Facts and Factors Market Research has published a new report titled “Truck Video Safety Solutions Market By Fleet Size (Small Fleet and Larger Fleet), By Vehicle Type (Light Commercial Vehicle and Medium/Heavy Commercial Vehicles), By Recording View Type (Drivers & Forward and Others), By Business Model (Upfront and Subscription), and By Application (Logistics, Retail, Energy & Utilities, Construction & Mining, Oil & Petroleum, and Finance & Banking): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018 – 2027”.
According to the report, the global truck video safety solutions market is anticipated to be valued approximately USD 502 million in 2018 and is projected to hit the revenue of around USD 3,393 million by 2027, at a CAGR of around 23.6% between 2019 and 2027.
The truck video safety solutions comprise of a wireless camera connected with the truck front. The camera is further attached to a video wall made up of four exterior monitors stationed on the truck back, thereby assisting the monitors to offer the truck drivers with a view about the happenings behind the truck in the dark night. This also assists the truck drivers to make a decision whether it is safer to overtake or not. Apart from this, another benefit of using truck video safety solutions is that it reduces the risks of fatal collision when an animal or a person crosses the road through the proper application of brakes.
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Video safety solutions also help in monitoring the behavior of the drivers as well as their performance. It also facilitates the employer of the driver to offer feedback to the driver about improving his or her driving.
Massive awareness & use of safety technologies in developed countries to boost the market expansion
The large-scale awareness about the safety systems like video safety solutions in developed economies of Europe and North America are expected to boost the market trends. Additionally, the escalating consciousness pertaining to 360-degree camera views, predictive analytics, telematics integration, advanced driver assistance projects, and extended recording is likely to assist the truck drivers in their decision-making process. This is predicted to drive the growth of the truck video safety solutions industry over the forecast timeline.
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Moreover, a growing necessity to ensure the safety of both the drivers and pedestrians will embellish the growth of the truck video safety solutions industry over the forecast timeline. In addition to this, favorable government schemes supporting the use of truck video safety solutions will further spur business growth during the forecast timespan. Today, many of the transport & logistics firms are accepting the video safety solutions for their vehicles for ensuring the driver safety and this will culminate in the greater usage of video safety solutions in trucks as well as in automobiles. Large-scale usage of advanced technologies in the automotive sector will further boost product sales.
Medium & heavy commercial vehicles to dominate the vehicle type segment
The medium & heavy commercial vehicles segment is expected to majorly contribute towards the overall market revenue share by the end of 2027. The growth of the segment is credited to huge sales of these vehicles across the globe.
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Logistics segment to lead the application landscape over the forecast period
The growth of the segment is attributed to the massive use of truck video safety solutions in logistics activities like transporting goods to consumers through trucks.
North America to majorly contribute towards the overall regional market share
The growth of the regional market is credited to the massive use of the video safety solutions in the larger truck fleet along with high demand for video-based onboard safety monitoring solutions in the large commercial trucks in the countries like the U.S.
The key players included in this market are AB Volvo, Daimler AG, Driverless. global, DuPont, Goodyear, GreenRoad Technologies, Inc., Intertruck, Knorr-Bremse AG, LightMetrics, Lytx, Inc., MiX Telematics, Netradyne, Omnitracs, Ryder System, Inc., Safe Fleet, Scania, SmartDrive Systems, Inc., Teletrac Navman US Ltd, Trimble, and Verizon.
This report segments the truck video safety solutions market as follows:
Global Truck Video Safety Solutions Market: By Fleet Size Segment Analysis
- Small Fleet
- Larger Fleet
Global Truck Video Safety Solutions Market: By Vehicle Type Segment Analysis
- Light Commercial Vehicle
- Medium/Heavy Commercial Vehicle
Global Truck Video Safety Solutions Market: By Recording View Type Segment Analysis
- Drivers & Forward
Global Truck Video Safety Solutions Market: By Business Model Segment Analysis
Global Truck Video Safety Solutions Market: By Application Segment Analysis
- Energy & Utilities
- Construction & Mining
- Oil & Petroleum
- Finance & Banking
Global Truck Video Safety Solutions Market: Regional Segment Analysis
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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