Portland, OR, Nov. 03, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global anti-lock braking system market generated $37.69 billion in 2018, and is estimated to reach $80.65 billion by 2026, registering a CAGR of 9.6% from 2019 to 2026. The report offers an extensive analysis of changing market dynamics, key winning strategies, business performance, major segments, and competitive scenarios.
Focus on occupant safety and surge in government mandates for vehicle safety drive the growth of the global anti-lock braking system market. However, high insatllation and maintenance cost is anticipated to restrain the market growth. Furthermore, development of advanced braking systems for two wheelers is expected to provide new growth opportunities during the forecast period.
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COVID-19 Scenario:
- Major anti-lock braking system system manufacturers across the globe have paused their production activities due to disrupted supply chain and unavailability of skilled labor amid lockdown due to Covid-19 pandemic.
- Frequent lockdown extension amid spread of Covid-19 across various nations such as India, U.S., China, UK, and Italy has negatively affected the production and sale of passenger cars and two wheelers, due to which, the demand for anti-lock braking system is anticipated to decline.
- According to Society of Indian Automobile Manufacturers (SIAM), passenger car sales fell by 59.0% to 55,497 units during the month of June, 2020 as compared to June, 2019. Due to this, the demand for anti-lock braking system has been declined.
The report offers a detailed segmentation of the global anti-lock braking system market based on sub-system, vehicle type, and region.
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Based on sub-system, the electronic control unit (ECU) segment contributed to the largest share in 2018, accounting for nearly three-fifths of the total share, and is estimated to maintain its dominant position during the forecast period. However, the sensors segment is estimated to portray the highest CAGR of 11.9% during the forecast period.
Based on vehicle type, the passenger cars segment accounted for the largest share in 2018, holding more than three-fifths of the total share, and is expected to maintain the largest share throughout the forecast period. However, the two-wheeler segment is expected to register the highest CAGR of 11.7% from 2019 to 2026.
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Based on region, Asia-Pacific contributed the highest share, accounting for more than two-fifths of the total market share in 2018, and will maintain its dominance throughout the forecast period. However, LAMEA is expected to grow at the highest CAGR of 12.0% from 2019 to 2026.
Leading market players analyzed in the research include Autoliv Inc., Advics Co., Ltd., Denso Corporation, Continental AG, Hyundai Mobis Co., Ltd., Hitachi Automotive Systems Ltd., Robert Bosch GmbH, Nissin Kogyo Co., Ltd., ZF TRW, and WABCO.
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