Global Automotive Autonomous Emergency Braking System Market - Growth, Trends and Forecasts (2018 - 2023)
Autonomous emergency braking systems are designed to detect an imminent crash and prevent a crash or at the least mitigate the damage in an event of a crash. The system first alerts the driver about the imminent collision and if the driver does not take any action to prevent it, the system automatically applies brakes and if the driver did apply the brake but did not use required force the system adds sufficient force to mitigate the damage. These systems use RADAR, Cameras or LiDAR technologies to identify obstacles in the path of the vehicle and alert the driver if a situation is developing.
Increasing fatalities due to vehicular accidents across the world
Increasing safety concerns due to rising vehicular accidents is expected to drive this market. The European Union came up with a legislation, which makes it mandatory on the part of manufacturers of trucks and buses to equip their products with AEB systems. The vehicles installed with AEBs also have discounted premiums, thereby bringing down the costs of insurance.
Government Regulations Mandating Installation of Autonomous Emergency Braking Systems will Drive the Market
The demand for Autonomous Emergency Braking (AEB) systems is expected to increase during the forecast period as the authorities of the US, South Korea, and EU, amongst others have resolved to make these systems mandatory for all vehicles sold in order to reduce the number of traffic accidents in their respective countries. These systems are poised to become a standard feature in all passenger and commercial vehicles, as the National highway Traffic Safety Administration of US Department of Transportation has announced that 20 automakers, representing 99% of the US auto market, have committed to make these systems a standard feature in their vehicles before 2022. Automakers making the commitment are Audi, BMW, FCA US LLC, Ford, General Motors, Honda, Hyundai, Jaguar Land Rover, Kia, Maserati, Mazda, Mercedes-Benz, Mitsubishi Motors, Nissan, Porsche, Subaru, Tesla Motors Inc., Toyota, Volkswagen, and Volvo Car, USA. Similarly South Korea’s transport ministry has announced that passenger vehicles on the roads must have AEB systems from January 2019, and trucks from 2021. These developments are likely to drive the autonomous emergency braking systems market in the near future.
October 2017: South Korea’s Ministry of Transportation announced mandatory installation of Autonomous Emergency Braking System for all passenger vehicles sold from January 2019.
Major Players: ROBERT BOSCH GMBH, MOBILEYE N.V., WABCO HOLDINGS INC., DELPHI AUTOMOTIVE PLC, AND CONTINENTAL AG, amongst others.
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