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Autonomous Emergency Braking System Market Growth, Opportunity and Future Outlook 2023-2029
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According to a recent study by Report Ocean, the size of the global autonomous emergency braking system market was estimated to be USD 5.03 billion in 2022. During the forecast period from 2023 to 2029, the market is projected to grow at a robust CAGR of 24.06%, reaching a value of USD 22.48 billion by 2029. Key drivers for market growth include the rising demand for advanced safety features in vehicles, high disposable income, and increasing sales of passenger and commercial vehicles. AEBS is an advanced safety feature that utilizes sensors and cameras to detect potential collisions and automatically applies the brakes to prevent or mitigate the impact. The market is further driven by growing concerns over road safety and government regulations mandating the use of advanced safety features in vehicles. The increasing adoption of electric and hybrid vehicles also contributes to market growth as these vehicles require advanced safety features to manage the unique characteristics of electric powertrains.
Autonomous emergency braking system (AEBS) is an advanced safety feature designed to prevent or reduce the severity of collisions by automatically applying the brakes when the vehicle detects an imminent collision with an object, pedestrian, or another vehicle. AEBS utilizes sensors such as cameras, radars, or lidars to detect potential collisions and can operate in various driving conditions, including low light, rain, and fog. The system can provide an audible warning to the driver or activate the brakes automatically to avoid or mitigate a collision. AEBS is a part of advanced driver assistance systems (ADAS) and is becoming increasingly standard in modern vehicles to enhance road safety.
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The COVID-19 pandemic had a detrimental impact on the global autonomous emergency braking system market. The volume of vehicle production decreased due to the pandemic, affecting the demand for AEB systems. Government-mandated shutdowns and factory closures nearly halted production, leading to a decline in the market for AEB systems. Additionally, reduced consumer spending and a decline in overall economic activity resulted in fewer vehicle purchases, further reducing the demand for AEB systems. However, despite the adverse effects of the pandemic on the automotive industry, the market for AEB systems is projected to rebound and continue growing rapidly in the coming years. The increasing production of autonomous cars is driving the demand for AEB systems in these vehicles, contributing to market growth.
Based on vehicle type, the global autonomous emergency braking system market is divided into passenger vehicles and commercial vehicles segments. The passenger vehicles segment holds a higher share in the market due to the increasing number of passenger vehicles sold globally. The demand for safety features, including AEBS, has risen, and governments in various countries have mandated the installation of AEBS in passenger vehicles, further driving market growth. The rising disposable income of consumers and their preference for vehicles with fully loaded safety features have also contributed to the growing demand for autonomous emergency braking systems.
Major players in the global autonomous emergency braking system market include ZF Friedrichshafen AG, Continental AG, Robert Bosch GmbH, Denso Corporation, Aptiv PLC, Autoliv Inc., Valeo S.A., WABCO Holdings Inc., Hitachi Automotive Systems Ltd., Hyundai Mobis Co., Ltd., Magna International Inc., Panasonic Corporation, Mobileye N.V. (Intel Corporation), Infineon Technologies AG, and HELLA GmbH & Co. KGaA. These companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches, to enhance their market share.
The report provides an in-depth analysis of the global autonomous emergency braking system market, offering information about growth potential, upcoming trends, and statistics. It also highlights the factors driving the market forecasts and provides insights into recent technology trends and industry dynamics to assist decision-makers in making strategic decisions. Furthermore, the report analyzes the growth drivers, challenges, and competitive dynamics of the market.
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