Anti-Lock
Braking System Market Report, published by Variant Market Research, forecast
that the global market is expected to reach $49 billion by 2024 from $26
billion in 2016; growing at a CAGR of 8.1% from 2016 to 2024. By geography,
Asia-Pacific and Europe are expected to grow at a CAGR of 13.5% and 5.1%,
respectively, during the forecast period.
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Major
driving factors of global anti-lock braking system market are increase in
demand for safety features in vehicles such as electronic stability control (ESC),
roll-over stability control (RSC), and traction control system. Moreover,
technological advancement in automotive industry has also supplemented the
growth of the market. However, high maintenance cost of anti-lock braking
systems would act as a restraint for the market. Expansion in untapped markets
of developing economies and development of advanced braking systems for two
wheelers would unfold attractive business opportunities for the market in the
coming years.
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The
global anti-lock braking system market has been segmented on the basis of
sub-systems and vehicle type. By sub-systems, the market is further segmented
into ECU, sensors, and hydraulic unit. Hydraulic unit dominated the sub-systems
segment accounting for the highest revenue in 2016. By vehicle type, the market
is categorized into two-wheelers, passenger cars, and commercial vehicles.
Passenger cars accounted for the largest market share in 2016, owing to its
increased sale and mandatory installation of anti-lock braking system. However,
the two-wheeler segment is expected to grow at the fastest CAGR during the
forecast period.
Geographically
the market is categorized into North America, Europe, Asia-Pacific, and Rest of
the World (RoW). Asia-Pacific accounted for the largest market share of 31.8%
in 2016, and is expected to continue its dominance during the forecast period.
The growth is majorly attributed to increasing industrialization and
urbanization in developing countries such as China, Japan, and India. North
America accounted for the second largest market share of 27.8%. In terms of
growth, Asia-Pacific is expected to grow at the fastest CAGR of 13.5% during
the forecast period 2016-2024.
Major
players in the global anti-lock braking system market are, Autoliv Inc., Robert
Bosch GmbH, WABCO, ZF TRW, Hyundai Mobis, Denso Corporation, Nissin Kogyo Co.,
Ltd., Hitachi Automotive Systems, Ltd., Continental AG, and ADVICS Co., Ltd.,
among others.
For
information, contact:
VARIANT MARKET RESEARCH
LLP
USA Office:
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Mission St.,
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Floor, San Francisco,
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Tel:
+1-415-680-2785
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Headquarter):
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No. FL No.7, Prakash Developers,
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+91 20 65337795
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