The global automotive anti-lock braking system market is anticipated to grow at a steady rate and post a CAGR of 8.72%. The key factors for the increasing acceptance of these systems are the increasing focus on safety and the potential reduction in road-accident related deaths.
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Close to 3,300 people die every day from road crashes, and about 9/10ths of the total casualties occur in the middle and low-income countries that have less than half of the world’s total vehicles.
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Cost considerations and a lack of regulations result in car manufacturers neglecting the employment of vital security systems such as ABS and ECC, which results in a high number of casualties and injuries. Recently, it was found that most of the Indian hatchbacks, which are the top-selling vehicle type in India, scored a 0 in the Euro NCAP ratings, and this was mainly because the vehicles lacked essential safety equipment.
Car manufacturers have taken this news seriously, and some of them have started incorporating ABS as standard. But still, there is a long way to go, and it is also expected that a minimum safety requirement for automobiles will come into place soon.
This will boost the ABS systems market, as India is one of the biggest automobile markets in the world, and also one of the fastest growing.
The ABS market is expected to show a high rate of growth as these systems are starting to be used extensively in entry-level 2-wheelers as well. Most of the 2-wheelers in the developed markets are high-end vehicles that have similar safety features as standard.
But in the emerging markets, 2-wheelers are entry-level vehicles and are the cheapest. The manufacturers of these vehicles, in order to keep costs low, do not provide any of these systems.
However, the 150 cc engine capacity and above bikes in the region are starting to feature the ABS systems, and this will tremendously boost the market as India and Indonesia remain two most significant 2-wheeler markets in the world.
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Rising safety awareness to boost market
Increased adoption of such safety systems in passenger vehicles is also expected to boost the market in the forecast period. Emerging countries such as Germany, Spain and the United States are planning to come up with legislation to make ABS mandatory in heavy commercial vehicles, which will significantly drive the market.
The market has been segmented by vehicle type (Passenger Cars, two-wheelers, HCV, LCV), and by region (North America, South America, Europe, Africa & Middle East and Asia-Pacific).
Key Developments in the Market:
January 2018: Hyundai recalls 88,000 cars due to a problem in ABS wiring that could catch fire.
January 2018: Acura RDX Elite with next generation ABS was awarded the highest score possible by IIHS.
Major players: AUTOLIV, BOSCH, CONTINENTAL, DELPHI AUTOMOTIVE, DENSO CORPORATION, TRW AUTOMOTIVE amongst others.
Reasons to Access this Report:
The report analyses how the shift towards safety will drive the global automotive anti-lock braking system market.
Analyzing various perspectives of the market with the help of Porter’s five forces analysis.
Study on the product type that is expected to dominate the market.
Study on the regions that are expected to witness fastest growth during the forecast period.
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Continental Ag, Delphi Automotive, TRW Automotive, Autoliv, Haldex, Wabco, Bosch, Denso Corporation, Hyundai Mobis
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