The global anti-lock braking system (ABS) market size reached US$ 39.8 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 65.5 Billion by 2027, exhibiting a growth rate (CAGR) of 8.57% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.
The anti-lock braking system in a vehicle stands for safety component that comes in action on the sudden application of brakes during the case of an emergency. Generally, the system includes integration of wheel speed sensors, control modules, brake control unit and hydraulic pressure modulator. ABS improves traction control and stability of the vehicle as well as significantly reduces the risks of skidding, especially in slippery conditions. Furthermore, it decreases maintenance costs and enhances the resale value of the vehicle. Owing to these benefits, the anti-lock braking system is widely installed in two-wheelers, passenger cars, and commercial vehicles.
Anti-Lock Braking System Market Trends:
The global anti-lock braking system market is primarily being driven by the increasing need for the inclusion of vehicular safety and control systems, such as ABS, in automobiles. Further, rising consumer safety concerns supported by the growing awareness towards several benefits of ABS, such as reduced braking distances, high compatibility with all road surfaces and minimized wear-tear, have further fueled the product demand. Additionally, the implementation of stringent norms for mandating safety standards coupled with the launch of various initiatives for promoting the need for vehicle safety has also catalyzed the market growth. The legal environment across several developed regions, such as North America, Japan and Europe, has led to the growing adoption of vehicle safety components, including anti-lock braking system. For instance, various organizations, such as the International Center for Automotive Technology, Insurance Institute of Highway Safety, New Car Assessment Program, etc., have increased the safety protocols for vehicles, thereby augmenting the demand for ABS. On the other hand, several emerging economies, such as China and India, are experiencing high demand for vehicles equipped with ABS due to the increasing rate of road accidents coupled with continuous efforts by the government to reduce the number of casualties. Apart from this, several technological upgradations along with the prevalent trend of automation have positively influenced the ABS market. All the above-mentioned factors will continue to fuel the growth of the global anti-lock braking system market in the coming years.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global anti-lock braking system (ABS) market report, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on component type, vehicle type and end-use.
Breakup by Component Type:
- Speed Sensors
- Electronic Control Units (ECU)
- Hydraulic Units
Breakup by Vehicle Type:
- Two Wheelers
- Passenger Cars
- Commercial Vehicles
Breakup by End-Use:
Breakup by Region:
- North America
- United States
- Asia Pacific
- United Kingdom
- Latin America
- Middle East and Africa
- Saudi Arabia
- United Arab Emirates
- South Africa
The competitive landscape of the industry has also been examined with some of the key players being Advics Co. Ltd., Aisin Seiki, Continental AG, Denso Corporation, Hitachi Automotive System Ltd, Mando Corporation, Robert Bosch GmbH, Wabco Ltd, etc.
|Base Year of the Analysis
||Component Type, Vehicle Type, End-Use, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, China, Japan, India, Australia, Brazil, Mexico, Argentina, Saudi Arabia, United Arab Emirates, Iran, Egypt, South Africa
|| Advics Co. Ltd., Aisin Seiki, Continental AG, Denso Corporation, Hitachi Automotive System Ltd, Mando Corporation, Robert Bosch GmbH, and Wabco Ltd.
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Key Questions Answered in This Report:
- How has the global anti-lock braking system market performed so far and how will it perform in the coming years?
- What are the key regional markets?
- What has been the impact of COVID-19 on the global anti-lock braking system market?
- What is the breakup of the market based on the component type?
- What is the breakup of the market based on the vehicle type?
- What is the breakup of the market based on the end-use?
- What are the various stages in the value chain of the industry?
- What are the key driving factors and challenges in the market?
- What is the structure of the global anti-lock braking system market and who are the key players?
- What is the degree of competition in the market?