The Global Anti-Lock Braking System (ABS) Market was valued at US$ XX billion in 2021 and is predictable to reach US$ XX billion by 2030 which is projected to attain a CAGR of XX % during the forecast period from 2021- 2030.
The anti-lock braking system (ABS) is a powerful active braking system that aids drivers in maintaining control of their vehicles. It permits a vehicle's wheels to maintain dynamic contact with the road surface that is proportional to the driver's braking actions. On both dry and slick roads, it improves vehicle control and minimizes the risk of an accident.
The primary factor for the anti-lock braking systems market is the rising prevalence of accidents and governments' ongoing efforts to reduce the number of accidents around the world.
Automobile manufacturers have equipped their vehicles with advanced safety systems such as anti-lock brakes, traction control, electronic brake-force distribution (EBD), and electronic stability control (ESC) to improve stability, control, and safety over tough terrains.
Nearly 1.3 million people die every year in road crashes, according to the Annual Global Road Crash Statistics, necessitating the incorporation of vehicle safety and control systems such as ABS in automobiles.
The global anti-lock braking system (ABS) market expansion is projected to be hampered by high maintenance and installation costs. The high maintenance costs of anti-lock braking system components are a stumbling block to the market expansion during the forecast period.
The anti-lock braking system (ABS) market is growing due to reasons such as rising demand for safety features, technical improvements in the automotive sector, and increased regulatory demands for vehicle safety. In addition, the development of sophisticated braking systems for two-wheelers, as well as the rise of the untapped market of developing countries, are expected to present profitable prospects for key market participants during the forecast period.
Asia-Pacific is one of the world’s fastest-growing regions. The region growing demand for anti-lock braking systems (ABS) is bolstered by new road safety regulations mandating that all new vehicles be fitted with ABS.
The global anti-lock braking system (ABS) market is categorized into sub-system type, vehicle type, and region. By sub-system type, it is bifurcated into sensors, electric control units, and hydraulic units. Based on vehicle type, it bifurcates into two-wheelers, passenger cars, and commercial vehicles. Based on regional insights, the global anti-lock braking system (ABS) market is categorized into North America (US, Canada, Mexico, Rest of America), Asia Pacific (India, China, Rest of Asia Pacific), Europe (UK, Germany, Russia, Rest of Europe) and Rest of the world (Latin America and Middle East & Africa).
Segmentation and Scope of the Global Anti-Lock Braking System (ABS) Market
By Vehicle Type
By Sub System Type
Rest of World
Middle East & Africa
Prominent players in the Global Anti-Lock Braking System (ABS) Market among others includes: