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Home / India News / 2007 / March / March 9, 2007
Mounting Accident and Insurance Costs Impel Demand in North American Class 6-8 Truck OE Safety Systems Market

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Mounting Accident and Insurance Costs Impel Demand in North American Class 6-8 Truck OE Safety Systems Market

Mumbai, Maharashtra, India

The emergence of several innovative, effective and robust safety enhancement technologies is greatly improving the safety value of North American heavy trucks. This not only offers the fleets the opportunity to reduce their accident and insurance costs, but also enables truck manufacturers to influence purchases through the integration of these systems.

New analysis from Frost and Sullivan (www.transportation.frost.com), North American Class 6-8 Truck OE Safety Systems Market, reveals that the market accrued revenues of $334 million in 2005 and is likely to reach $631.6 million in 2012.

If you are interested in a virtual brochure, which provides manufacturers, end users, and other industry participants with an overview of the North American Class 6-8 Truck OE Safety Systems Market, send an e-mail to Ravinder Kaur, Corporate Communications, at ravinder.kaur@frost.com with your full name, company name, title, telephone number, fax number and e-mail address. Upon receipt of the above information, an overview will be sent to you by e-mail.

With accident and insurance costs constantly rising, North American fleet operators are finding it increasingly difficult to operate fleets. A single collision involving fatalities can therefore push a fleet towards bankruptcy. Moreover, lawsuits claiming a truck driver's negligence in a crash due to drowsiness, fatigue or simply the inability to perceive an impending vehicular instability leading to an accident, may set a precedent and expose fleet operators to substantial financial risks.

Safety systems can not only prevent the occurrence of financially devastating accidents but also ensure safe driver behavior. Class 6-8 truck original equipment (OE) safety systems augment driver's perception and control abilities by presenting real-time information regarding key vehicle dynamics and the performance of various vehicle parameters, alerting the driver of impending vehicle instabilities and risks.

"Driver information and warning systems and chassis control systems, which offer faster payback periods and high returns on investment (ROI) are likely to experience steady increase in demand," observes Frost & Sullivan Industry Analyst Sandeep Kar.

Market participants can gain by developing marketing tools that help substantiate cost benefits, ROI and payback value offered by safety systems.

It is vital that suppliers invest in educating the trucking industry and regulators regarding the safety features of these systems. Growing awareness among fleets regarding the value proposition of these systems and their ability to provide attractive ROI to fleets is likely to incite growth in the Class 6-8 truck OE safety systems market.

Suppliers can market their products directly to fleets through the aftermarket, thereby enhancing consumer awareness of products and initiate market penetration. This can enable suppliers to identify areas for improvement to develop reliable and robust systems. It is essential that suppliers focus on the development of cost-effective integrated safety solutions.

"Strategic alliances and partnerships among truck manufacturers, system suppliers, fleets and federal regulators can help expedite the development and introduction of industry-relevant effective safety systems," cites Kar. "The development and introduction of integrated safety systems based on standardized sensing, control and human machine interfacing technologies are essential to catalyze the market's growth by enabling market participants to provide maximum applications at optimal overall costs."

The North American Class 6-8 Truck OE Safety Systems Market is part of the Automotive and Transportation subscription, which also includes research services in the following markets: North American Class 6-8 truck chassis systems OE, North American Class 6-8 truck powertrain systems OE, analysis of the North American vision systems. All research services included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants. Analyst interviews are available to the press.

Frost and Sullivan, a global growth consulting company, has been partnering with clients to support the development of innovative strategies for more than 40 years. The company's industry expertise integrates growth consulting, growth partnership services, and corporate management training to identify and develop opportunities. Frost and Sullivan serves an extensive clientele that includes Global 1000 companies, emerging companies, and the investment community by providing comprehensive industry coverage that reflects a unique global perspective and combines ongoing analysis of markets, technologies, econometrics, and demographics. For more information, visit www.frost.com.

North American Class 6-8 Truck OE Safety Systems Market
F896

Ravinder Kaur, Corporate Communications - South Asia & Middle East, Frost & Sullivan, +91 (044) 4204 4515 ravinder.kaur@frost.com

Tori Foster, Corporate Communications - North America, Frost & Sullivan, +210 477 8448 tori.foster@frost.com

Source: Frost & Sullivan (Business Wire India)

Press release presented here is sourced from the Source mentioned above and is provided on as-is basis. Please contact the Company / Source directly for any further information in regard to this release. This website will be unable to assist you in regard to the accuracy or correctness of information in this release.

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