck Safety Systems Market.

However, the report finds that market earnings of $196.4 million in 2010 will increase to $609.8 million in 2017 for such technologies, which includes stability control systems, tire pressure monitoring system (TPMS) and lane departure warning systems.

After a state of flux due to their responsibility in meeting EPA emissions regulations, trucking original equipment manufacturers (OEMs) “focusing on soft technologies and system integration will stoke higher adoption rates because of the compliance, safety, accountability (CSA) regulation, possible upcoming legislative support and energy-price volatility,” the report states.

“The development of ISS focused on collision mitigation, rising accident coverage costs and shortage of skilled drivers in the industry, point towards the need of advanced safety technologies for trucks.”

To date, though, “the lack of quantifiable research, demonstrable cost saving potential of the technology and skepticism regarding false alarms” has restrained the market, but that will change as the industry begins to receive “improved legislative support,” a clear return on investment in terms of accident mitigation and lower insurance costs, as well as better driver acceptance.

Meanwhile, with the market’s evolution, truck OEMs and system suppliers must work more closely with each other as well as with new market groups such as telematics service providers.