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.
Portland, OR -- (SBWIRE) -- 09/25/2017 -- The global ABS Market observes growth primarily due to safety measures both on the demand and supply side. Automobile manufacturers all around the world are focused on installing vehicle safety systems such as ABS, Electric Stability Control (ESC), chassis control, and driver assistance systems due to stringent safety laws and protocols mandated by various regulatory authorities of different countries.
Anti-lock Braking System (ABS) Market Report, published by Allied Market Research, forecasts that the global market is expected to garner $41 billion by 2022, registering a CAGR of 8.2% during the forecast period 2016-2022. Asia-Pacific led the market in 2015, with a revenue contribution of around 31%.
The global ABS market is segmented on the basis of sub-systems, vehicle type, and geography. Based on sub-systems, it is divided into sensors, electronics control unit (ECU), and hydraulic unit. The market by vehicle type comprises two wheelers, passenger cars and commercial vehicles. Passenger cars are anticipated to account for the largest market share, as it is the largest adapter of vehicle safety system due to stringent safety laws and increase in safety concern of consumers. The market is analyzed on the basis of regions such as North America, Europe, Asia-Pacific, and LAMEA.
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 Anti-lock Braking System (ABS) Market:
- 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
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