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Automatic Emergency Braking Market Size, Share, Growth & Forecast 2024-2033 | Competitive Insights & Trends
Automatic Emergency Braking Market Size
According to The Business Research Company's, The automatic emergency braking market size has grown rapidly in recent years. It will grow from $34.23 billion in 2023 to $38.64 billion in 2024 at a compound annual growth rate (CAGR) of 12.9%. The growth in the historic period can be attributed to rising traffic congestion, integration with vehicle-to-vehicle communication, urbanization trends, vehicle electrification, and environmental concerns.
The automatic emergency braking market size is expected to see rapid growth in the next few years. It will grow to $63.27 billion in 2028 at a compound annual growth rate (CAGR) of 13.1%. The growth in the forecast period can be attributed to fleet management applications, growth of electric vehicles (EVs), original equipment manufacturers partnerships, and focus on fuel efficiency. Major trends in the forecast period include integration of AI and machine learning, customization and personalization, expansion of autonomous emergency braking (AEB), focus on vulnerable road users, and development of pedestrian and cyclist detection.
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Market Drivers and Trends:
The rising number of road accidents is expected to propel the growth of the automatic emergency braking market going forward. Road accidents refer to any collision involving at least one moving vehicle on a public or private road that is accessible to the general public and that leaves at least one person hurt or dead. Road accidents are rising due to factors such as increased distracted driving, higher vehicle speeds, and inadequate infrastructure. Automatic emergency braking helps mitigate road accidents by automatically applying brakes to prevent collisions or reduce their severity. AEB systems use sensors, such as radar, cameras, or LiDAR, to continuously monitor the road ahead for potential collision risks. For instance, in August 2022, according to the National Highway Traffic Safety Administration, a US-based government agency, 9,560 individuals died in traffic accidents in the first quarter of 2022, an increase of 7% compared to the 8,935 fatalities for the same period in 2021. Therefore, the rising number of road accidents is driving the growth of the automatic emergency braking market.
Major companies operating in the automatic emergency braking market are increasing their focus on developing new solutions, such as advanced autonomous emergency braking systems, to boost their revenue in the market. Advanced autonomous emergency braking systems are utilized in automatic emergency braking to enhance vehicle safety and prevent accidents. For instance, in April 2021, ZF Friedrichshafen AG, a Germany-based engineering company, launched OnGuardMAX, an automatic emergency braking system designed specifically for commercial vehicles. The system can detect, classify, and respond to moving and stationary objects such as vehicles, motorcycles, bicycles, and pedestrians. The driver is warned of imminent collisions, and if necessary, the system will autonomously bring the vehicle to a complete stop. This feature is especially important for preventing accidents involving pedestrians and enhancing road safety. The system can automatically initiate emergency braking at speeds of up to 80 km/h to prevent collisions, making it an essential safety feature for commercial vehicles.
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Major Key Players of the Market:
Volkswagen AG, Toyota Motor Corporation, Ford Motor Company, Mercedes-Benz, General Motors Company, Bayerische Motoren Werke AG (BMW), Honda Motor Co. Ltd., Hyundai Motor Company, Robert Bosch GmbH, Hitachi Automotives Systems Ltd., Tesla Inc., Siemens AG, ZF Friedrichshafen AG, Denso Corporation, AB Volvo, Continental AG, Magna International Inc., AISIN SEIKI Co. Ltd., Valeo SA, Autoliv Inc., Mando Corporation, Mobileye Global Inc, Delphi Technologies
Automatic Emergency Braking Market 2024 Key Insights:
• The automatic emergency braking market size is expected to see rapid growth in the next few years. It will grow to $63.27 billion in 2028 at a compound annual growth rate (CAGR) of 13.1%.
• Rising Road Accidents Fuel Growth In The Automatic Emergency Braking Market
• Focus on Advanced Autonomous Emergency Braking Systems Drives Innovation In The Market
• Asia-Pacific was the largest region in the automatic emergency braking market in 2023
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