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Autonomous Emergency Braking System (AEBS) Market Size, Deep Analysis, Growth Statistics, Share, Trends And Forecast To 2033
Autonomous Emergency Braking System (AEBS) Market Size
According to The Business Research Company's, the autonomous emergency braking system (aebs) market size has grown exponentially in recent years. It will grow from $30.9 billion in 2023 to $38.47 billion in 2024 at a compound annual growth rate (CAGR) of 24.5%. The growth in the historic period can be attributed to stringent safety regulations, increasing awareness of vehicle safety, insurance premium reduction incentives, collaboration with automotive safety organizations, focus on pedestrian and cyclist safety..
The autonomous emergency braking system (aebs) market size is expected to see exponential growth in the next few years. It will grow to $84.58 billion in 2028 at a compound annual growth rate (CAGR) of 21.8%. The growth in the forecast period can be attributed to global harmonization of safety standards, integration into autonomous vehicle ecosystems, mandatory inclusion in vehicle safety ratings, urbanization and congestion management, insurance industry collaboration.. Major trends in the forecast period include integration with advanced sensor technologies, adoption of artificial intelligence (ai) algorithms, enhanced cyclist detection and avoidance capabilities, integration of vehicle-to-everything (v2x) communication..
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Market Drivers and Trends:
The increasing demand for luxury vehicles is expected to propel the growth of the autonomous emergency braking system (AEBS) market going forward. Luxury vehicles are high-end automobiles known for their superior comfort, advanced features, and premium materials, often designed to provide a luxurious and prestigious driving experience. Luxury vehicles often incorporate advanced autonomous emergency braking systems, enhancing safety by automatically applying brakes in critical situations and prioritizing driver and passenger well-being. For instance, in July 2023, according to the financial reports published by BMW AG, a Germany-based luxury automaker, BMW brand sales in the U.S. increased 11.5% in Q2 2023 from Q2 2022. In the second quarter of 2023, BMW brand sales in the U.S. totaled 87,948 vehicles, an 11.5% increase from the 78,905 vehicles sold in the second quarter of 2022. Furthermore, in December 2022, according to Cox Automotive, a US-based automotive services company, the share of luxury vehicles in overall sales increased to 18.2% in November 2022 from 17.8% in October 2022, remaining historically high. Therefore, increasing demand for luxury vehicles is driving the growth of the autonomous emergency braking system (AEBS) market.
Major companies operating in the autonomous emergency braking system (AEBS) market are focused on developing an advanced autonomous emergency braking system to gain a competitive edge in the market. An advanced autonomous emergency braking system is a sophisticated safety feature in vehicles that utilizes sensors, cameras, and algorithms to automatically apply the brakes to prevent or mitigate collisions with obstacles, pedestrians, or other vehicles. For instance, in April 2021, ZF Friedrichshafen AG, a Germany-based technology company that supplies systems for passenger and commercial vehicles, launched OnGuardMAX, an advanced autonomous emergency braking system for commercial vehicles. The system autonomously detects, classifies, and reacts to moving and stationary cars, motorcycles, and bicycles. If the driver fails to take corrective action, OnGuardMAX will autonomously engage emergency braking when traveling up to 80 km/h. This action is designed to bring the vehicle to a complete stop, thereby aiding in the prevention of collisions. The system features advanced data integration with state-of-the-art camera and radar sensors. ZF's sensor technology, software, and actuators work smoothly in this integrated OnGuardMAX system. A powerful image processing module analyzes data from its sophisticated radar sensor and high-resolution dual-lens camera.
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Major Key Players of the Market:
General Motors Company, Mitsubishi Electric Corporation, Robert Bosch GmbH, Hitachi Ltd., DENSO Corporation, ZF Friedrichshafen AG, Continental AG, Hyundai Mobis Co. Ltd., Magna International Inc., Aisin Corporation, PACCAR Inc., Faurecia SE, Toshiba Corporation, Valeo SA, Aptiv PLC, Nidec Automotive Components, BorgWarner Inc., Samsung SDI, Infineon Technologies AG, Renesas Electronics Corporation, Autoliv Inc., NSK Ltd., Knorr-Bremse AG, HL Mando Corporation, Calsonic Kansei Corporation, WABCO Holdings Inc., Cepton Technologies Inc
Autonomous Emergency Braking System (AEBS) Market 2024 Key Insights:
• The autonomous emergency braking system (aebs) market is expected to grow to $84.58 billion in 2028 at a compound annual growth rate (CAGR) of 21.8%.
• Surging Demand for Luxury Vehicles Fuels Growth in the Autonomous Emergency Braking System (AEBS) Market
• Increasing Focus On Advancements in Autonomous Emergency Braking Technology To Gain A Competitive Edge
• North America was the largest region in the autonomous emergency braking system (AEBS) market in 2023
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