Automotive Anti-Lock Braking System Market Overview
The Automotive anti-lock braking system market size is expected to reach USD 80 Billion with a CAGR of 6% during the forecast period 2023 - 2030. Anti-lock braking systems are used to aid automobiles in braking safely and steering easily when the road is wet or slick. These systems are used in automobiles to prevent a person from slipping or skidding and to maintain steering control following strong braking. The anti-lock braking system (ABS) is a sophisticated 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. 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 leading the Automotive anti-lock braking system market growth during the forecast 2023 to 2030.
COVID 19 Analysis
The global COVID-19 pandemic has had a substantial impact on the expansion of the vehicle Automotive anti-lock braking system market. The spread of the innovation COVID-19 has had an impact on almost every industry on the planet. Lockdowns have been enacted by governments in numerous countries, forcing citizens to stay at home and reducing physical connections between people. To guarantee business continuity during the COVID-19 pandemic, most companies have permitted their staff to work from home, which is projected to stymie the growth of the vehicle anti-lock braking systems (ABS) market over the predicted timeframe. The COVID-19 dilemma has caused disruptions in the automotive industry all across the world. Over the forecast period, the movement in consumer preference toward critical products is projected to have an impact on the vehicle anti-lock braking systems (ABS) market. Furthermore, the COVID-19 epidemic has resulted in the closure of international borders, resulting in a significant drop in demand for anti-lock braking systems (ABS) in automobiles around the world.
Automotive Anti-Lock Braking System Market Dynamics
The expansion of the Automotive anti-lock braking system market is being fueled by consumer demand for sophisticated safety features in automobiles and the introduction of severe safety laws and regulations by various transportation authorities. The benefits of an anti-lock braking system are steady braking qualities on all types of road conditions, reduced tier wear, and shorter braking distance. The Automotive Anti-Lock Braking System market is predicted to develop due to an increase in the number of on-road vehicles, increased attention on vehicle safety, and technical advancements. Leading automotive manufacturers are bringing anti-lock braking systems to entry-level vehicles in both traditional and electric vehicles, which is projected to promote the Automotive Anti-Lock Braking System market growth. Improved auto collisions, increased safety awareness, development of advanced braking systems for two-wheelers, and improving technical developments for assuring passenger and vehicle safety all contribute to market growth.
The growing emphasis on remote working will stifle the growth of the automobile industry, which will, in turn, stifle market growth. However, raw material price fluctuations and the high cost of maintenance stifle market expansion. The high maintenance costs of anti-lock braking system components are a stumbling block to the market's expansion. The average cost of ABS maintenance and installation, including labor for commercial vehicles, is $2000. ABS electronic control modules range in price from $1000 to $5000 and are also hard to come by. The high maintenance and installation costs of anti-lock braking systems may act as a stumbling block to the ABS market's expansion during the Automotive anti-lock braking system market analysis.
One of the most recent innovations that aid in weight loss is the brake-by-wire system. To help reduce weight and improve system response time, brake-by-wire technology replaces mechanical connections with electric cables, motors, and actuators. Other brake aid technologies, including antilock braking, electronic stability program (ESP), electronic parking brake, and electronic traction control (ETC), can be incorporated into a brake-by-wire system to eliminate the need for hardware and reduce vehicle weight. In the next years, this is projected to drive the use of brake-by-wire technology. Additionally, as automobile OEMs place a greater emphasis on replacing mechanical parts with compact electrical components for improved operating accuracy, brake-by-wire will become more widely adopted. Furthermore, further advances are projected to accelerate brake-by-wire adoption in the future years.
ZF introduced an industry-first Front Electric Park Brake, allowing Electric Park Brake (EPB) systems to be used on a wider range of automobiles. Car manufacturers can now equip smaller vehicles with modern braking systems and design interiors without the traditional handbrake lever or park brake pedal thanks to this approach.
The new Brembo Sport T3 brake disc was introduced by Brembo. The new Brembo Sport T3 disc is a direct replacement for original equipment discs and features two immediately distinguishing features over the previous version: Type3 slotting and the Brembo emblem engraved on the braking surface. For a road disc, these innovative technologies and design characteristics are a first.
This report provides an analytical depiction of the Automotive anti-lock braking system market, as well as current trends and future projections, to identify potential investment opportunities. Understanding profitable trends to get a firmer foothold determines the total anti-lock braking systems market opportunity. The research includes a full impact analysis of the key drivers, restraints, and opportunities in the Automotive anti-lock braking system market. To benchmark financial competency, the existing ABS market is quantitatively examined. The analysis shows how powerful buyers and suppliers are in the sector. The current market landscape is depicted in detail in the research, which includes historical and projected market size in terms of value and volume, technological advancements, macroeconomic considerations, and market regulating variables. The research highlights thorough information and plans for the industry's leading participants. In addition, the research gives an outline of the various market segments and geographies.
Automotive Anti-Lock Braking System Market Regional Classification
Due to the increasing rate of dissemination of anti-lock braking system technology, the Asia Pacific region is predicted to develop at the fastest CAGR throughout the projection period. Due to increased road accidents and government-imposed laws and regulations for anti-lock braking system installation, China is expected to dominate the anti-lock braking system market in the Asia Pacific. A primary driver 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. Asia-Pacific is considered one of the world's fastest-growing regions. The region's growing demand for anti-lock braking systems (ABS) is aided by increased road safety regulations, which mandate that all new vehicles be fitted with ABS.
Automotive Anti-Lock Braking System Market Competitive Landscape
Major firms dominate the automobile anti-lock braking system industry. In critical technologies, the firms are strategically investing, making acquisitions, and forming alliances. In addition, practically all passenger vehicles are equipped with an anti-lock brake system, which is propelling the market forward. In the approaching years, development and innovation in two-wheeler braking systems could boost the anti-lock braking system market forward. The major Automotive anti-lock braking system market key players are as follows:
- 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)
- Hitachi Automotive Systems, Ltd. (Japan)
- Advics Co., Ltd. (Japan)
- Denso Corporation (Japan)
Automotive Anti-Lock Braking System Market Segment Overview
The Automotive anti-lock braking system market is further bifurcated into various segments depending on various factors to help the market grow as per the predicted CAGR growth by the end of the Forecast period in 2030. The market has been segmented based on the following:
Based on the vehicle type, the Automotive Anti-Lock Braking System market has been segmented as follows:
- Passenger cars
- Commercial vehicle
Based on the region, the market has been segmented as follows:
- North America
- The Rest of the World