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Automotive Electronic Braking System Market to Record Ascending Growth By 2026
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Automotive electronic braking system market is progressing towards a strong growth owing to multiple benefits over the conventional systems such as reduction in number of brake system component, predictive braking controls, lower maintenance and enhanced diagnostic of the complete system. The escalating demand for passenger cars and light commercial vehicles is chiefly driving the sales of automotive electronic braking systems. With onset of electric vehicles and hybrid vehicles in emerging markets, demand for efficient braking systems that aid in overall reduction of vehicle weight and improving vehicle efficiency is high. Therefore, the demand for automotive electronic braking systems is anticipated to escalate significantly. However, due to capital intensive nature of equipment, the sales of the automotive electronic braking system technology is restricted.
The market can also be segmented on the basis of region including North America, Latin America, Western Europe, Eastern Europe, APEJ, Japan, and Middle East & Africa. The recovering light commercial vehicle sales and passenger cars in North America is propelling the sales of electronic braking system in the region. Likewise owing to emerging automobile industry in Mexico the demand for electronic braking system is increasing steadily. The modest growth in the production and demand for electric and hybrid vehicles in Western Europe is driving the sales of electronic braking systems in the region.
The contribution of Asia Pacific market to the global automotive electronic braking system is highest in terms of both production and demand. India and China are major automotive braking system markets in the region therefore are expected to register double digit growth during the forecast period. The thriving automotive industry of Asia Pacific is expected to create significant opportunities for international and regional players. The evolving electric car market scenario in Japan is expected to create a sustainable demand for automotive electronic braking system and is expected to significantly contribute to the global market. OEM and aftermarket demand for automotive electronic braking systems in GCC Countries in Middle East and Africa is expected to boost the market in the region.
Key Players
Some of the key players identified in the automotive electronic braking systems market are Robert Bosch GmbH, Knorr Bremse AG, Haldex, ZF TRW, Continental AG, and Advics Group among others.
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