Antilock Agents Market Trends, Business Overview, Industry Growth and Forecast to 2028

The global antilock agents market is anticipated to grow at a considerable CAGR of 6.7% during the forecast period (2022-2028). Antilock agents refer to the safety systems of motor vehicles, including anti-lock braking systems and electronic stability control systems that are designed to enhance the balance of vehicles and reduce accidents. The major factor attributing to the growth of the global antilock agents market includes the increasing adoption of these safety systems by people due to the increasing number of road traffic accidents across the globe. According to the report published by the World Health Organization (WHO) in June 2021, the rate of mortality due to road traffic accidents is very high with the mortality of around 1.3 million people registered globally every year. It is estimated that road traffic accidents can cost most countries up to 3% of their gross domestic product. The report also described that around 20 million to 50 million people also suffer from non-fatal injuries as a result of road traffic accidents. Thus, increasing the application of antilock agents in the vehicles.

The application of antilock agents is also increasing in motor vehicles due to mandatory safety standards imposed by several regulatory bodies across the globe. According to the 2021 Production Statistics report published by the International Organization of Motor Vehicle Manufacturers (OICA), around 80 million motor vehicles were produced across the globe in 2021. Among these, around 23 million commercial vehicles were manufactured and around 57 million passenger cars were produced in 2021. Thus, propelling the growth of the global antilock agents market.

The market players are also contributing significantly to the growth of the market by the adoption of various strategies including mergers and acquisitions, geographical expansion, partnerships, collaborations, and new product launches, to stay competitive in the market. For instance, in October 2021, Endurance Technologies started manufacturing locally produced ABS products for two-wheeler and passenger vehicles.

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Market Coverage
•The market number available for - 2021-2028
•Base year- 2021
•Forecast period- 2022-2028
•Segment Covered-
•By Type
•By Application
•Regions Covered-
•North America
•Europe
•Asia-Pacific
•Rest of the World

Competitive Landscape- Robert Bosch GmbH, Autoliv Inc., Denso Corp., BrogWarner Inc., and Continental AG, among others.

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Global Antilock Agents Market Report by Segment
By Type
•Anti-Lock Braking System (ABS)
•Electronic Stability Control (ESC) System
By Application
•Passenger Cars
•Commercial Vehicles
•Others

Key questions addressed by the report
•What is the market growth rate?
•Which segment and region dominate the market in the base year?
•Which segment and region will project the fastest growth in the market?
•How has COVID-19 impacted the market?
•Deviation from the pre-COVID-19 forecast
•Most affected region and segment
•Who is the leader in the market?
•How players are addressing challenges to sustain growth?
•Where is the investment opportunity?

 

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This release was published on openPR.