Automotive Anti-Lock Braking System Market: Current Analysis and Forecast (2021-2027)
Global Automotive Anti-Lock Braking System is anticipated display a CAGR of around ~7% over the forecast period (2021-2027). The rising number of deaths caused by traffic accidents has compelled governments in many countries to implement strict standards and regulations, including the installation of anti-lock brakes (ABS) in all cars, which is propelling the worldwide industry forward. For example, India's Road Transport Ministry said in September 2015 that by 2018, all motorcycle models shall be equipped with a combined braking system (CBS) and an anti-lock braking system. Aside from letting the driver to preserve the vehicle's directional stability and steering control when braking, ABS has further benefits. It makes it easier for the automobile to handle sharp curves fast and safely. The current Range Rover, for example, employs the in-built ABS to gradually brake a sliding wheel to assist restore traction and grip. Furthermore, anti-lock braking systems work effectively to bring a vehicle to a rapid stop. Anti-lock braking systems collect turbulent shock waves and modify pulses, enabling the wheel to continue turning while applying maximum braking force. As a result, the use of anti-lock braking systems in self-braking systems is on the rise. However, the worldwide market's growth is being hampered by irregular stop timings and expensive costs related with these systems.
Insights Presented in the Report
“Amongst Sub-System, Sensors segment dominated the market in 2020”
Based on sub-system, the market is segmented into Sensors, Electronic Control Unit and Hydraulic Unit. The Sensors segment is expected to grow at a higher CAGR during the forecasted period. Sensors are an important aspect of the anti-lock braking system because they help the ABS control module sense, monitor, and communicate wheel speed. This segment's rapid revenue growth rate may be attributable to technical developments in sensor systems, expanding demand for sophisticated sensors, and increasing vehicle demand.
“Amongst Vehicle Type, Modular segment dominated the market in 2020.”
Based on vehicle type, the market is segmented into Passenger Cars, Commercial Vehicles and Tow-Wheelers. The Passenger Cars segment is expected to grow at a higher CAGR during the forecasted period. Over the projected period, the passenger vehicle category is predicted to increase at a much faster rate in terms of revenue. The increasing use of passenger vehicles, the rise in the number of road accidents, and the introduction of government rules requiring automobiles to have anti-lock brakes (ABS) are all contributing to the passenger car segment's growth. The increase in the production of large number of passenger cars in countries such as China, U.S., Germany, and India will fuel the market growth of ABS
“Asia Pacific represents as the largest market.”
Based on the estimation, during the projection period of 2021-2027, Asia Pacific market is predicted to be the fastest-growing region in the coming years. During the projection period, it is predicted to dominate with the greatest CAGR. Due to rising vehicle production and sales, Asia Pacific is expected to dominate the automotive anti-lock braking system market. Manufacturers in this region are concentrating their efforts on producing high-end ABS systems in order to attract more customers and get a competitive advantage over their competitors. The key automobile manufacturing countries in the area are India, South Korea, Japan, and China, which are driving the industry forward. Asia-Pacific is one of the world's fastest-growing regions. Other major drivers driving market revenue growth include rapid urbanization, expanding commercial vehicle usage, rising disposable income, and strong demand for passenger automobiles. Other important reasons driving market expansion include strict government road safety regulations and requirements to install anti-lock brakes (ABS) in cars as a result of an increase in the frequency of road accidents. Some of the major players operating in the market includes Denso Corporation, Robert Bosch GmbH, Hitachi Automotive Systems Ltd., Continental AG, Autoliv Inc., Hyundai Mobis Co., Ltd., ZF Friedrichshafen AG, Aptiv PLC, The Mando Corporation, Nissin Kogyo Co. etc.
Reasons to buy this report:
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook