Global Anti-lock Braking System Market was valued US$ XX Bn. in 2019 and is expected to grow US$ XX Bn. by 2027, at a CAGR of 9.7% during the forecast period.
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Global Anti-lock Braking System Market Overview:
The anti-lock braking system is an innovative active braking system used in automobiles, which supports drivers to control their vehicles. Anti-lock braking systems offer steady braking characteristics together with reduced tire wear and braking distance, and so, deployment of these systems helps to avoid accidents. Accordingly, the government of many countries has mandated the implementation of these systems in vehicles considering vehicle safety.
Automobile companies have equipped their vehicles with the anti-lock braking system, traction control system, electronic brake-force distribution, and electronic stability control to offer advanced safety features and improve stability, control, & safety on difficult terrains. According to the Annual Global Road Crash Statistics, approximately 1.3 million people die every year in road crashes, thus, leading to an increase in the need for the addition of vehicular safety and control systems, such as an anti-lock braking system in automobiles. For example, WABCO provides an extensive range of pneumatic or hydraulic anti-lock braking systems for light-, medium- and heavy-duty commercial vehicles. These systems enable customers to select from a variety of functionalities, ranging from a standalone anti-lock braking system up to integrated, intelligent systems.
Global Anti-lock Braking System Market Dynamics:
The demand for safety features, like the anti-lock braking system, traction control, electronic stability control, tire pressure monitors, airbags, and telematics is on the rise, due to an increase in a large number of road accidents around the world. According to the Association of Safe International Road Travel (ASIRT), approximately 1.3 million people die in road accidents each year around the world, with an average of 3,287 deaths per day. Thus, an increase in concern about these conditions increases the demand for the incorporation of safety features in the vehicles. So, automobile companies are concentrating on the production of safety features to be enabled in the vehicles, in that way, driving the growth of the anti-lock braking system market.
Furthermore, governments across the globe have made regulations to install safety measures in the vehicle, because of the increase in the number of road accidents leading to death. Countries such as India and France are applying laws and regulations on vehicles to enable safety systems like anti-lock braking systems and electronic stability control in their vehicles within a stipulated period. For example, the Indian government has regulated the installation of safety features, like an automatic braking system and an advanced driving system in the vehicles running in the country. Also, automobile manufacturers need to obtain safety ratings by organizations, such as the Insurance Institute of Highway Safety (IIHS), New Car Assessment Program (NCAP), and International Centre for Automotive Technology (ICAT) to access a sales license for vehicles in the market. So, the increase of global safety protocols for vehicle safety is expected to drive the market for the anti-lock braking system.
Improvement and innovation in braking systems of two-wheelers can force the growth of the anti-lock braking system market in the future. Recent innovations, like modular and scalable anti-lock braking systems, are particularly designed for the braking characteristics of two-wheelers and can be adapted to models ranging from the lower power segment to high-end sports bikes. The development of innovative braking systems for two-wheelers can describe several opportunities to the operating companies for growth in the anti-lock braking system market.
Nevertheless, the high cost of maintenance and installation hampers the growth of the anti-lock braking system market.
Global Anti-lock Braking System Market Segmentation:
According to the vehicle type segment, passenger cars held the largest market share of the market in 2018, thanks to increasing sales of the car. While, anti-lock braking systems were introduced in the entry-level cars, but companies operating in the market are deploying anti-lock braking systems in commercial vehicles and two-wheelers as well on account of safety concerns.
Region-wise, the Asia-Pacific region held the largest market share of the market in 2018 and is expected to continue dominance in the forested period. Governments present in economies, such as China, India, and Japan have already implemented regulations about the safety of vehicles and so have mandated anti-lock braking systems in vehicles.
The objective of the report is to present a comprehensive analysis of the Global Anti-lock Braking System Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding Global Anti-lock Braking System Market dynamics, structure by analyzing the market segments and project the Global Anti-lock Braking System Market size. Clear representation of competitive analysis of key players by application, price, financial position, product portfolio, growth strategies, and regional presence in the Global Anti-lock Braking System Market make the report investor’s guide.
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