Improving safety features and use of light-weighting technologies will compound growth opportunities, finds Frost & Sullivan's Mobility team
LONDON, July 26, 2017 /PRNewswire/ -- Mega trucks are set for growth. Along with easing traffic congestion, lowering emissions, cost per ton, and growing freight demand, mega trucks can improve fleet operational efficiency and enhance capacity. However, significant obstacles lay ahead with serious questions around safety and the impact on infrastructure and the environment. Overcoming legislative hurdles and negative public opinion will be critical in promoting mega truck usage. By improving safety features and advocating the use of light-weighting technologies, the trucking industry could boost the feasibility of mega trucks.
Global Mega Trucks Market, Forecast to 2025, recent research from Frost & Sullivan's Automotive & Transportation Growth Partnership Subscription, finds that global sales penetration of mega trucks is expected to increase from 3.4% to 5.7% for total heavy duty (HD) truck sales from 2016 to 2025, with units growing at a compound annual growth rate of 10.6%. The study examines trends, drivers, opportunities, challenges, and technology developments impacting the global mega truck market through 2025.
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"Digital transformation and autonomous trucking will play an important role in expediting the adoption of mega trucks through better connectivity and safety features. With bigger engines and higher payload capacities, mega trucks are expected to incorporate more value features, especially in developing markets," said Frost & Sullivan Mobility Research Analyst Marshall Martin. "Mega trucks in the future will be built on common platforms for similar markets such as China, India, and South America."
The growth of mega trucks is highly dependent on lawmakers in specific regions laying down regulations that take into account the impact on infrastructure, environment, society and other modes of transport. From a regional perspective:
"A proliferation of mega trucks, where on average two mega trucks would replace three normal-sized trucks, would have a negative impact on the sales of trucks, thereby affecting OEM revenues," noted Martin. "These companies should look toward creating alternate sources of revenue through investing in or acquiring companies present in the safety, lightweighting, telematics, and mobile-based freight aggregation fields."
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