Anti-Lock Braking System (ABS) Market will reach 44.5 billion by 2024

As per the report “global Anti-lock braking system (ABS) market,by Component(Sensors,Electronic Control,Hydraulic Unit), by Vehicle Type (Two Wheelers,Passenger Cars,Commercial Vehicles), Industry Trends, Estimation & Forecast, 2016-2024”, The global Anti-lock braking system (ABS) market was valued at $26 billion in 2016, and is projected to reach $44.5 billion by 2024, growing at a CAGR of 7.1% from 2017 to 2024. Passenger cars are anticipated to dominate the market throughout the analysis period. Region-wise, Asia-Pacific is expected to lead, accounting for approximately 30% share of the global ABS market in 2017, generating a revenue of 7.5 billion in 2016.

“Impending need of safety features for automobiles owing to increasing number of accidents is expected to boost the ABS market. Anti-lock braking system holds great potential to ensure the safety of automobiles at an event of braking in the wet & rough surface.”

To know more about the report, visit at https://www.esticastresearch.com/market-reports/anti-lock-braking-system-market

Hydraulic unit segment lead the ABS market holding more than 58% of the total market share in 2016

By component, market is further bifurcated into sensors, electronic control unit (ECU), and hydraulic unit. As of 2016, hydraulic system accounted for the largest revenue owing to its high cost as compared to other components. Moreover, sensors segment is anticipated to witness the highest growth rate of 7.6% CAGR during the forecast period. This is mainly due to advancement in technology as leading ABS OEM are manufacturing advanced ABS which are equipped with a large number of sensors.

Two wheeler ABS segment is anticipated to witness a lucrative growth during the forecast period

By vehicle type, the market is further bifurcated into two wheeler, passenger cars, and commercial vehicle. In 2016, passenger car segment leads the global ABS market and is expected to maintain its dominant position throughout the forecast period. This is due to rise in a number of passenger car mostly in countries such as China, U.S., Germany, and India. Two wheeler ABS generate the least revenue among another vehicle type, however, this segment is expected to grow at the highest rate owing to stringent government rules & regulation regarding vehicle safety. In addition, the rise in a number of two wheelers mostly in developing countries such as China, India, Singapore boosts the market growth.

Global ABS market revenue, by major countries ($Million), 2016

Asia-Pacific accounted for the largest revenue in 2016 and is anticipated to maintain its dominance throughout the forecast period. This is due to increased adoption of safety features such as ABS, ECS, and TCS by leading automobile OEM. Moreover, laws and regulations enforced by the government regarding vehicle safety supplemented the market growth in Asia-Pacific.

Key Insights of the ABS Market

• Asia Pacific is expected to have the fastest CAGR of 12.6% over the forecast period. The region generated the revenue of $ 14.17 Billion in 2016.
• Passenger cars segment is expected to maintain its dominant position throughout forecast period and grow at a CAGR of 6.2%.
• Two wheeler segment is anticipated to witness the highest CAGR of 15.5%
• As of 2016, hydraulic unit segment leads the overall automotive ABS market, generating a revenue of $15,101 million, and is expected to maintain its dominant position throughout the forecast period.
• Sensors segment is anticipated to witness the highest growth rate, growing with a CAGR of 7.7%

The prominent players profiled in the report are Robert Bosch GmbH (Germany), Continental AG (Germany), Autoliv, Inc. (Sweden), Nissin Kogyo Co. Ltd. (Japan), WABCO (Belgium), ZF TRW (U.S.), Hyundai Mobis (South Korea), Denso Corporation (Japan), Hitachi Automotive Systems, Ltd. (U.S.), and ADVICS Co., Ltd (Japan).

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This release was published on openPR.