PORTLAND, Oregon, October 4, 2016 /PRNewswire/ --
A new report published by Allied Market Research, titled, "Anti-lock Braking System (ABS) Market by Subsystems, Vehicle type, and Geography: Global Opportunity Analysis and Industry Forecast, 2014-2022", projects that the world ABS market is expected to reach $41 billion by 2022, growing at a CAGR of 8.2% during the forecast period. The passenger vehicle segment is estimated to dominate from 2016 to 2022. Asia-Pacific led the market in 2015, with a revenue contribution of around 31%.
Summary of Anti-lock Braking System (ABS) Market can be accessed on the website at https://www.alliedmarketresearch.com/anti-lock-braking-system-ABS-market
Growth in demand for safety features, technological advancement, and increase in global safety protocols for vehicle safety drives the ABS market. The development of advanced braking systems for two wheelers, and expansion in untapped market of developing countries like China, India, Indonesia, and Brazil, are expected to boost the market growth. However, high maintenance cost and high safety standard ratings of ABS systems are the limitations that restrict the market growth.
ABS is an automobile safety system consisting of electronic control unit (ECU), sensors, and a hydraulic unit. Typically, there are four speed sensors equipped on the four wheels used to measure acceleration and deceleration of the wheels. ECU is used to monitor the data collected from the wheel sensors and transfer information to the hydraulic unit if in case any tire loses traction from the ground. Hydraulic unit consists of the valves and pumps used to release brake fluid at a desired pressure whenever instructed by the ECU.
The passenger vehicles industry is projected to maintain its lead due to rise in sales of electric vehicles and new technology advancement in ABS. ABS for the two wheeler industry has witnessed a rise in its sales owing to strict laws, light weight components, low cost, and increase in number of road traffic accidents. The rise in demand of ABS for commercial vehicles in the developed economies of North America further boosted the market growth.
Asia-Pacific accounted for the majority of revenue in 2015, and is expected to maintain its dominance till 2022. This is attributed to the increased adoption of safety features like ABS and ESC in vehicles, rise in sales of two wheelers, and laws and regulations enforced by government regarding installation of ABS in vehicles. North America dominates the market in terms of commercial vehicles production, as majority of commercial vehicles suppliers are located in this region.
"ABS holds significant potential as it plays a vital role in the safety of vehicles thus, making it more safe and comfortable. Anti-lock braking system has witnessed a steep growth in passenger cars and commercial vehicles segment due to stringent vehicle safety standards followed by various transport authorities globally. The U.S. and the European Union have made it mandatory for all passenger cars, light commercial vehicles and certain types of two wheelers to come equipped with ABS as standard safety feature. The two wheelers market of ABS is expected to increase rapidly in the coming years. Developing countries such as India and China holds a tremendous potential in two wheelers market as the governments have made it mandatory to equip two wheelers with ABS from 2018 onwards. Further, various companies are trying to expand their market penetration in the APAC region for development of advanced braking systems for two wheelers," states Rakesh Singh, Research at AMR.
Asia-Pacific is projected to be the fastest growing region, throughout the analysis period. China is expected to be the dominant country in Asia-Pacific, especially in the two wheelers and passenger cars segment. This is a result of growth in rate of sales of two wheelers, increase in road accidents, laws and regulations imposed by the government on mandatory installation of ABS in vehicles, and increase in buying power of consumers in emerging markets such as India, Malaysia, and China to adopt safety features in vehicles. Technological advancements for low cost, light weight, and high-quality ABS in these countries offer a lucrative opportunity for the ABS market growth.
Key findings of the study:
- In the year 2015, passenger cars led the market revenue, and this segment is projected to grow at a CAGR of 7.6% during the forecast period
- Two wheelers segment is expected to grow at the highest CAGR of 14.5%, owing to the increase in growth rate of two wheelers and mandatory installation of ABS
- The Hydraulic unit used in ABS is projected to generate the largest revenue by subsystems
- China is the major shareholder and accounted for about 60% of the Asia-Pacific ABS market in 2015
- India is expected to be the fastest growing country analyzed for ABS market and expected to exhibit double digit growth during the forecast period
Key players in the ABS market focus to expand their business operations in the emerging countries, with new product launches as a preferred strategy. The major players profiled in this report include Robert Bosch GmbH (Germany), Continental AG (Germany), Autoliv Inc. (Sweden), Nissin Kogyo Co. Ltd. (Japan), WABCO (Belgium), ZF TRW (U.S.), Hyundai Mobis (South Korea), Denso Corporation (Japan), Hitachi Automotive Systems, Ltd. (U.S.), and ADVICS Co., Ltd. (Japan).
Summary of Similar Reports can be viewed at https://www.alliedmarketresearch.com/automotive-and-transportation/automotive-systems-and-accessories-market-report
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions". AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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SOURCE Allied Market Research