Automotive anti-lock braking system (ABS) Market 2018
Global Automotive anti-lock braking system (ABS) Market Information Report By sub-systems (sensors, electronic control unit and hydraulic unit), by vehicle type (two wheelers, passenger cars and commercial vehicles) and by Region – Forecast To 2023
Anti-lock braking systems are used to assist automotive for safe braking and easy steering in situations of wet or slippery road. The use of these systems in automotive prevents a person from slipping or skidding of a vehicle, and retains the control of steering after hard braking. The increase in demand of consumers for advanced safety features in the automobiles and the introduction of stringent safety laws & regulations by various transport authorities are driving the growth of anti-lock braking system.
Anti-lock braking system offers benefits such as the stable braking characteristics on all kinds of road surfaces, reduced tier wear and reduced braking distance. The rise in the number of on-road vehicles, increase in focus on vehicle safety and technological advancements, are expected to drive the growth of the market.
Leading automobile manufacturers are introducing anti-lock breaking system in both traditional and electric vehicles to the entry level vehicles, which is further expected to boost the growth of the market. The increase in number of auto collision, increased safety awareness, development of advance braking system for two wheelers and the improving technical advancements for ensuring the safety of the passengers and the automotive, also add to the market growth.
The market is expected to witness growth opportunities over the forecast period with the expansion strategy, followed by key players to enter into untapped markets of developing economies and development of advanced braking systems for two wheelers.
However, fluctuations in the prices of raw materials, and the high cost of maintenance, restrain the market growth. Therefore, the global automotive anti-lock braking system (ABS) market has seen a remarkable growth in the global market and it has been observed that, its demand in the future is expected to grow with the CAGR of ~7%.
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Based on vehicle type, the market has been segmented into two wheeler, passenger cars, and commercial vehicle. Passenger car segment is expected to dominate the anti-lock braking system market due to the increase in the production of large number of passenger cars in countries such as China, U.S., Germany, and India.
Geographically, the global automotive anti-lock braking system (ABS) market has been divided into four major regions such as North America, Europe, Asia Pacific and Rest of the World. Asia Pacific region is expected to grow with the highest CAGR over the forecast period due to increasing diffusion rate for anti-lock braking system technology. In Asia Pacific, China is projected to dominate the growth of the anti-lock braking system market due to the increased road accidents and the rules & regulation imposed by government for installation of anti-lock braking system.
The prominent players in the automotive anti-lock braking system (ABS) market include Robert Bosch GmbH (Germany), Continental AG (Germany), Autoliv Inc. (Sweden), Nissin Kogyo Co., Ltd. (Japan), WABCO Vehicle Control Systems (Belgium), TRW Automotive (U.S.), Hyundai Mobis (South Korea), Denso Corporation (Japan), Hitachi Automotive Systems, Ltd. (Japan), and Advics Co., Ltd. (Japan).
The report for Global Automotive Anti-Lock Braking System (ABS) Market of Market Research Future comprises extensive primary research along with the detailed analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain the deeper insight of the market and industry performance. The report gives the clear picture of current market scenario which includes historical and projected market size in terms of value and volume, technological advancement, macro economical and governing factors in the market. The report provides details information and strategies of the top key players in the industry. The report also gives a broad study of the different market segments and regions.
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