The global automotive anti-lock braking system market size is set to expand owing to the unprecedented spike in road accidents worldwide. According to statistics released by the World Health Organization (WHO) on road safety, road accidents cause 1.35 million deaths annually, with road traffic injuries being the eighth leading cause of death worldwide. More than 50% of these deaths are of pedestrians, motorcyclists, and cyclists. Majority of these deaths occur in low-income countries, even though these countries have only 1% of the global vehicle population.
Sub-standard quality of vehicles is cited by the WHO as one of the main reasons for road accidents and stricter implementation of safety regulations would stem the loss of life caused by these preventable events. More importantly, preventing such accidents or even effectively mitigating their after-effects can have a positive economic effects. For example, in the US, the burden of road crashes on the economy is approximately $230.6 billion per year. Anti-lock braking technologies would be an optimal solution to this growing menace of road fatalities.
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List Top Players Covered in the Automotive Anti-Lock Braking System Market Report:
- Zhengchang Electronic
- Delphi Automotive Plc
- Jiaozuo Brake
- Continental AG
- BWI Group
- Hitachi Automotive, Ltd.
- Beijing Automotive Research Institute
- Robert Bosch GmbH
Fortune Business Insights™, in its report, titled “Automotive Anti-Lock Braking System Market Size, Share and Industry Analysis, By Sub-System Type (Sensors, Electronic Control Unit, Hydraulic Unit), By Vehicle Type (Two-Wheeler, Passenger Cars, Commercial Vehicles) and Regional Forecast, 2019-2026”, shares important valuable information on this fledgling market. Some of the important highlights of the report include:
- Careful segmentation of the market and piece-meal study of the said segments;
- Accurate computation of market figures;
- Detailed analysis of the market drivers and trends and factors restraining the market; and
- Thorough research into the competitive and regional dynamics of the market.
Price-heaviness of ABS Technology to Hamper Market Growth
An anti-lock braking system (ABS) is embedded with sensors that monitor and regulate wheel speed and create a pumping effect while braking. This process continues until the car is fully or the driver has been able to re-establish control over the vehicle. As mentioned earlier, this technology is desirable in a world where road accidents claim a life every 24 seconds (WHO estimates). However, these systems are not cheap and can raise the cost of the vehicle considerably. Furthermore, its maintenance costs are equally high. For example, in the US, each ABS wheel sensor costs between $100 and $200 and a control module can cost up to $600, taking the entire cost maintenance to $1000. This maintenance expense has to be undertaken by the car owner as these systems are delicate and prone to damage. This is a major roadblock that can hinder the automotive anti-lock braking system market growth during the forecast period.
Asia-Pacific to Have a Commanding Lead in the Market; North America to Follow Closely
Among regions, Asia-Pacific is anticipated to dominate the automotive anti-lock braking system market share owing to the rapidly rising demand and consumption of automobiles in India and China. Manufacturers are offering ABS solutions at competitive prices to gain ground in this promising region. Moreover, South Korea and Japan house some of the largest automotive companies in the company, which is further fuelling the regional market. In North America, safety is given higher preference than luxury and this has propelled manufacturers there to develop advanced safety features for passenger and commercial vehicles. This is likely to emerge as one of the top automotive anti-lock braking system market trends in the continent.
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Introduction of Smart Braking Technologies to Spur Competition
Key players in this market are heavily investing in RandD activities to come up with new and interesting offerings having new-age technologies. Some companies are also disinvesting from other ventures to focus all their energies on their core businesses, according to the automotive anti-lock braking system market analysis.
- October 2019: Leading automotive solutions provider, WABCO Holdings, announced the commercial launch of iABS™, its Intelligent Anti-Lock Braking System, in North America. The system is a part of WABCO’s larger Global Intelligent Braking Platform that enables trailer OEMs to enhance the efficiency of their entire trailer systems.
- October 2019: Veoneer, Inc., the Swedish advanced driving assistance systems pioneer, announced the signing of a definitive agreement with its joint venture partners, Honda Motor Co., Ltd. and Nissin-Kogyo Co., Ltd. Under the agreement, Veoneer would sell 51% of its stake in its entities in Japan and China that make up the Veoneer Nissin Brake Systems (VNBS) to its partners.
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