According to a recent report published by Allied Market Research, titled, "Anti-Lock Braking System Market by Sub-system Type and Vehicle Type: Global Opportunity Analysis and Industry Forecast, 2018-2026," the global anti-lock braking system market size was valued at $37.69 billion in 2018, and is projected to reach $80.65 billion by 2026, registering a CAGR of 9.6% from 2019 to 2026.
Asia-Pacific dominates the market, followed by North America, Europe, and LAMEA. China dominated the anti-lock braking system anti-lock braking system market share in Asia-Pacific, whereas Australia is expected to grow at a significant rate in the Asia-Pacific region during the forecast period.
Anti-lock braking system is a safety braking system used in vehicles to prevent it from skidding and prevents the wheel from locking up during braking; thereby, maintaining tractive contact with the surface of the road. It allows wheels of a vehicle to maintain dynamic contact with the road surface, which is proportional to the braking inputs given by the driver. It improves vehicle control and reduces stopping distance on both dry and slippery surfaces. Automobile companies have equipped their vehicles with anti-lock braking system, traction control system (TCS), electronic brake force distribution (EBD), and electronic stability control (ESC) to offer advanced safety features and improve stability control and safety on difficult terrains.
Anti-lock braking system is used in vehicles to prevent the vehicle to skid over the surface in case the brakes are applied immediately to prevent the vehicle from a collision. For instance, a vehicle is being driven at its maximum speed and suddenly the brake is to be applied, then with the presence of ABS the vehicle will not skid over the surface thereby preventing it from meeting any collision. Installation of ABS in the vehicles is recommended by all the manufacturers with the government taking initiatives to mandatorily installing ABS in the vehicles.
Many leading players in the ABS market are developing the anti-lock braking system to provide a safer driving experience. For instance, Continental AG has developed the third generation of anti-lock braking system known as ABS3, which has the feature to respond to higher speed of the vehicle along with providing a safer, controllable, and optimum brake performance while driving. With the continuous development in the technology along with its implementation in automobile sector, the market for ABS is expected to grow in the near future enabling the players to generate more revenue from the market.
The anti-lock braking system market is segmented on the basis of sub-system and vehicle type. Based on sub-system, the market is divided into sensors, electric control unit, and hydraulic units. By vehicle type, it is categorized into two-wheelers, passenger cars, and commercial vehicles. Through this segmentation, various applications of these systems and their use in the ABS system are determined along with their application in different vehicle types. Based on region, the ABS market is studied across North America, Europe, Asia-Pacific and LAMEA. The regional analysis gives the idea about the leading region in the ABS market.
The global anti-lock braking system (ABS) market is driven by a growth in demand for safety features, technological advancement, and stringent global safety protocols for vehicle safety. However, high installation and maintenance cost is the key factor that restrain the growth of the global anti-lock braking system market. However, development of advanced braking systems for two-wheelers and expansion in untapped markets is anticipated to provide growth opportunities to the anti-lock braking system market players.
Sensors, electronic control unit (ECU), and hydraulic system are the three main components of an anti-lock braking system. ECUs act as the brain for passive car safety systems, which control various systems such as the ABS. As per the current scenario, numerous leading companies operating in the automotive sector are continuously launching advanced ECUs for vehicles. For instance, Autoliv, a leading automotive safety system manufacturer launched ECU for car passive safety system. Automobile-component manufacturers are acquiring other leading players, with an aim to enhance their geographical presence and technical expertise. For instance, Nissin Kogyo joint ventured with Autoliv Inc. to form Autoliv-Nissin Brake Systems (ANBS). This will strengthen Autoliv's role as a leading brake systems supplier of ABS, ECU, and RBS. Increase in the number of autonomous vehicles along with the installation of anti-lock braking system in them has increased the growth of the ECU market. Furthermore, the addition of in-car infotainment service in vehicles is providing numerous opportunities to the ECU market.
Key Finding of The Anti-lock Braking System Market:
- Based on subsystem, the sensors segments is expected to exhibit the remarkable growth rate during the forecast period.
- Based on vehicle type, the two-wheeler segment is the fastest growing segment during the forecast period.
- Based on subsystem, electronic control unit (ECU) is anticipated to garner the highest contribution in terms of revenue.
- Based on region, Asia-Pacific contributed the highest anti-lock braking system market revenue in 2018, followed by North America, Europe, and LAMEA.
The key players analyzed in this report are ADVICS Co. Ltd, Autoliv, Inc., Continental AG, Denso Corporation, Hitachi Automotive Systems, Ltd., Hyundai Mobis, Nissin Kogyo Co. Ltd., Robert Bosch GmbH, WABCO, ZF TRW, and others.