Automotive Anti-Lock Braking System (ABS) Market Research Report- Forecast 2030

Impact of COVID-19 on the Automotive Anti-Lock Braking System (ABS) Market

The COVID-19 pandemic has spread across the globe and has significantly impacted the growth of the automotive anti-lock braking systems (ABS) market. The spread of the novel COVID-19 has affected most of the industries across the globe. The governments of various countries have imposed lockdowns that have forced people to stay at home, which, in turn, has minimized the physical interaction among people. Most companies have allowed their employees to work from their homes to ensure business continuity during the COVID-19 pandemic, which is expected to hamper the growth of the automotive anti-lock braking systems (ABS) market over the forecast timeframe. The increasing focus on remote working will restrict the growth of the automotive industry, which, in turn, will limit the growth of the anti-lock braking systems (ABS) market.

Operations in the automotive sector have been interrupted due to the COVID-19 crisis across the globe. The shift in consumer preference towards essential products is likely to influence the automotive anti-lock braking systems (ABS) market over the forecast period. Furthermore, the COVID-19 outbreak has resulted in the sealing of international boundaries, which has caused a severe decline in the demand for automotive anti-lock braking systems (ABS) across the globe. Governments worldwide have imposed restrictions on travel. Hence, the market is also expected to be affected due to the lowered vehicle usage. Additionally, the restrictions on public gatherings along with travel bans in several countries are expected to hinder the growth of the automotive anti-lock braking systems (ABS) market over the forecast timeframe.

New passenger car registrations in the EU (Units IN THOUSAND)

The figure above shows the statistics of automobile registrations in the EU from January 2020 to March 2020. The automotive anti-lock braking systems (ABS) are crucial for enhanced vehicle control and safety. The statistics show the fluctuations in new-vehicle registrations during Q1 of 2020, which have affected the demand for automotive anti-lock braking systems (ABS) severely. The increased focus on personal hygiene and care is likely to affect the demand for vehicles in the coming months. Thus, there is an acute uncertainty regarding the growth of the automotive anti-lock braking systems (ABS) market over the projected timeframe.

Source: ACEA