Global Anti-Lock Braking System Market is Estimated to Reach $49 Billion by 2024, Says Accurize Market Research
Global Anti-Lock Braking System Market report published by Accurize Market Research forecast that the global market is expected to reach $49 billion by 2024; growing at a CAGR of 8% from 2017 to 2025. By geography, Asia Pacific and North America are expected to grow at a CAGR of XX% and XX%, respectively, during the forecast period.
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Demand for safety features in vehicles to drive the market
Demand for safety features in vehicles such as electronic stability control (ESC), roll-over stability control (RSC), and traction control system are few driving factors of global anti-lock braking system market. However, high maintenance cost of anti-lock braking systems may hamper the market. Expansion in untapped markets of emerging economies and development of unconventional braking systems for two wheelers would unfold attractive business opportunities for the market in the coming years.
Market Segmentation
Global anti-lock braking system market has been divided based on sub-systems and vehicle type. By sub-systems, the market is further split into ECU, sensors, and hydraulic unit.By vehicle type segment, the market is categorized into two-wheelers, passenger cars, and commercial vehicles.
Geographically the market is categorized into North America, Europe, Asia-Pacific, and Rest of the World (RoW).
"Passenger cars accounted for the largest market share in the vehicle type segment", says Accurize
In the vehicle type segment, passenger cars accounted for the largest market share in 2017, due to its increased sale and mandatory installation of anti-lock braking system. However, the two-wheeler segment is anticipated to develop at the fastest CAGR during the forecast period.Also, the hydraulic unit dominated the sub-systems segment accounting for the highest revenue in 2017.
"Asia-Pacific dominated the global market with the highest market share over the forecast period", says Accurize
Asia-Pacific accounted for the largest market share of 31.8% in 2017, and is expected to continue its dominance. The growth is majorly attributed to increasing industrialization and urbanization in emerging countries. North America accounted for the second largest market share of 27.8%.
Top players in the market
Major companies operating in the market include Autoliv Inc., Robert Bosch GmbH, WABCO, ZF TRW, Hyundai Mobis, Denso Corporation, Nissin Kogyo Co., Ltd., Hitachi Automotive Systems, Ltd., Continental AG, and ADVICS Co., Ltd., among others.
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