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COVID-19 Accelerates Growth of Automotive anti-lock braking system (ABS) Market | Research Report ,Synopsis and Highlights, Key Findings, Major Companies Analysis and Forecast to 2023
Automotive anti-lock braking system (ABS) Market
Anti-lock braking systems have become a vital safety feature in cars as well as vehicles. They help to prevent accidents by facilitating better control over the vehicle. Automotive anti-lock braking system uses a different mechanism as compared to traditional brakes which help in the maintenance of stability and control over steering. A comprehensive report has been launched on the global Automotive anti-lock braking system (ABS) Market by Market Research Future (MRFR) with key insights on the market along with forecasts for the period of 2020-2023. MRFR has projected a CAGR of 7% in the global Automotive anti-lock braking system (ABS) Market.
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ABS is highly useful in poor weather conditions and help to navigate through wet or slippery roads. ABS help to mitigate the risk of accidents in the event of the sudden appearance of any animal or period. ABS monitor the speed of wheels and releases the brake in case any potential locking of wheels is detected. The surge in the incidence rate of road accidents has led to the increased adoption of ABS in the automotive industry, which is substantiating the growth of the market.
Automotive OEMs are exhibiting mounting interest in the incorporation of anti-lock braking system in vehicles which is generating considerable demand within the market. It helps them to stay compliant with the latest safety regulations which have been enacted by regulatory authorities. In multiple countries, the integration of ABS is being mandated, which is likely to support the market growth further.
Rigorous R&D activities are underway to improve these systems in terms of balancing the ratio of the brake application force between front and rear wheels, which is likely to provide opportunities to the growth of the market.
Segmentation
The global Automotive anti-lock braking system (ABS) Market Size has been segmented based on sub-systems and vehicle type.
By sub-systems, the Automotive anti-lock braking system (ABS) Market has been segmented into sensors, hydraulic unit, and electronic control unit.
By vehicle type, the Automotive anti-lock braking system (ABS) Market has been segmented into two-wheelers, passengers’ cars, and commercial vehicles.
Regional Analysis
Region-wise, the global Automotive anti-lock braking system (ABS) Market has been segmented into North America, Rest-of-the-World (RoW), Europe, and Asia Pacific (APAC).
APAC market is likely to spearhead the global Automotive anti-lock braking system (ABS) Market and capture the highest CAGR over the forecast period. High incidents of road accidents and consequent rules and regulations imposed by regulatory authorities have boosted the growth of the market. Various countries in the region have mandated vehicles to be equipped with anti-lock braking systems. China is expected to domineer the APAC market. The presence of an established automotive industry also generates substantial demand for anti-lock braking systems.
The Europe Automotive anti-lock braking system (ABS) Market is driven by increasing adoption of safety systems in the developed economies of the region such as the US, Germany, and Spain. The region has enacted various strict regulations for the incorporation of safety features in vehicles to reduce the surging incidence rate of road accidents. Moreover, the expanding automotive industry is favoring the growth of the market. The automotive OEMs are demonstrating heightened interest in the integration of ABS in vehicles.
The North America region is also showcasing noteworthy growth. High sales of premium cars where ABS is a standard feature is boosting the growth of the market.
Competitive Landscape
Autoliv Inc. (Sweden), WABCO Vehicle Control Systems (Belgium), Hyundai Mobis (South Korea), Nissin Kogyo Co., Ltd. (Japan), Hitachi Automotive Systems, Ltd. (Japan), Continental AG (Germany), Denso Corporation (Japan), Robert Bosch GmbH (Germany), Advics Co., Ltd. (Japan), and TRW Automotive (U.S.) are the key players in the Automotive anti-lock braking system (ABS) Market
Industry Updates
April 2019 - The Government of India mandated all four- and two-wheelers manufactured in the country to be compulsorily equipped with ABS or an Anti-Lock Braking System. The step comes a measure to improve road safety in the country. The rule directs all new two-wheelers over 125cc to be fitted with ABS while models below 125cc to have a combi-braking system (CBS) compulsorily.
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