Anti-Lock Braking System Market, 2015-2024 - Industry Applications, Market Share, Segmentation, Company Share: Variant Market Research

Anti-Lock Braking System Market Report, published by Variant Market Research, forecast that the global market is expected to reach $49 billion by 2024 from $26 billion in 2016; growing at a CAGR of 8.1% from 2016 to 2024. By geography, Asia-Pacific and Europe are expected to grow at a CAGR of 13.5% and 5.1%, respectively, during the forecast period.
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Increase in demand for safety features in vehicles such as electronic stability control (ESC), roll-over stability control (RSC), and traction control system are the major driving factors of the global anti-lock braking system market. Moreover, technological advancement in automotive industry has also supplemented the growth of the market. However, high maintenance cost of anti-lock braking systems may hamper the market growth in the coming year. Similarly, expansion in untapped markets of developing economies and development of advanced braking systems for two wheelers would provide new business opportunities for the market in the near future.
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The global anti-lock braking system market is bifurcated on the basis of sub-systems and vehicle type. The sub-systems segment is further classified into ECU, sensors, and hydraulic unit. The hydraulic unit sub-systems generated the highest revenue in 2016. By vehicle type, the market is categorized into passenger cars, two-wheelers, and commercial vehicles. The passenger cars segment accounted for the largest market share in 2016, driven by its increased sale and obligatory installation of anti-lock braking system. However, the two-wheeler segment is expected to grow at the fastest CAGR during the forecast period.
Geographically the market is categorized into North America, Europe, Asia-Pacific, and Rest of the World (RoW). Asia-Pacific accounted for the largest market share of 31.8% in 2016, and is expected to continue its dominance during the forecast period. The growth is majorly attributed to increasing urbanization and industrialization in developing countries such as China, Japan, and India. North America accounted for the second largest market share of 27.8%. In terms of growth, Asia-Pacific is expected to attain the fastest CAGR of 13.5% during the forecast period 2016-2024.
Autoliv Inc., Hitachi Automotive Systems, WABCO, ZF TRW, Hyundai Mobis, Robert Bosch GmbH, Denso Corporation, Nissin Kogyo Co., Ltd., Ltd., Continental AG, and ADVICS Co., Ltd., among others are the major players in the global anti-lock braking system market.

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This release was published on openPR.